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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.

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Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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