Life Insurance Company
Oakmont Portfolio is comprised of two recently renovated office buildings in Westmont, Illinois, a western suburb of Chicago. Oakmont Corporate Center, built in 1985, totals 74,279 square feet over four stories, and One Oakmont Plaza, built in 1986, totals 117,841 square feet over six stories.
Essex Financial Group was approached by the Sponsor to help arrange permanent, non-recourse, long-term financing to acquire the two office properties in Chicago as part of a 1031 exchange.
Essex Financial Group arranged an $11,480,000 non-recourse loan with one of its correspondent life insurance company relationships. The loan has a highly-competitive interest rate that is fixed for twenty years.