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Oak Brook Office Complex Garners $89M Refi
A JLL capital markets team has arranged an $89.4-million, long-term loan to refinance Commerce Plaza, a 556,463-square-foot office complex in Oak Brook, IL. The fixed rate, non-recourse loan on the three-building property was secured on behalf of owners Zeller Realty Group and Olympus Ventures LLC.
The financing was provided by PGIM Real Estate Finance. “We received interest in funding this loan from a large number of life companies and CMBS lenders, demonstrating both the attractiveness of the asset and the sponsor,” said JLL’s Keith Largay. “This transaction proves that lenders are willing to be aggressive in financing high quality, well-located, suburban office assets.”
Largay and fellow managing director David Henrickson led the JLL team, along with associate Derek Siadak. Commerce Plaza’s current owners acquired the property in 2016; currently it’s 96.8% leased.
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- ◦Financing
