November 6, 2018, Skokie, IL – Meridian Capital Group, America’s most active dealmaker, arranged $6.3 million in financing to refinance the Fairway Executive Building, an office property in Skokie, IL.
The 10-year CMBS loan features a rate of 4.84% and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director Gershon Friedman, who is based in the company’s Skokie, IL office.
Located at 8707 Skokie Boulevard at a prime intersection, the Fairway Executive Building rises four stories and spans 64,000 square feet. The class-A office property features floor-to-ceiling windows offering ample natural light, picturesque golf course views, an indoor parking garage, a redesigned lobby, and a high-capacity conference room. The Fairway Executive Building is adjacent to the Evanston Golf Club and is conveniently located close to both I-94 and a variety of public transportation options, including the Yellow Line and the 54A bus.
Weiss Properties, a well-respected management firm in Chicago, purchased this asset as a distressed property in 2010. They invested significant funds, remodeled, re-tenanted and added amenities to create a class-A office building.
The Fairway Executive Building is located less than 15 miles north of Chicago, one of the largest cities in the United States with a population of 2.7 million, and 10 miles from O’Hare International Airport, which serviced nearly 80 million passengers in 2017 alone.
“The strength of both the property and borrower ultimately yielded a competitive loan with 60% loan-to-value and full-term interest-only payments,” said Mr. Friedman.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com