Updated Jul 16, 2025
Silver Cross Hospital Renews Lease For 87461 SF Medical Office In New Lenox With PGIM
1890 Silver Cross Boulevard
Building Size
87,461 SF
Asset Type
Medical Office
Closing
Jul 16, 2025
About this deal
AI
The asset involved in this transaction is a Class A medical office located at 1890 Silver Cross Boulevard in New Lenox, IL. The total square footage of the facility is 87,461 square feet. The market for this property is New Lenox.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: Not specified
- Landlord: Cathy Marcus - PGIM
- Tenant: Michael Mutterer - Silver Cross Hospital
- Landlord's Representative: Steve Brooks & Katie McReynolds - NexCore Group
- Tenant's Representative: Perry Higa - NAI Hiffman
The lease renewal was executed nearly two years ahead of schedule. As part of this agreement, Silver Cross Hospital secured a reduction in net rental rates along with an improvement allowance for the facility, which also accommodates other tenants, including Shirley Ryan AbilityLab.
On the Map
Medical Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93