Northmarq’s Debt + Equity team arranges refinance of One North distribution facility

GLENDALE HEIGHTS, Ill. (March. 6, 2025) — Northmarq’s Atlanta Debt + Equity team led by Josh Darby and Van Glosson successfully arranged the refinancing of One North, a distribution and warehouse facility located at 1 North Ave in Glendale Heights, Illinois.

Northmarq arranged the fixed-rate refinancing on behalf of the borrower, Affinius Capital, through a correspondent relationship with 40|86 Mortgage Capital. The transaction was structured on a five-year term.

“This transaction is an example of a common scene playing out in the market — a borrower develops an asset, achieves stabilization, but sees upside potential in the industrial sector,” Darby said. “Given the uncertainty and volatility of the interest rate environment, borrowers are not eager to lock in long term deals. Accordingly, life insurance companies, which continue to show healthy appetites for industrial loans, have responded with shorter loan terms featuring flexible prepayment options to win the best deals for top clients.”

Built in 2020, One North is comprised of three units sitting on 12 acres and features 150,750-sq.-ft. of industrial space. It can house up to four tenants and includes 16 dock positions with four drive-in doors on the south side of the building. The facility has a maximum clear height of 32 feet and 102 parking spaces.

The facility sits along Illinois State Highway 64 with close proximity to Interstate 355. It is approximately 25 miles west of downtown Chicago.