BWE, a real estate firm, has successfully obtained a $20 million loan to fund the purchase of Innovation Park in Libertyville, Illinois. The campus spans one million square feet and includes both office and research laboratory space.
The loan was secured by BWE executives Daniel Rosenberg (executive vice president), Chris Caroll (senior vice president), Logan Petersmeyer (senior analyst), and Max Miller (analyst) from a depository institution on behalf of the borrowers – R2, a Chicago-based developer, and JDI Realty based in Chicago as well. This five-year loan offers interest-only payments for multiple years with structured flexibility.
Initially built in the 1990s for Motorola Corporation’s R&D operations, Innovation Park is situated on 83 acres of land. It provides an exceptional mix of multi-tenant laboratory and office spaces totaling one million square feet. At closing time, approximately 71% of the property was already leased out with prominent tenants such as Valent BioSciences Inc., Medline Industries Inc., and Juno Therapeutics Inc.
