HFF announces $59.6M refinancing of Old Orchard Towers in suburban Chicago
CHICAGO, IL – June 11, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $59.6 million refinancing of Old Orchard Towers, a 349,814-square-foot, Class A office complex consisting of two seven-story office towers in Skokie, Illinois.
The HFF team worked on behalf of the borrower, Zeller Realty Group, to secure the three-year, floating-rate loan through Ares Commercial Real Estate Corporation (NYSE: ACRE).
Old Orchard Towers is located at 5202 and 5250 Old Orchard Road in the North Shore submarket of northwestern Chicago. The property is approximately five miles from Chicago city limits, 13 miles from Chicago O’Hare International Airport and 15 miles from the Chicago CBD. Situated adjacent to the Edens Expressway (I-94), the property is visible to more than 150,000 vehicles per day. The North and South Towers, connected via a concourse and an 857-space parking deck, are 91 percent leased to 16 tenants, including National Louis University, Sg2, and Kaufman, Hall & Associates. The property also includes a 2.53-acre vacant land parcel for future development.
The HFF debt placement team representing the borrower included managing director Christopher Carroll.
About Zeller Realty Group
Zeller Realty Group (ZRG) is a vertically integrated commercial real estate investment and development firm that has offered investors exceptional expertise, innovation, and insight to value for 30 years. ZRG strategically selects properties for value creation, repositioning and reintroduction to their markets, while maximizing efficiency by providing a full spectrum of real estate services, including development, leasing, management, and construction. Headquartered in Chicago, Illinois, ZRG owns and operates assets in the Midwest, Colorado, Oregon, Texas, Ohio and Georgia and continues to grow and expand its holdings nationally. Since its formation, the company has delivered strong returns for its partners and co-investors by providing best-in-class service to enhance value. Currently, ZRG owns and operates a portfolio of nearly 9.5 million square feet valued at $2.5 billion. For more information, please visit: zellerrealty.com.
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management, L.P. For more information, please visit arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.