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CHICAGO-Hamilton Partners, based in Itasca, has received a $26-million short-term loan for 29 S. LaSalle St. and 39 S. LaSalle St. The Commercial Mortgage division of Allstate Real Estate Investment Group, based in Northbrook, provided the three-year loan which has a floating-rate with an interest rate cap and has “flexibility to prepay,” says Sam Davis, senior managing director of Allstate Real Estate Investment Group. David Tomfohrde, with Chicago-based Draper & Kramer Inc., arranged the financing on Allstate’s behalf. The loan is 75% of the value of the properties, Davis tells GlobeSt.com.

The short-term loans are typically given to allow a building owner to lease-up a building in preparation of selling it or to allow a developer to finalize business plans, Davis says. The two buildings are located next to each other on LaSalle. Hamilton Partners has plans to construct a large office tower on the site, Davis says. Representatives from Hamilton declined to be interviewed for this story.

The building at 39 S. LaSalle St. was designed by William Le Baron Jenney and is a landmark. The buildings are currently 75% leased with more than 100 small tenants located in the two buildings, Davis tells GlobeSt.com.

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