Jones Lang LaSalle Incorporated : $18.5M refinancing arranged for recently renovated office property

CHICAGO, July 21, 2021 -JLL Capital Markets announced today that it has arranged an $18.5 million refinancing for 2625 Butterfield Office Plaza, an approximately 215,000-square-foot, recently renovated office building in Oak Brook, Illinois.

Working on behalf of the borrower, an affiliate of Clear Height Properties, JLL placed the floating-rate loan with Busey Bank.

Butterfield Office Plaza is located at 2625 Butterfield Rd. in the East / West corridor of Oak Brook. This affluent community is positioned approximately 19 miles west of the Chicago Loop and offers numerous amenities for the corporate user, including dining, retail centers and hotels within minutes of the property. In addition, the area is home to numerous Fortune 1000 companies and notable corporate headquarters. The 10-acre site has convenient access to Interstates 88, 294, 290 and 355, which provide connectivity to the entire Chicagoland area.

Since acquiring the property in 2018, ownership has invested nearly $4.0 million in building improvements including a new fitness center and conference room along with interior and exterior updates. Butterfield Office Plaza is currently 92% leased to a diverse tenant base of over 20 tenants.

The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Carroll and Director Lucas Borges with support from Analyst Clayton Lesniak.

'The new Busey Bank loan facilitates the completion of our value enhancement program at the property, which will result in an attractive, fully amenitized option for tenants in this desirable Oak Brook location,' said Gary Rose, COO at Clear Height Properties.

'Since Clear Height Properties and SC2 acquired Butterfield Office Plaza in 2018, they've been successful at retaining long time tenants as well as attracting new tenants through a combination of active hands-on management, assertive communication with the marketplace and a very well executed repositioning of the building,' Carroll added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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