Alpha Alternatives arranges loan for Rolling Meadows building

  • DAILY HERALD FILE PHOTO 2004A window washer works at 1600 Corporate Center in Rolling Meadows. Alpha Alternatives recently arranged an $18.37 million bridge and preferred equity loan for 1600 Corporate Center in Rolling Meadows.

    DAILY HERALD FILE PHOTO 2004A window washer works at 1600 Corporate Center in Rolling Meadows. Alpha Alternatives recently arranged an $18.37 million bridge and preferred equity loan for 1600 Corporate Center in Rolling Meadows.

 
Daily Herald Wire Services
Updated 1/5/2016 1:05 PM

Alpha Alternatives recently arranged an $18.375 million bridge and preferred equity loan for 1600 Corporate Center in Rolling Meadows.

The interest-only financing provided the borrower with a full capital stack solution.

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"The bridge loan was arranged with a preferred equity piece on top to assist the Borrower with a strategic investment solution, while also providing funding for tenant improvements and leasing commissions," said Anthony Longo, the firm's managing partner who arranged the loan. "With Bank of America signing a recent lease for more than a third of the property and 89 percent current occupancy we were able to obtain a loan with an 85 percent loan-to-cost ratio."

The 12-story Class A, multi-tenant office property is located at 1600 Golf Road in Rolling Meadows. The property, which features 255,440 rentable square feet, was constructed in 1986. Alpha utilized both a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR.

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