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| Greenspoint Office Park, Chicago, IL |
CHICAGO, IL – HFF announced today that it has arranged $18
million in bridge financing for Greenspoint Office Park, a
three-building, Class A office portfolio totaling 498,635 square feet in
Hoffman Estates, a northwest suburb of Chicago.
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| Trent Niederberger |
HFF
worked on behalf of the borrower, LPC Realty Advisors I, Ltd. (LPCRA), to
secure the $18 million bridge financing through correspondent lender Aetna Life
Insurance Company. The three buildings
were financed via two cross-collateralized loans that carry a total blended
cost of funds below five percent fixed for three years.
Greenspoint Office Park consists of Barrington Pointe (148,385 square feet),
Greenspoint I (202,838 square feet) and Greenspoint III (147,412 square feet),
which were built in 1986, 1989 and 2000 respectively.
Notable tenants
include Vistex, Inc., Siemens, Arcadis, U.S., Inc. and Kimberly-Clark. The properties are located at 2300 North
Barrington Road, 2800 West Higgins Road and 2895 Greenspoint Parkway at the
interchange of Interstate 90 and Barrington Road in the northwest suburban
market.
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| Mike Kavanau |
The
HFF debt placement team representing the borrower was led by Trent
Niederberger and Mike Kavanau.
The property was sold earlier this year by the HFF investment sales team
led by Jeff Bramson, Jaime Fink and Mark Katz.
LPC Realty Advisors I, Ltd. (LPCRA) is an advisory affiliate
of Lincoln Property Company. LPCRA and acts as investment advisor to a public
pension fund.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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