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International Tower, Suburban Assets Refinanced

CHICAGO-Owners of nearly 589,000 sf of O'Hare and suburban office space get close to $48 million in proceeds during recent refinancing of their properties. International Tower at 8550 W. Bryn Mawr Ave. is mortgaged for $29.5 million, at 75% loan-to-value.

By Mark Ruda | Updated on April 23, 2003

CHICAGO-Three office buildings totaling 589,000 sf have been refinanced for nearly $48 million. The largest asset is in the O’Hare submarket, while the other two are in the East-West and north suburban submarkets.

The 300,000-sf International Tower at 8550 W. Bryn Mawr Ave. has been refinanced for $29.5 million. The loan from a life insurance company is based on 75% loan-to-value, and is priced on the three-month LIBOR. Underwriters place the value of the building at $131 per sf.

Steven Roth of Cohen Financial’s capital markets unit originated the non-recourse loan.

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