CHICAGO—Holliday Fenoglio Fowler, L.P. has secured an $18 million bridge loan for Greenspoint Office Park, three class A office buildings in northwest suburban Hoffman Estates with a total of 498,635-square-feet. The development was purchased from the Multi-Employer Property Trust for $23.5 million earlier this year by LPC Realty Advisors on behalf of a pension fund.
HFF secured the financing through the lender Aetna Life Insurance Company. The three buildings were financed via two cross-collateralized loans that carry a total blended cost of funds below five percent fixed for three years.
Greenspoint Office Park remains one of the most noteworthy developments in the northwest suburbs. At 12-stories, the 202,838-square-foot Greenspoint I, built in 1989, is the tallest building around the busy I-90 and Barrington Rd. intersection. The other buildings are the 148,385-square-foot Barrington Pointe and the 147,412-square-foot Greenspoint III, which were built in 1986 and 2000 respectively. All of the structures have the most advanced features, including a LEED Gold or Silver certification. Tenants include Vistex, Inc., Siemens, Arcadis, U.S., Inc. and Kimberly-Clark.
The HFF team representing LPC Realty Advisors was led by Trent Niederberger and Mike Kavanau. The HFF sales team of Jeff Bramson, Jaime Fink and Mark Katz, closed the purchase earlier this year.
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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.
