GE Capital Makes Big Loan to Fifield, ING

CHICAGO – GE Capital Real Estate has provided a $27.6 million, four-year first mortgage to a joint venture between Fifield Realty Corp. and ING Realty Partners LP for the acquisition and repositioning of Northwest Plaza, a two-building, 310,500-sf office complex in Rosemont, near O’Hare International Airport. The deal includes a $7.4 hold back for various repairs, tenant improvements and leasing commissions for the property, which was built in the mid-70s and which is 89.5% occupied.

“This is a nice opportunity for the borrower to upgrade the property,” notes Mark Neibch, a relationship manager for GE Capital. Since 1995, Fifield Realty Corp. has developed six major projects in the Chicago market, with such institutional partners as the Prudential, Citicorp/Travelers and ING. Currently it is at work on Concorde Place, a 928,000-sf building in Chicago’s CBD. ING Realty Partners is a $540 million opportunity fund affiliated with the Dutch giant ING Group.