Suburban Chicago Office Portfolio Trades for $62M
- Aug 31, 2016
Chicago—CIT Group Inc. announced that CIT Real Estate Finance arranged a $61.8 million senior secured credit facility for TNREF III Parkway JV—a partnership between True North Management Group and Fulcrum Asset Advisors. The joint venture will use the financing for the purchase of three Class A office assets located in Deerfield, Ill., a suburb of Chicago. CIT acted as sole lead arranger and administrative agent, while CIT Bank N.A. provided the financing
“The buildings acquired have been well maintained, with desirable upgrades that have continued to attract institutional tenant demand,” Girard Tunney, principal with True North Management Group, said in a statement. “Under new management, we plan to make further enhancements to the café and winter garden and develop additional parking.”
The assets included in the transaction are 3, 6 and 9 Parkway North, located within the 85.5-acre Parkway North Center Office Park. The suburban office campus incorporates six office buildings totaling roughly 1 million square feet of space, a daycare center, a 250-key hotel and a newly built luxury apartment community.
“These buildings further benefit from proximity to major highways, providing convenient access to downtown Chicago and the broader region as well as O’Hare International Airport,” added Matt Galligan, president of CIT Real Estate Finance.
Image courtesy of CBRE