Cronheim Mortgage has secured $47.75 million in financing for the acquisition of two suburban Chicago office buildings - Oak Brook Gateway and Cornerstone I at Cantera. The loan represented 75% of the acquisition price and was placed with a national lender that offered a 10-year term and 30-year amortization, with two years of interest only payments. The rate was locked at 4.84%.
Oak Brook Gateway is a Class-A multi-tenant office building located in Oak Brook, IL, one of Chicago's most desirable office submarkets. The property is occupied by a number of high-profile tenants including Lewis University, U.S. Census Bureau, Thomson Reuters and Oxford Bank.
Cornerstone I at Cantera is a Class-A multi-tenant office building located in Warrenville, IL. At acquisition, the property was 80% occupied, offering the Sponsor, Fairbridge Partners, an opportunity to add value through additional leasing.
Dmitry Gordeev, Principal of Fairbridge Partners, stated: "There were many moving parts to manage with two closings occurring simultaneously. We were very pleased to have Cronheim on our team as they proved to be a trusted advisor and effective advocate during the closing process."
Fairbridge Partners is a privately held real estate investment company located in Princeton, NJ. Fairbridge acquires, develops and manages commercial property throughout the U.S. with an emphasis on undervalued office and industrial properties with significant upside potential.