Arranges $16.8M Bridge Loan for Office Property in Chicago Suburb

by Christina Cannon

ROLLING MEADOWS, ILL. — has arranged a $16.8 million bridge loan and $1.5 million preferred equity investment for the acquisition of an office building in Rolling Meadows, approximately 30 miles northwest of Chicago. The facility is a non-recourse loan with proceeds being used to purchase the property and provide a facility for leasing costs. The combined terms of the debt and preferred equity offered the sponsor 81 percent of project costs. The sponsor is Schaumburg-based Helios Properties. 1600 Corporate Center is a 255,440-sqaure-foot, Class A facility that houses multiple tenants. The 12-story building is located close to Woodfield Mall. The sponsor plans to add a conference room and a gym. The building is currently 91 percent occupied with tenants suck as Bank of America, Alliant Credit Union, Fleetmatics and Regus.

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