Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The 320,000-sf Cumberland Centre in the O’Hare submarket has been refinanced for $25.8 million. The loan takes out two other mortgage holders on the property at 5440 N. Cumberland Ave., acquired in 2001 from Mutual of New York Life Insurance Co.

Arranged by Steve Roth of Cohen Financial’s capital markets unit, the five-year loan for 5440 N. Cumberland Ave. is priced on the one-month LIBOR.

Meanwhile, Cohen Financial’s Chris Carroll arranged a $2.4-million, 15-year loan for the owners of a 28,179-sf building at 977 Lakeview Pkwy. in far north suburban Vernon Hills. Written at a 75% loan-to-value, the mortgage places a $3.2-million value on the property.

The published net lease rate at 5440 N. Cumberland Ave. is $15.50 per sf. The published net lease rate is $14 per sf for 977 Lakeview Pkwy.

In a property near Cumberland Centre, Careerbuilder has expanded its lease to 24,655 sf in the Citicorp Plaza building, 8420 W. Bryn Mawr Ave. Trammell Crow Co. SVP Bruce T. Hopple and associate Kimberly A. Barnett represented Careerbuilder, LLC, in the transaction.

Also in an O’Hare submarket where Studley reports 24% of the 17.4-million-sf inventory is available, Lawson Mardon USA relocated from 707 Skokie Blvd., Northbrook, to 7,600 sf of sublease space at O’Hare Plaza, 8755 W. Higgins Rd. Grubb & Ellis VP Michael Adams and SVP Jim Ward represented Lawson Mardon USA, while Irv Gilner of Cushman & Wakefield Inc. represented sublessor Computer Generated Systems.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.