CIT Real Estate Finance Negotiates $61.8M in Acquisition Financing for Office Buildings in Metro Chicago
DEERFIELD, ILL. — CIT Real Estate Finance has arranged $61.8 million in acquisition financing for three office properties totaling 480,000 square feet in Deerfield, approximately 30 miles northwest of Chicago. A joint venture between True North Management Group and Fulcrum Asset Advisors, TNREF III Parkway JV LLC, acquired the Class A buildings. The properties are 3 Parkway North, 6 Parkway North and 9 Parkway North, which are all located within the Parkway North Center Office Park, an 85.5-acre office complex consisting of six office buildings totaling approximately 1 million square feet, a daycare center, a 250-room hotel and a recently built luxury apartment complex. The buyer plans to make upgrades to the café and winter garden, as well as develop additional parking. The seller in the transactions was not disclosed.