WOODRIDGE, IL-Bristol Group, based in San Francisco, has secured a refinance loan for $23 million on a 950,000-square-foot portfolio of distribution properties here in Wood Hill Crossings Business Park. The site is at the intersection of Interstates 55 and 355 in the northeast corner of Will County, one of the Chicago area’s largest industrial markets.
Cohen Financial assisted Bristol in securing the loan. Don Trossman, Cohen managing director, said the loan was at 45% loan-to-value with a five-year term and a 3.58% fixed rate. The lender is Cornerstone Real Estate Advisers. Tenants at the one-million-square-foot Wood Hill park include DiMare Fresh, CORT and Texcel.
Trossman says the deal wasn’t that difficult, as Bristol is respected and the properties are 88% leased, and the borrower was able to pay off a loan assumed at acquisition and extract a sizable amount of its original equity in the project. However, he tells GlobeSt.com that nothing is easy in today’s economy. “Just the fact that the LTV was less than 50% shows it wasn’t easy, but the borrower is pristine. Also, the market is getting better, and life companies are definitely more aggressive, they have more cash and are looking for good products with good borrowers.”
He said the southwest Chicago area markets are spotty. Whereas there are deals around this park, “if you go west into Bolingbrook, IL, there’s more issues with vacancy,” Trossman says.
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