HFF announced that it has secured a $29.05 million refinancing for a five-property, 649,586 s/f portfolio located in Illinois and Florida.
HFF worked on behalf of Denholtz Associates to secure the five-year, fixed-rate loan through Natixis Real Estate Capital, Inc.
Loan proceeds were used to repay the existing mortgage. The portfolio is comprised of four assets in suburban Chicago: 1050-1138
Tower Lane in Bosenville; 747 N. Church Road in Elmhurst; 2625 Butterfield Road in Oak Brook; and 625-701 Executive Drive in Willowbrook; and one asset in Winter Park, Florida: 7129 University Boulevard.
The 84 percent leased portfolio is leased to 117 different tenants and contains 56 percent office space, 30 percent flex space and 13 percent warehouse/industrial space.
The HFF team representing Denholtz Associates was led by senior managing director Jon Mikula and director Michael Klein.
“The portfolio’s diverse tenancy and strong suburban locations made this an attractive assignment,” said Klein. “Natixis believed that the subject properties had strong leasing velocity and was confident in Denholtz’s experience and track record with these assets.”