Bethesda, Maryland – September 6, 2016
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today it completed an $11,200,000 acquisition loan for 2300-2500 Warrenville Road (the “Property”), which has been the Midwest regional headquarters for the Aramark Corporation since 2001.
The East-West Corridor submarket is Chicago’s largest suburban market and one of the area’s most sought-after corporate office settings. The Property straddles the border of the East-West Corridor submarkets, benefitting from a strategic location along I-88 and I-355, low county property taxes, and outstanding amenities.
Since 2010, the East-West Corridor has experienced significant recoveries in leasing activity and absorption. As the market continues to improve and companies advance their growth and investment, both Class-A and B assets are forecasted to see significant occupancy gains. The Property is a Class-B+ asset, with unrivaled Class-A amenities at competitive Class-B rental rates.
The bridge loan was structured with a three-year term and holdbacks for future leasing and capital improvement work. John Pantone, senior vice president in the Company’s Chicago, Illinois office commented, “I am really pleased to have played a role in the financing of another of Patriot’s Chicago office and industrial assets. Prime Finance, the lender of the Aramark transaction, was extremely flexible throughout this entire process and executed well.”
Over the past six years, Aramark has put over $6 million into base building improvements to meet institutional quality standards. Both buildings received multiple HVAC upgrades, substantial parking and roadway improvements, and full roof replacements.
The Property is a two-building office complex situated on 20-acres located in the heart of Chicago’s prestigious EastWest Corridor. The Property features an exceptional Class-A amenity package and has been held to impeccable building operations and maintenance standards. The office campus includes a “club” level fitness center, a multifunctional conference facility with training rooms, and an auditorium, an 8,000 square-foot cafeteria and catering facility, extensive parking availability, and 24-hour on-site security. 2300-2500 Warrenville Road offers a complete solution for today’s office tenant demands.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.
About Patriot Equities
Patriot Equities is a real estate development and investment company focused on the acquisition and ownership of corporate real estate assets. Patriot Equities owns, operates, and invests in the entire spectrum of corporate real estate property types, including office, industrial, raw land, and mixed-use space in a geographically diverse footprint that spans North American. Patriot and its Principals have acquired over 21 million square feet of corporate real estate in over 80 buildings, across 15 cities, with development value in excess of $1.5 billion dollars.