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.”