The financing was arranged by Cohen Financial's capital markets unit, with Joel Simmons originating both deals.
The parking garage was sold at the end of 2001 for $10.8 million, according to property records. However, the new owners now have a 10-year non-recourse loan with 25-year amortization, with pricing based on the 10-year US Treasury Index. With the $10.1-million loan based on 75% of value, it appears the buyer got a bargain.
The seven-year full-recourse loan on Pera Butterfield's property at 2759 N. Eola Rd. is based on 50% of value. The property, which includes 27 acres on the DuPage County side of the satellite city, was purchased for $21.75 million earlier this year. The loan also is priced on the 10-year US Treasury Index.
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