September 21, 2017
Prime Rate
4.25%
1.24%
2.26%
2.17%
Photo of Oakmont Portfolio
Property Type
Office
Transaction Details

$11,480,000 Permanent
Life Insurance Company

Transaction Name
Oakmont Portfolio
Request More Info

Transaction Details

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.

The Proposition

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.

Our Solution

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.