The loan would be two-thirds of a reported $156 purchase price European American Realty, Ltd. is said to have agreed to pay for the building, owned by the Washington, DC-based Carlye Group and Dallas-based Lincoln Property Co. That price is 10% less than what Jackson, MS-based Parkway Properties, Inc. paid a year ago for another similarly-sized Illinois Center office building, 233 N. Michigan Ave.
The three-year loan carries a floating interest rate.
In an unrelated deal, Draper & Kramer's commercial mortgage unit also arranged the refinancing of refinancing for a six-story, 185,000-sf recently-completed office building at 150 Pierce Rd. in west suburban Itasca. Although the size of the loan was not disclosed, terms of the 12-year loan include a 6.05% interest rate for the first nine years.
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