National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NorthMarq’s Frankel Arranges Debt on Industrial Flex in OH, IL
NorthMarq’s Chicago-based Jeff Frankel negotiated acquisition financing totaling $16.9 million for two industrial/flex office properties located in Des Plaines, IL and Dublin, OH, a Columbus suburb. Both transactions were sourced through NorthMarq’s relationship with Ready Capital Structured Finance, a REIT bridge platform.
Frankel arranged acquisition financing for a three-building, single-story office/flex property containing a total of 124,929 square feet in Dublin. The transaction was structured with a seven-year hybrid bridge loan.
In addition, Frankel arranged acquisition financing for a three-building, single-story industrial/flex property containing a total of 140,134 square feet in Des Plaines, a Chicago suburb.
“The Ohio property was 80% occupied at the time of acquisition, while the Des Plaines property was 94% occupied,” said Frankel. “In both cases, Ready Capital provided the sponsor with an attractive non-recourse fixed rate loan with structured prepayment terms.”
Pictured: Dublin, OH flex portfolio.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
