On Thursday, online marketplace for real estate investing, RealtyMogul.com, announced $16.875M bridge loan and $1.5M preferred equity investment, which facilitated the acquisition of an office building in Rolling Meadows, Illinois.
The sponsor is Schaumburg-based Helios Properties and the facility is a non-recourse loan with proceeds being used to purchase the property and provide a facility for leasing costs.
1600 Corporate Center is a 12-story, 255,440 square foot, Class A, multi-tenant office building. Helios Properties is currently planning to add a common conference area, as well as a gym in the future. This well located Chicago area office building is currently 91 percent occupied with limited near-term rollover and multiple credit tenants, including Bank of America, Alliant Credit Union, Fleetmatics and Regus.
Among other debt and equity commercial real estate investments currently available on the platform, RealtyMogul.com investors were offered the opportunity to invest in fractionalized shares of the preferred equity. The combined terms of the debt and preferred equity offered the sponsor 81 percent of project costs.
Jilliene Helman, CEO of RealtyMogul.com, added:
“This senior and preferred equity transaction is another good example of how we continue to grow our offerings and execute significant deals in the industry. We are proud to provide this product to our platform.”
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