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CHICAGO-Tremont Realty Capital recently arranged an $18.8 million loan for two class C West Loop office buildings managed by Urban Innovations. The sites included 833 W. Jackson, with 62,430 sf, and 322 S. Green St., with 89,286 sf. Both properties border the Greek Town neighborhood and the University of Illinois-Circle campus.

Michael Hart, a senior director with Tremont, said the 10-year loan provided for about 85% of the value that was funded by a national conduit lender. He tells GlobeSt.com that the property was originally purchased at a 70% occupancy level and refinanced at a 95% occupancy level.

He says both buildings have been renovated, and are very attractive to tenants looking to locate in the fringe West Loop areas. “The Loop demand is getting deeper,” Hart says. “You can find space here for half the lease rate of Loop space, and we have better parking availability and are closer to the highways. Also, the West Loop area is getting to be more of a 24-7 location.”

Tenants at the building include the University of Illinois, which leases 7,594 sf at 322 S. Green. The college signed a three-year lease in March at $18.75 per sf, or $142,387 for the first year. According to building management, the average lease rate at the 106-year-old 33 S. Green is $18.50 per sf, and at the 76-year-old 833 W., the average lease rate is $19 per sf. The average lease rate for the West Loop area is $19.24 per sf for that building type.

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