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Marketplace Listing - Office

$11.0 Million Note Sale

Chicago, IL

Unlisted

Asking Price:
  • Asset Type
  • Note
  • Property Type
  • Office
  • Original Balance
  • $11,000,000
  • Unpaid Balance (UPB)
  • $11,000,000
  • UPB As Of Date
  • Feb 01, 2021
  • Origination Date
  • Jan 06, 2019
  • Maturity Date
  • Feb 06, 2021
  • Loan Rate
  • 6.20%
  • Year Built
  • 1895
  • Year Renovated
  • 2003, 2020
  • Office Type
  • CBD Office
  • Property Size
  • 38,250 Sq Ft

$11.0 Million Note Sale

INDICATIVE BID DATE:  Thursday, March 4th, 2021 (5:00 PM EST)

Cushman & Wakefield
has been exclusively engaged to offer for sale a $11,000,000 Mortgage Loan secured by a 38,250 square-foot office property located in Chicago, IL.  This offering presents an opportunity to acquire a non-performing loan secured by 100% leased, newly renovated office improvements in the highly desirable Fulton Market District.

The $11.0 million Loan ($288 per SF) was originated by the Lender in January 2019 to finance the acquisition and renovation of the Property.  Ownership is seeking to capitalize on robust demand for creative office space within the Fulton Market District driven by explosive growth from corporate relocations such as Google's MidWest HQ, McDonald's HQ, and numerous others.  Capital of over $6.12 million ($160 per SF) was invested to upgrade floorplans, enhance tenant improvements, and fund reserves.  The Property features state-of-the-art modern finishes desirable to users and is centrally positioned amongst an abundant amenity base. 

INVESTMENT HIGHLIGHTS

  • Acquire Whole Loan at an Attractive Basis to Total Capitalization
  • Total Capitalization of over $15.37 Million ($402 per SF)
  • Maturity in February 2021
  • Credit Enhancement with Partial Sponsor Recourse on Loan
  • 100% Leased with Ownership Guarantee of Lease
  • 2020 Renovation Budget of over $6.12 Million ($160 per SF)
  • Epicenter of Chicago's Most Coveted Submarket
  • Surging Office Demand in Fulton Market District
  • Exceptional Access to Transportation

 
Download Offering Memorandum

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Unlisted

Asking Price:

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