X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-A seven-story, 100,348-sf office building at 420 N. Wabash St., acquired by Friedman Properties in 1997 for $5 million, has been refinanced for $9.575 million. With the loan from Greenwich Capital written at 80% loan-to-value, that pegs the value of the asset at nearly $12 million.

The 10-year loan, with the interest based on the 10-year Treasury rate, will be amortized over 30 years. The deal was originated by Cohen Financial’s Don Trossman.

In north suburban Highland Park, Cohen Financial’s Steve Roth originated a $1.9-million refinancing of Park West Medical Plaza. The 10-year non-recourse loan, which will be amortized over 25 years, was written at 60% loan-to-value, which would make the asset owned by a Skokie-based partnership worth more than $3 million. The interest also is based on the 10-year Treasury rate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.