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Medical Office in Downers Grove Lands Permanent Loan
Erik Kunz, VP of Northmarq’s Chicago debt and equity team, finalized a $2,179,800 permanent-fixed loan for the Illinois Bone and Joint Institute. The 7,894-square-foot medical office space is located at 1034 Warren Ave. in Downers Grove, IL.
The transaction was structured on a 10-year term with a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
“Local banks presented very competitive offers, but our correspondent life company had the ability to lock rate immediately and ultimately won the deal,” said Kunz. “This turned out to be very beneficial due to the current higher interest rate environment that followed.”
- ◦Financing
