(HOUSTON) – Hines Realty Income Fund, a lending platform sponsored by Hines, the international real estate investment firm, today announced that it provided a senior acquisition loan for a 140,000-square-foot office property in the affluent northern Chicago suburb of Vernon Hills, IL.
The financed amount is for $11.9 million, with a commitment to provide additional funding upon the occurrence of certain property- or borrower-specific events. This commitment would bring the total funding to $13.4 million. Term is for three years with extension options.
Recently, the Hines affiliate also closed on a $9.3 million mezzanine loan, the proceeds from which will be used to develop a 14-story, mixed-use project located in Jersey City, NJ with total projected cost of $43.5 million.
Hines Realty Income Fund originates real estate-related debt on all major asset classes of commercial real estate in the United States.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totalling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.