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.

In the East-West Corridor, a 269,710-sf building at 700 Oakmont Lane in Westmont was financed for $16.38 million, or 65% loan-to-value, pegging the value of the building at $94 per sf. The 15-year non-recourse loan from a life insurance company, arranged by John Vander Zwaag of Cohen Financial’s capital markets unit, is amortized over 25 years.

A 19,068-sf medical and dental office building at 720 Osterman Ave. in Deerfield was refinanced for $1.85 million, or 75% loan-to-value. A life insurance company provided a 10-year non-recourse loan based on the 10-Year US Treasury rate and amortized over 22 years. Cohen Financial’s Steven Roth originated the loan on Deerfield Professional Plaza.

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