Suburban Chicago office complex attracts strong lender interest
JLL arranges $89.4M refinancing of Commerce Plaza in Oak Brook
CHICAGO, April 12, 2018 — JLL's Capital Markets experts today announced the company has arranged an $89.4 million, long-term loan to refinance Commerce Plaza, a 556,463-square-foot office complex in Oak Brook, Illinois. The fixed rate, non-recourse loan was secured on behalf of owners Zeller Realty Group and Olympus Ventures, LLC. The financing was provided by PGIM Real Estate Finance, the commercial mortgage finance business of PGIM, part of Prudential Financial, Inc.
Managing Directors David Hendrickson and Keith Largay led the JLL team handling the transaction along with Associate Derek Siadak.
"We received interest in funding this loan from a large number of life companies and CMBS lenders, demonstrating both the attractiveness of the asset and the sponsor. This transaction proves that lenders are willing to be aggressive in financing high quality, well located, suburban office assets," said Largay.
Commerce Plaza consists of three seven-story office buildings on an 18-acre parcel adjacent to Oakbrook Center, one of the top 15 regional malls in the country. Since acquiring the asset in 2016, the owners have renewed and expanded some of the property's major tenants, including Treehouse Foods. The multinational food processing company specializing in private label packaged foods has its headquarters in Commerce Plaza's 2021 Spring Road building. The complex was 96.8 percent leased at the time of funding.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.