PEORIA, IL-An affiliate of Oak Realty Group Inc. obtained $16.5 million in financing to acquire One Technology Plaza, a 155,000-square-foot office building. Cohen Financial worked to obtain the loan on behalf of the buyer.
The seven-story, class A property at 211 Fulton St. is currently 96% occupied. "The project is considered the best Class-A building in the downtown market," says Michael Grant, director with Cohen Financial in a press release.
Grant collaborated with Cohen Financial senior analyst Rudy Rosen to secure the fixed-rate, 10-year term loan with a 25-year amortization schedule. Archetype Mortgage Capital, a CMBS lender headquartered in Miami, provided the financing.
"One Technology Center has been a good investment for us and the fundamentals in Peoria for Class-A office space remain strong," the borrower adds in the press release.
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