ARLINGTON HEIGHTS, IL-Los Angeles-based Younan Properties Inc. has refinanced the seven-story One North Arlington here. The new five-year, fixed-rate CMBS loan closed recently, with longer term debt and reduced leverage.

The 170,507-square-foot building at 1500 W. Shure Dr., at the intersection of Dundee Road and Route 53, is 83% occupied. Younan bought the property in January 2006 for $24 million from Seattle-based Kennedy Associates. Tenants include Amcol International Corp., a minerals producer and marketer.

Zaya Younan, chairman and CEO, said in a statement that the new loan takes advantage of the current favorable rate environment and reflects the market value of the asset. “The Northwest submarket continues to show steady improvement with nearly 200,000 square feet of positive absorption of class A space in the first six months of 2012,” he said. “This is part of our overall goal to extend maturities and reduce our overall leverage to 60%.”