Wells Writes $50 Million Office Loan
Wells Fargo has originated a $50 million mortgage on a suburban Chicago office complex that fund operator Angelo, Gordon & Co. acquired in March.
The five-year floater, which closed two weeks ago, is pegged to 285 bp over one-month Libor. Angelo Gordon used a swap to fix the rate at 5.8%.
The loan also carries an "earn out" provision that permits the fund operator to draw down an additional $5 million if the property achieves prescribed performance hurdles. The loan-to-value ratio is 62%.
The 641,000-square-foot complex is in Lisle, Ill., about 25 miles west of downtown Chicago. Angelo Gordon acquired it for $80 million of cash from a Tishman Speyer joint venture, which had acquired it in 2006 for $107 million.
The property, called Central Park at Lisle, consists of a seven-story building at 4225 Naperville Road that was completed in 1991 and an eight-story building at 3333 Warrenville Road that was finished in 2000. There is also a 7.5-acre parcel suitable for development.
New York-based Angelo Gordon made the acquisition via its $794 million AG Core Plus Realty Fund 2.