JV Obtains $15M Loan for Suburban Chicago Acquisition

The office building is located in Lombard, Ill., near several interstates. The new owners plan on upgrading the property's amenities and bring lease rates to the current market value.
701 East 22nd Street, Lombard, Ill.
701 East 22nd Street, Lombard, Ill.

A joint venture of Red River Asset Management and Lincoln Property Co. obtained financing for the acquisition of an office building in Lombard, Ill. Metropolitan Capital Advisors, in partnership with AMA Financial, arranged the $15.2 million permanent, seven year fixed-rate loan with Benefit Street Partners.

The building is located at 701 E. 22nd St., near Route 56 and interstates 88 and 355. It offers floorplans of 30,000 to 58,000 square feet totaling 172,097 square feet of rentable space and an additional 2,000 square feet of retail space. At the time of the acquisition, the property was 97 percent occupied.

Planned upgrades

Originally built in 1984, the asset received a complete renovation in 2005. Red River and Lincoln Property Co. plan to roll out further upgrades to on-site amenities and lease rates to current market levels.

The property is located near Route 56 and interstates 88 and 355. The restaurants and shops along Butterfield Road are about five minutes away, including the Yorktown Center mall. Several hotels are near the property, as well. Downtown Chicago is about half an hour away via I-290, while O’Hare International Airport can be reached in 20 minutes.

Last month, Lincoln Property Co. partnered with Ibdar Bank and Ritz Banc Group to acquire the Amazon Robotics facility, in a $45 million deal.

Image courtesy of Yardi Matrix