TriGate Capital and Transwestern Investment Company Recapitalize Naperville Corporate Center
New Partnership Purchases Property in a Short Sale
CHICAGO – TriGate Capital, a prominent national real estate investment firm and Transwestern Investment Company, a principal investment company specializing in commercial real estate, announce the recapitalization of Naperville Corporate Center in Naperville, IL.
Naperville Corporate Center is a four-building, 418,836 square foot office property located at 1230-1250 E Diehl Road near the newly improved intersection of Naperville Road and Interstate 88. The property was purchased by Transwestern in December 2005, and it has now been recapitalized with new equity capital from TriGate and a new senior mortgage provided by Prime Finance. Proceeds are paying off the existing first mortgage at a discount and providing capital for capital improvements and leasing costs. Transwestern retains ownership of the asset through a new joint venture established with TriGate.
“We are excited to enter the Chicago market with this acquisition,” said Jeffrey Yarckin, Managing Member of TriGate. “The location of this property within the submarket is very strong as it benefits from direct access to the tollway in both directions. Also, we believe leasing will benefit from the amenities at the property and in the adjacent new Freedom Commons retail center.”
“Transwestern is pleased to partner with TriGate to recapitalize this asset. Our team has created solid leasing momentum over the last twelve months, and we believe our new basis as well as our competitive advantage on expenses will attract tenants looking for quality space, location and amenities at low occupancy costs,” said Andy Hess, Senior Vice President at Transwestern Investment Company.
Transwestern Commercial Services will continue to lease and manage the property. HFF Chicago arranged both equity and debt financing for the transaction.
About TriGate Capital:
TriGate Capital is a Dallas-based real estate investment firm that is focused on investing in real estate properties, real estate secured loans and securities, and real estate companies through transactions that emanate from the need of financial institutions and property owners to restructure. TriGate is focused on investing its capital and its partners’ capital at attractive risk- adjusted returns by using its work-out, restructuring and real estate management skills to add value to its counterparties – lenders and other financial owners of real estate assets. TriGate’s principals have invested in more than $10 billion of real estate assets, and the company has raised its inaugural fund to take advantage of changes occurring in the commercial real estate market. For more information about TriGate Capital, visit www.trigatecapital.com.
About Transwestern Investment Company:
Since its inception in 1996, Transwestern Investment Company has acquired interests in over 455 office, retail, industrial and multifamily properties representing a gross investment of nearly $11 billion. The firm currently employs approximately 75 people and is based in Chicago with offices in Atlanta, Denver, Houston, Los Angeles, and New York. For more information about Transwestern Investment Company, visit https://www.transinvestco.com/.
Source: Press Release