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Hamilton Takes Out $26M Loan, Plans Tower

CHICAGO-Hamilton Partners is receiving a $26-million, three-year loan from Allstate Real Estate Investment Group for 29 S. LaSalle St. and 39 S. LaSalle St.

By Gina Kenny | Updated on April 19, 2007

CHICAGO-Hamilton Partners, based in Itasca, has received a $26-million short-term loan for 29 S. LaSalle St. and 39 S. LaSalle St. The Commercial Mortgage division of Allstate Real Estate Investment Group, based in Northbrook, provided the three-year loan which has a floating-rate with an interest rate cap and has “flexibility to prepay,” says Sam Davis, senior managing director of Allstate Real Estate Investment Group. David Tomfohrde, with Chicago-based Draper & Kramer Inc., arranged the financing on Allstate’s behalf. The loan is 75% of the value of the properties, Davis tells GlobeSt.com.

The short-term loans are typically given to allow a building owner to lease-up a building in preparation of selling it or to allow a developer to finalize business plans, Davis says. The two buildings are located next to each other on LaSalle. Hamilton Partners has plans to construct a large office tower on the site, Davis says. Representatives from Hamilton declined to be interviewed for this story.

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