Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$60M Refi Arranged for Suburban Chicago Complex
Old Orchard Towers, a 349,814-square-foot, Class A office complex consisting of two seven-story office towers in Skokie, IL, has been refinanced for $59.6 million. HFF worked on behalf of the borrower, Zeller Realty Group, to secure the three-year, floating-rate loan through Ares Commercial Real Estate Corporation.
The property is located at 5202 and 5250 Old Orchard Rd. in the North Shore submarket of northwestern Chicago, adjacent to the Edens Expressway (I-94). The North and South Towers, connected via a concourse and an 857-space parking deck, are 91% leased to 16 tenants, including National Louis University, Sg2, and Kaufman, Hall & Associates. The property also includes a 2.53-acre vacant land parcel for future development.
HFF’s Christopher Carroll represented the Chicago-based borrower.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition