(Read more on the debt and equitymarkets.)
ELGIN, IL-An affiliate of Capital Realty & Development,based here, has received nearly $54.2 million in financing for a17-building office and industrial portfolio in the Chicago suburbs.The term of the financing is 10 years, says Steve Roth, a partnerwith Chicago-based Cohen Financial, which secured the amount.
The loan-to-value is 75%. The lender was not disclosed exceptthat it is a national life insurance company. The portfolioconsists mainly of single-tenants buildings with small tenants suchas manufacturers and distributors, Roth says. The affiliate, forwhich Cohen had also structured a capital plan, had separate loansfor the properties, and the refinancing into one loan provides thecompany with more flexibility in addition to a cost savings, hesays.
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