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CHICAGO-A loan used by the John Buck Co. Opportunity Fund II to buy the two-building, 631,445-sf Triangle Plaza office property allows the new owner to spend another $21 million in capital and tenant improvements, as well as leasing commissions. The fund paid $92.1 million for the property, 80% occupied at the time of sale, in March, using an $81.8-million loan from Allstate Investments, arranged by GMAC Commercial Mortgage Corp.

The five-year, floating-rate loan was arranged and closed in 21 days, according to GMAC Commercial Mortgage Corp. vice president Peter Smolenski. John Buck Co. chief financial officer Kent Swanson notes his company has received loans from the insurance company's Northbrook-based finance company through GMAC Commercial Mortgage Corp. before, and the experience helped in the current deal.

Triangle Plaza was sold by an Atlanta-based limited liability corporation that included Starwood Capital Group, LLC and SOFI IV Management, LLC. The joint venture paid $98.2 million for the buildings in 1998, according to documents on file with the Cook County Recorder of Deeds office. About a month before the sale, Triangle Plaza Venture, LLC refinanced the office asset with Barclay's Capital Real Estate for $60.5 million, according to property records.