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CHICAGO-Approximately $40 million in acquisition financing for a 135,150-sf medical office building at 601 South Maple St. in Oak Park has been arranged by locally based Cohen Financial. The building houses Rush Oak Park Hospital’s physicians’ offices, a variety of patient specialty services and the hospital’s pharmacy. The building is leased to Rush Oak Park Hospital on a long-term basis; the hospital in turn leases space to the physicians.

The Rush Medical office building is adjacent to Rush Oak Park Hospital. Cohen Financial secured a non-recourse, five-year interest-only loan with pricing based on the five-year US Treasury. The lender is a life insurance company with a correspondent relationship with Cohen Financial. Benjamin Greazel, a director in Cohen Financial’s Skokie office, originated the transaction.

“Our client is a local commercial real estate investor,” says Greazel. “Cohen Financial provided our client with a competitive capital solution, and we completed the transaction from start to finish within 20 days.”Greazel adds that the class A office building is five years old. It was originally built for the hospital, which currently has a 19-year lease on the property. “Investors have begun to go outside the box, so to speak,” Greazel tells GlobeSt.com. “They are not just looking at traditional asset categories, such as retail, traditional office and industrial properties. The credit worthiness of this tenant and the history of the hospital become important factors in the deal.”

In June, Toronto-based FirstService Corp. acquired a 75% interest in Cohen Financial. Jack Cohen, chief executive officer, and his senior management team retain the balance of the equity.

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