King Sykes Receives $17M Loan to Buy Building

CHICAGO-King Sykes LLC, based here, has acquired the 151,570-sf building at 2545-2555 S. Martin Luther King Dr. The seller was Humana. A sales price was not disclosed but King Sykes received an acquisition loan of nearly $17.5 million. A loan-to-value was not disclosed but “it was a very high percentage loan to value amount,” says Mike Huffman, senior vice president for debt and structured finance with ORIX Real Estate Capital Inc.

Locally based ORIX provided the financing for the acquisition. Huffman and Terry Connors, also with ORIX, arranged the loan. The terms of the financing was not disclosed but acquisition loans typically are for a term of three to five years and most have a floating interest rate, says David Brown, president and chief executive officer of ORIX.