Permanent Loan – Acquisition
- Ground Lease
- Glenwood, IL
Axiom Capital Corp. has arranged a $3,000,000 permanent loan for the acquisition of a ground lease in Glenwood, IL. The non-recourse loan was fully amortizing for 16.5 years at a fixed rate.
Chase Bank has occupied the property since 2005. The bank has a long-term lease with zero landlord responsibilities and 2.5% annual rental increases throughout the base term and two 10-year renewal options. The improvements include a 4,335 square foot building featuring a drive thru ATM and 32 parking spaces (7.38 spaces per 1,000 square feet). The property is located on the signalized, hard-corner of Halsted Street and 187th Street with combined daily traffic counts of about 25,000 vehicles per day. Chase Bank is an outparcel to an Aldi grocery anchored center.
Other retailers located in the surrounding area include O’Reilly Auto Parts and AutoZone. Less than a half-mile north of Chase Bank, is a 15-acre, retail oriented, redevelopment project that will bring more national tenants to the area. Additionally, just over a mile north of Chase Bank is a power center that includes national and regional tenants such as The Home Depot, Target, Ross Dress for Less, Walmart, Kohl’s, Petco, TJ Maxx, Office Max, and Menards.