Younan Properties Announces Successful Refinance of One North Arlington
Company Secures New Loan on Chicago Area Office Building
Los Angeles, July 26, 2012 - Younan Properties, Inc., a full-service, national real estate owner and property manager of Class A office buildings in Chicago, Houston, Los Angeles, Dallas and Phoenix, announced that it successfully completed the refinancing of One North Arlington (ONA) in the Northwest Chicago suburb of Arlington Heights. The new five-year, fixed rate CMBS loan was closed on July 18.
According to Zaya Younan, Chairman and CEO, "The new loan takes advantage of the current favorable rate environment and reflects the market value of this Class "A" asset. The Northwest submarket continues to show steady improvement with nearly 200,000 square feet of positive absorption of Class A space in the first six months of 2012. The new financing of One North Arlington provides us additional resources for leasing and tenant improvement and positions this building as the premier office solution in the Northwest submarket."
Younan added, "Not only did we refinance this asset with longer term debt, we also de-leveraged this building significantly. This is part of our overall goal to extend maturities and reduce our overall leverage to 60%."
One North Arlington is a seven-story, 170,507 square foot Class "A" office building with 83% in-place occupancy. It features a beautiful granite lobby and a soaring two-story atrium allowing for abundant natural light. It is located in the heart of the vibrant Arlington Heights business corridor and is surrounded by numerous restaurants, hotels and ancillary business and banking services to meet the demands of busy professionals. Visibility is key and ONA offers tenants prime building identity at the interchange of Dundee Road and RT 53.
About Younan Properties
Younan Properties, Inc., is a privately held real estate investment and management company, specializing in acquiring and managing Class A office properties in strong growth markets throughout the United States including Dallas, Houston, Chicago, Los Angeles and Phoenix. Known for its detailed, hands-on approach to improving operational efficiencies, while maintaining top building standards for tenants, Younan's current portfolio consists of 19 office properties in five top metro markets. Younan is a fully-integrated real estate investment company with in-house expertise and resources in leasing, asset and property management, marketing, acquisitions, redevelopment, facility engineering and financing. For more information, visit www.younanproperties.com
Contact: Denise Davis