ACRES is pleased to announce that it has originated an approximately $12 million loan to fund the renovation and lease-up of Ten Parkway North, a three-story office property located at 10 Parkway North Boulevard in Deerfield, Illinois. The loan is provided to Core Acquisitions (the “Sponsor”), a Chicago-based commercial real estate investment firm specializing in the development and redevelopment of office and retail properties.
Ten Parkway North can accommodate a wide variety of tenants and is one of just four multi-tenant buildings in the Deerfield market that offers large, contiguous space between 36,000 and 90,000 square feet. The Sponsor plans to subdivide several spaces in the building to create smaller, speculative suites for tenants, a competitive advantage due to the rarity of small office space in the market.
The Sponsor selected ACRES for the loan due to its comprehensive and adaptable financing package and surety of execution. The Sponsor has partnered with Principal Jason Simon of Colliers International to orchestrate the lease-up of the property.