{"id":1004234568,"date":"2018-06-13T00:13:47","date_gmt":"2018-06-13T08:13:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004234568"},"modified":"2022-12-07T13:38:24","modified_gmt":"2022-12-07T21:38:24","slug":"suburban-chicago-office-towers-land-60m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-towers-land-60m-refi\/","title":{"rendered":"Suburban Chicago Office Towers Land $60M Refi"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004234572\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004234572\" data-attachment-id=\"1004234572\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-towers-land-60m-refi\/old-orchard-towers\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&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=\"Old Orchard Towers\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Old Orchard Towers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg?w=640\" class=\"wp-image-1004234572 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg\" alt=\"Old Orchard Towers\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004234572\" class=\"wp-caption-text\">Old Orchard Towers<\/p><\/div>\n<p>Zeller Realty Group has received a $59.6 million loan to refinance Old Orchard Towers, a 349,814-square-foot, Class A office complex in Skokie, Ill. HFF arranged a three-year, floating-rate loan through Ares Commercial Real Estate Corp. for the property, which consists of two seven-story buildings.&nbsp;Christopher Carrol, HFF\u2019s managing director, was part of the debt placement team representing the borrower.<\/p>\n<p>Located at 5202 and 5250 Old Orchard Road in the North Shore submarket of northwestern Chicago, the building\u2019s towers were constructed in 1981 and 1983, respectively, and the entire property was renovated in 2005.<\/p>\n<h2>Towering appeal<\/h2>\n<p>The North and South Towers are connected via a concourse and an 857-space parking deck. Old Orchard Towers also includes 1,700 square feet of retail and a 2.5-acre vacant land parcel for future development. The LEED Gold property is currently leased to 16 tenants, including Sg2, Kaufman, Hall &amp; Associates and National Louis University.<\/p>\n<p>Zeller Realty Group\u2019s portfolio includes approximately 9.5 million square feet valued at $2.5 billion. In January, Zeller Realty Group teamed up with the Partners Group to acquire Resurgens Plaza, a&nbsp;Class A office tower encompassing 402,929 square feet in the Buckhead submarket of Atlanta. HFF brokered that sale as well and also <a href=\"https:\/\/www.commercialsearch.com\/news\/zeller-realty-snags-atlanta-office-tower\/\">secured $79.4 million in acquisition financing<\/a> on behalf of the buyer.<\/p>\n<p>The Old Orchard Towers is situated just five miles from Chicago, 13 miles from Chicago\u2019s famed O\u2019Hare International Airport and 15 miles from the Chicago CBD.&nbsp;It\u2019s adjacent to the Edens Expressway making it visible to more than 150,000 vehicles a day.&nbsp;<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zeller Realty Group received the financing for two seven-story buildings totaling 350,000 square feet in the North Shore submarket. HFF arranged the loan through Ares Commercial Real Estate Corp.<\/p>\n","protected":false},"author":451,"featured_media":1004234572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21825,13,21742,21747],"tags":[32792,32779,34116],"class_list":["post-1004234568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","category-finance","category-midwest","category-latest","category-office","tag-hff","tag-leed","tag-zeller-realty-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suburban Chicago Office Towers Land $60M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-towers-land-60m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suburban Chicago Office Towers Land $60M Refi\" \/>\n<meta property=\"og:description\" content=\"Zeller Realty Group received the financing for two seven-story buildings totaling 350,000 square feet in the North Shore submarket. HFF arranged the loan through Ares Commercial Real Estate Corp.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-towers-land-60m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-13T08:13:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T21:38:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Old-Orchard-Towers.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-towers-land-60m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/suburban-chicago-office-towers-land-60m-refi\/\",\"name\":\"Suburban Chicago Office Towers Land $60M Refi - 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