Bank OZK Provides $31M Loan For Office Building At 601-609 West Randolph Street In Chicago
601-609 West Randolph Street, Chicago, IL, USA
$31,000,000
$310/SF
Building Size
100,000 SF
Asset Type
Office
Closing
Jan 20, 2021
About this deal
AI
The office property located at 601-609 West Randolph Street in Chicago has undergone a recent transaction. The property spans an area of 100,000 square feet and is owned by Vista Property Group, represented by Saul Sutton. The deal was facilitated by JLL, a prominent brokerage firm in the area. The property is situated in the Chicago market, known for its robust commercial real estate sector.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $31,000,000
Bank OZK provided a loan of $31,000,000 for this transaction, enabling the deal to proceed. The involvement of Bank OZK signifies their confidence in the property and the potential return on investment. This loan demonstrates the financial viability of the asset and the attractiveness of the Chicago market for commercial real estate.
Saul Sutton, representing Vista Property Group, played a crucial role in securing this transaction. As the landlord, Sutton's expertise and negotiation skills were instrumental in finalizing the deal. JLL, acting as the broker, facilitated the transaction, ensuring a smooth process for both the buyer and seller.
On the Map
$31,000,000
$310/SF
Office
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Players
Chicago Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93