CHICAGO—Johnson Capital, a national real estate capital advisory firm, has just arranged $60,000,000 in fixed-rate senior debt to refinance a retail condo in the One North State Street office building. Neil Bane, a principal in the firm's New York City office, led the effort.
The property has a vertically subdivided retail condo, containing about 150,000-square-feet on the ground floor and three additional lower floors of the 16-story, 673,400-square-foot building. Office tenants occupy the remaining 523,000-square-feet.
Tenants occupy 98% of the retail space and include a mix of anchors, including TJ Maxx and Burlington Coat Factory, and inline tenants. The inline retailers include Claire's, Chipotle, Dunkin' Donuts, The Body Shop, GNC and Payless Shoe Source.
The new loan has a ten-year term and was provided by a large foreign bank, according to Johnson officials.
“Johnson Capital negotiated a below market rate during a volatile rate environment,” says Bane, “and ensured the lender was able to close this complex transaction on time by coordinating the various third parties, owner's representatives, underwriters, and legal teams.”
Bane was assisted on the transaction by Roger Brandt, senior vice president in Johnson's New York office.
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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.
