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Steve Emerson Of Dry Creek Capital Partners Acquires Non-Performing Loan From Jonathan Slager For $26.5M

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SOLD
$26,500,000

Illinois

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Note / Loan530,000 SF
Sold 08/25/2025
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Property Image
SOLD

Steve Emerson Of Dry Creek Capital Partners Acquires Non-Performing Loan From Jonathan Slager For $26.5M

10255 West Higgins Road

See Similar Deals
Note / Loan530,000 SF
Sold 08/25/2025
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Note / Loan
Price Per Square Foot:$50
Total Square Footage:530,000 SF
Transaction Type:Sale

Dry Creek Capital Partners acquired a non-performing loan tied to the 530,000 square feet O’Hare International Center located at 10255 & 10275 West Higgins Road in Rosemont. The transaction involved a sale price of $26,500,000, representing a price per square foot of $50.

Summary of transaction details:

  • Property Type: Note / Loan
  • Transaction Amount: $26,500,000
  • Buyer: Steve Emerson - Dry Creek Capital Partners
  • Seller: Jonathan Slager - Bridge Investment Group
  • Market: Rosemont
  • Square Footage: 530,000
  • PPSF: $50

Steve Emerson represented Dry Creek Capital Partners in this deal, while Jonathan Slager represented Bridge Investment Group. This transaction marks Dry Creek's second engagement with distressed debt near O'Hare, following their acquisition of a 210,000 square feet office in Elk Grove Village earlier this summer.

Players

Jonathan Slager
Bridge Investment Group
Jonathan Slager
27 deals$1.9B volume
SELLER
Bridge Investment Group
Bridge Investment Group
SELLER

Details

SOLD
IMAGE: Steve Emerson & Jonathan Slager DATE: 08/25/2025 ADDRESS: 10255 & 10275 West Higgins Road MARKET: Rosemont ASSET TYPE: Note / Loan BUYER: Steve Emerson - Dry Creek Capital Partners SELLER: Jonathan Slager - Bridge Investment Group (@Bridge.CRE) SALE PRICE: $26,500,000 SF: 530,000 ~ PPSF: $50 NOTE: Dry Creek Capital acquired the $47.3M non-performing loan tied to the 530K SF O’Hare International Center in Rosemont, setting up a potential takeover from owner Bridge Investment Group.The note reportedly traded for ~$26.5M, marking Dry Creek’s second distressed debt play near O’Hare after seizing a 210K SF Elk Grove Village office earlier this summer.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,413,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$94,148.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$125,623.52
Annual Debt Service$1,507,482.24