Alpha Alternative Arranges $18.3M Bridge, Preferred Equity Loan for Office Building in Chicago Suburb

by Christina Cannon

ROLLING MEADOWS, ILL. — Alpha Alternative LLC has arranged an $18.3 million bridge and preferred equity loan for an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. 1600 Corporate Center is a 12-story, Class A multi-tenant office building that is located at 1600 Golf Road. The asset has 255,440 rentable square feet and was built in 1986. Bank of America recently signed a lease to occupy more than one-third of the building, which brought the total occupancy to 89 percent. Alpha Alternatives utilized a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR. Anthony Longo of Alpha Alternative arranged the 85 percent loan-to-cost financing.

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