Great Lakes Mortgages 362,000 SF For $23 Mil

ROLLING MEADOWS, IL-The 1600 Corporate Center in this northwest suburb, as well as the two-building Woodfield Green property in neighboring Schaumburg, are the collateral for $23 million in five-year mortgages from Allstate Life Insurance Co. The borrower, Oak Brook, IL-based Great Lakes REIT, will pay 6.65% amortized over 20 years.

Great Lakes paid $26 million earlier this year for the 252,476-sf building at 1600 Golf Rd. The mortgage on that property is $16.75 million. Third-quarter occupancy was 86.9%, according to the company’s most recent earnings report. The 109,647-sf Woodfield Green Executive Center at 1920 and 1930 Thoreau Dr. was 96.1% occupied, according to the company.

“We are happy to take advantage of the current financing environment to improve our capital structure,” says chief financial officer James Hicks. “The rate and term of these loans fit well with the rest of our long term indebtedness, and our conservative approach to our overall corporate debt structure.”