Cronheim Mortgage has secured $47.75 million for Fairbridge Partners purchased of Oak Brook Gateway and Cornerstone I at Cantera (pictured top) two suburban Chicago office buildings.
The loan represented 75 percent of the acquisition price and was placed with a national lender on a 10-year term and 30-year amortization, with two years of interest-only payments. The rate was locked at 4.84 percent.
David Turley, Principal of Cronheim Mortgage, noted: “We secured aggressive terms from a trusted lender after a thorough marketing process. Our lender relationship proved invaluable when the debt markets became turbulent as we were preparing to close. With earnest money and significant 1031 exchange tax implications at stake, the lender delivered an attractive deal on time.”