{"id":1004151225,"date":"2016-08-30T22:54:22","date_gmt":"2016-08-31T06:54:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151225"},"modified":"2020-04-28T23:49:05","modified_gmt":"2020-04-29T07:49:05","slug":"suburban-chicago-office-portfolio-trades-for-62m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-portfolio-trades-for-62m\/","title":{"rendered":"Suburban Chicago Office Portfolio Trades for $62M"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<div id=\"attachment_1004151273\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/parkway-north1.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004151273\" data-attachment-id=\"1004151273\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-portfolio-trades-for-62m\/parkway-north-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/parkway-north1.jpg\" data-orig-size=\"769,516\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ioana Neamt&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1472574423&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"parkway north\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/parkway-north1.jpg?w=769\" class=\"wp-image-1004151273 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/parkway-north1.jpg\" alt=\"Parkway North Center Office Park\" width=\"300\" height=\"201\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/parkway-north1.jpg 769w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/parkway-north1.jpg?resize=300,201 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004151273\" class=\"wp-caption-text\">Parkway North Center Office Park<\/p><\/div>\n<p><strong>Chicago<\/strong>\u2014<a href=\"https:\/\/www.cit.com\/index.aspx\" target=\"_blank\" rel=\"nofollow\">CIT Group Inc.<\/a> announced that CIT Real Estate Finance arranged a $61.8 million senior secured credit facility for\u00a0TNREF III Parkway JV\u2014a partnership between <a href=\"https:\/\/tninvestors.com\/\" target=\"_blank\" rel=\"nofollow\">True North Management Group<\/a> and <a href=\"https:\/\/fulcrumllc.com\/\" target=\"_blank\" rel=\"nofollow\">Fulcrum Asset Advisors<\/a>. The joint venture will use the financing for\u00a0the purchase of three Class A office assets located in Deerfield, Ill., a suburb of Chicago. CIT acted as sole lead arranger and administrative agent, while CIT Bank N.A. provided the financing<\/p>\n<p>\u201cThe buildings acquired have been well maintained, with desirable upgrades that have continued to attract institutional tenant demand,\u201d Girard Tunney, principal with True North Management Group, said in a statement. \u201cUnder new management, we plan to make further enhancements to the caf\u00e9 and winter garden and develop additional parking.\u201d<\/p>\n<p>The assets included in the transaction are 3, 6 and 9 Parkway North, located within the 85.5-acre Parkway North Center Office Park. The suburban <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office campus<\/a> incorporates six office buildings totaling roughly 1 million square feet of space, a daycare center, a 250-key hotel and a newly built luxury apartment community.<\/p>\n<p>\u201cThese buildings further benefit from proximity to major highways, providing convenient access to downtown Chicago and the broader region as well as O\u2019Hare International Airport,\u201d added Matt Galligan, president of CIT Real Estate Finance.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www.cbre.com\/\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The three Class A properties are located within a 1 million-square-foot campus in Deerfield, Ill.<\/p>\n","protected":false},"author":192,"featured_media":1004151273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21825,13,21742,21747],"tags":[],"class_list":["post-1004151225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-finance","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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