CHICAGO- Orland Towne Center, a 136,945-square-foot retail property located at 159th Street and 94th Avenue in Southwest suburban Orland Hills, has secured a $7.8 million refinance of its mortgage. Jeff Frankel, a senior vice president and senior director in NorthMarq's Chicago regional office, arranged the transaction.
Major tenants at Orland Towne Center include the Sports Authority, Five Below, PetSmart, and Aldi, the low-cost grocery. The center is shadow-anchored by a Walmart Supercenter.
Financing was based on a 12-year term and a 12-year amortization schedule and was arranged for the borrower, Vista Equities, LLC, an Illinois limited liability company, by NorthMarq through its relationship with a non-correspondent life company lender.
“This transaction is an early refinance of loan with the current lender who rolled their prepayment penalty into the new loan rate,” Frankel said.
Other recent suburban transactions by NorthMarq include a $4.9 million mortgage refinancing for 19-27 Jefferson Street in downtown Naperville. This property contains 21,000-square-feet of storefront retail with Lululemon, Cold Stone Creamery and Jimmy Johns as its major tenants.
Erik Kunz, a vice president of NorthMarq, also from the Chicago office, arranged the transaction. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Jefferson Retail LLC, through a CMBS lender.
“This loan allowed a portion of the land in the rear of the buildings to be removed at some later point in time,” Kunz said.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
