HFF secures $31.7M in debt and equity for Naperville Corporate Center in western Chicago

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $31.7 million in financing and joint venture equity for the recapitalization of Naperville Corporate Center (bottom left photo), a four-building, 418,836-square-foot office property located in the western Chicago suburb of Naperville, Illinois.

HFF managing directors Jaime Fink (top right photo) and Mike Kavanau (top left photo)  worked on behalf of Transwestern Investment Company to secure the $23.4 million, adjustable-rate loan with Prime Finance Partners.

HFF engaged TriGate Capital, LLC, a private equity firm, to provide $8.3 million in joint venture equity for the recapitalization of the property.

Proceeds are paying off an existing first mortgage at a discount and providing capital for future tenant improvements and leasing commissions.

“We are excited to enter the Chicago market with this acquisition,” said Jeffrey Yarckin, (middle right photo) managing member of TriGate.

“The location of this property within the submarket is very strong as it benefits from direct access to the tollway in both directions. Also, we believe leasing will benefit from the amenities at the property and in the adjacent new Freedom Commons retail center.”

“Transwestern is pleased to partner with TriGate to recapitalize this asset," added Andy Hess, (lower left photo) senior vice president at Transwestern Investment Company.  

"Our team has created solid leasing momentum over the last 12 months, and we believe our new basis as well as our competitive advantage on expenses will attract tenants looking for quality space, location and amenities at low occupancy costs,”
TriGate Capital is a Dallas-based real estate investment firm that is focused on investing in real estate properties, real estate secured loans and securities, and real estate companies through transactions that emanate from the need of financial institutions and property owners to restructure.

TriGate is focused on investing its capital and its partners’ capital at attractive risk-adjusted returns by using its work-out, restructuring and real estate management skills to add value to its counterparties - lenders and other financial owners of real estate assets.

TriGate’s principals have invested in more than $10 billion of real estate assets, and the company has raised its inaugural fund to take advantage of changes occurring in the commercial real estate market.

 For more information about TriGate Capital, visit http://www.trigatecapital.com/.

Since its inception in 1996, Transwestern Investment Company has acquired interests in over 455 office, retail, industrial and multifamily properties representing a gross investment of nearly $11 billion.

The firm currently employs approximately 75 people and is based in Chicago with offices in Atlanta, Denver, Houston, Los Angeles and New York.

For more information about Transwestern Investment Company, visit http://www.transinvestco.com/.

Contacts:
Jaime M. Fink, HFF Managing Director,(312) 528-3650, jfink@hfflp.com
Michael A. Kavanau, HFF Senior Managing Director, (312) 528-3650, mkavanau@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com