Zeller refinances Skokie office towers for $60M

The 350K sf Old Orchard Towers is 91% leased

Chicago /
Jun.June 13, 2018 09:05 AM

CEO Paul Zeller and Old Orchard Towers (Credit: Zeller Realty Group)

Zeller Realty Group secured a $59.6 million loan from Ares Commercial Real Estate Corporation for its nearly 350,000 square-foot Old Orchard Towers office complex in Skokie.

HFF helped arrange the three-year, floating-rate loan for the property, whose two towers, 5202 and 5250 Old Orchard Road, are 91 percent leased among 16 tenants including National Louis University, RE Journals reported Tuesday.

Zeller also owns a 2.53-acre vacant lot on the property, which overlooks the I-94 expressway about 15 miles from Chicago’s Loop.

The development firm, headed by Paul Zeller, has been on something of a financing tear of late. In April, Zeller landed $89 million to refinance a suburban office complex in Oak Brook, and a month later it secured a new $215 million mortgage for its tower at 311 South Wacker Drive in Chicago. [RE Journals] — Alex Nitkin

 

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