This financing provides additional resources for ongoing capital improvements as well as funding for new leasing and tenant improvement costs to drive occupancy at the properties.
Chicago, IL (PRWEB) March 10, 2015
Younan Properties, Inc., a fully integrated, national real estate owner and manager of Class "A" office buildings and retail centers in five major U.S. office markets announced that it successfully completed the refinancing of Woodfield Corporate Center in Schaumberg and Prairie Stone Commons in Hoffman Estates. The new seven-year loans from BBCN Bank were closed on February 11.
According to Zaya Younan, Chairman and CEO, "In 2014, the Chicago suburban markets posted more than one million square feet of absorption. Given the steady improvement and continued low rate environment, we were able to leverage the significant upside in value of these Class "A" properties."
"These new loans provide us additional resources for ongoing capital improvements as well as funding for new leasing and tenant improvement costs to drive occupancy at the properties," he added.
Younan Properties acquired Woodfield Corporate Center at 300 N. Martingale in August of 2014. The 156,065 square foot, seven-story, Class "A" office building is located in the Schaumburg submarket of suburban Chicago. 300 N. Martingale maintains a prominent location with tollway visibility along 1-290/Route 53. It was developed as part of the Woodfield Corporate Center complex and offers numerous tenant amenities including a deli, meeting room and tenant lounge area, four-story parking deck with an enclosed walkway, as well as onsite management and security.
Prairie Stone Commons is a 101,981 square foot, two-building office complex in a 780-acre master-planned business park with an outstanding location along I-90. Amenities include a Marriott Hotel, walking and jogging trails, 100,000 square foot Prairie Stone Sports & Wellness Center and abundant options for nearby dining and shopping. The property features exceptional access via the full interchange at Route 59 along the eastern boundary of Prairie Stone and partial interchange at Beverly Road along the western boundary of Prairie Stone facilitating access originating from the east.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties and selected retail centers in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles, Phoenix and Colorado Springs. Known for its detailed, hands-on approach to improving operational efficiencies while maintaining top building standards for tenants, Younan is a full-service real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit http://www.younanproperties.com.