Chicago & Midwest + Greater Chicagoland + Finance | February 15, 2023

Red Oak Provides Refi on North Chicago Industrial

Red Oak Capital Holdings, a Grand Rapids, MI-based commercial real estate finance company, has provided $3.25 million to refinance and renovate a multi-tenant industrial property in North Chicago, IL The building is owned by Chicago Property Investors LLC, and consists of a 92,511-square-foot industrial facility located at 4850 W. Bloomingdale Ave.

The financing carries a 10.50% interest rate and is structured as a 12-month bridge loan with two six-month renewal options. Situated on a three-acre site in Chicago North industrial submarket, the asset was built in 1972 and most recently renovated in 2019.

“This sponsor has been investing in and developing commercial properties for over 40 years, having bought and sold more than 70 assets in the greater Chicago area,” said Gary Bechtel, Red Oak’s CEO. “It’s particularly skilled at converting and rehabbing large single-tenant buildings into multi-tenant spaces.”

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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).

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