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Chicago & Midwest  + Illinois  + Office  |  December 5, 2024
Jasmine Kilman
By: Jasmine Kilman

BWE Secures $20M for Chicago Suburbs Mixed-Use

BWE has secured a $20 million loan to finance the acquisition of Innovation Park, a one million square foot mixed-use office and research laboratory campus in the Chicago suburb of Libertyville, Illinois.

Daniel Rosenberg, executive vice president in BWE’s Chicago and Boca Raton offices; Chris Caroll, senior vice president in BWE’s Chicago office; Logan Petersmeyer, senior analyst in BWE’s Chicago office; and Max Miller, analyst in BWE’s Chicago office, secured the loan from a depository institution on behalf of the borrowers, a joint venture of Chicago-based developer R2 and Chicago-based JDI Realty. The five-year loan features multiple years of interest-only payments and structured flexibility.

Originally constructed in the 1990s to serve as an R&D facility for the Motorola Corporation, Innovation Park offers a unique blend of multi-tenant laboratory and office space across 83 acres and one million square feet. The property was 71% leased at the time of closing and is anchored by life science firms Valent BioSciences, Medline Industries, and Juno Therapeutics.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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