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$40M Finance Package Secures Medical Office Asset

CHICAGO-Cohen Financial arranges $40 million in acquisition financing for a 135,150-sf medical office building at 601 South Maple St. in Oak Park.

By Bonnie Grota | Updated on July 11, 2006

(To read more on the debt and equity markets, click here.)

CHICAGO-Approximately $40 million in acquisition financing for a 135,150-sf medical office building at 601 South Maple St. in Oak Park has been arranged by locally based Cohen Financial. The building houses Rush Oak Park Hospital’s physicians’ offices, a variety of patient specialty services and the hospital’s pharmacy. The building is leased to Rush Oak Park Hospital on a long-term basis; the hospital in turn leases space to the physicians.

The Rush Medical office building is adjacent to Rush Oak Park Hospital. Cohen Financial secured a non-recourse, five-year interest-only loan with pricing based on the five-year US Treasury. The lender is a life insurance company with a correspondent relationship with Cohen Financial. Benjamin Greazel, a director in Cohen Financial’s Skokie office, originated the transaction.

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