CHICAGO—The industrial market in the Chicago area has continued to recover from the economic turmoil touched off by the financial crisis. And Value Industrial Partners, a Chicago-area property owner, has just refinanced a large group of their holdings, locking in low, long-term rates while structuring the new loan to give them flexibility to sell the properties as the market continues to improve.
“They have no specific plans to sell assets,” says Jeff Cherner, senior vice president and managing director of NorthMarq's Chicago regional office. His firm arranged the first mortgage refinancing of $31.65 million for 23 VIP properties. “But if the economy and the market continue to improve, as conditions warrant, the structure of this financing optimizes their ability to sell.”
Financing was based on 5- and 7-year terms and a 25-year amortization schedule.
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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.
