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Baum Gains $26M CMBS Loan for Green Exchange
2013-01-09 02:29:00| National Real Estate Investor
CHICAGODavid and Douglas Baum of Baum Development has gained a $26.5 million, 10-year non-recourse CMBS loan for the Green Exchange, a mixed-use property at 2545 W. Diversey. Former owner Cooper Lamp Factory vacated the 270,000-sq.-ft. building in 2005. The Baums bought the building, but lost their lender due to the recession. The Baums were able to find a new lender and gained a new tenant, Coyote Logistics, along with a $15 million loan for redevelopment, historic tax credits and tax-increment financing. Other tenants include WeFarm America, NewGrange Development, Green Energy Improvement and Green Choice Bank among others.
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Category:Real Estate