OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.
The buyer plans to redevelop two of the four buildings at Butterfield Office Plaza in Oak Brook.
Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago
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