GreenLake Funds $16,500,000 Refinance Loan for Medical Office Condos in the Chicago Metropolitan Area

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Mar 16, 2022, 08:54 ET

CHICAGO, March 16, 2022 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $16,500,000 loan to refinance medical office condominiums in Blue Island, IL. The borrower acquired a vacant hospital, MetroSouth Medical Center, in 2019 and converted it into a mixed-use healthcare center which comprises medical offices, student housing and a commissary.

As the only medical offices in the region equipped with ready-to-move-in hospital grade infrastructure, the property is well positioned to bring in new tenants quickly. It is ideal for urgent care, outpatient surgery, pain care, doctors' offices and life science labs, and several major tenants have already signed leases.

Peter Chang, Managing Principal at GreenLake stated, "This deal was complex since the hospital was divided and condominiumized into three different uses, and the condo declaration was created in parallel with GreenLake's underwriting. While GreenLake's loan was originally scheduled to close after the residential component, we were able to accommodate the borrower and close ahead of the other lender. The borrower is an experienced developer with over 30 years of experience, and we have great confidence in their team and vision in this specialized sector."

Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
[email protected]

Adam Frank
Vice President, Originations
646.766.0288
[email protected]

Renee Volaric
Vice President, Originations
646.766.0286
[email protected]

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC