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Pangea Mortgage Capital, T2 Close $30.1MM Funding for Former Motorola Campus

February 26, 2018, 08:00 AM
Filed Under: Real Estate
Related: Real Estate

Two nationwide capital providers, Pangea Mortgage Capital (PMC) and T2 Capital Management (T2) closed a $30.1 million loan for the funding of a 225-acre development on the former Motorola Solutions campus in Schaumburg, IL.

PMC and T2 were introduced to the owners in late 2017 and have refinanced the acquisition loan and provided a construction line of credit to launch the project. PMC and T2 saw this as a significant opportunity to be part of a redevelopment project that will bring something entirely new to the Village of Schaumburg and the Chicago suburbs.

"Our teams viewed this as a chance to be part of something meaningful to the region. Of course, there were several complexities that needed to be overcome, and our teams did so on a significantly compressed timeframe. At the end of the day we delivered to our customers what mattered most, the benefit of certainty and speed to close." said Daniel Sobelman, Director of Investments at Pangea.

In mid-2016, a joint venture between UrbanStreet Group and VennPoint Real Estate acquired the 225-acre Motorola site with the plan to execute a large-scale master planned redevelopment, including new multifamily, for-sale rowhomes, retail, entertainment uses, hotels, and office space. Since then, the property has garnered substantial interest from development partners and end users including TopGolf, national homebuilders, senior housing groups, and others looking to build on or relocate to the development.

"We are thrilled to have Pangea and T2 as our capital partners in the redevelopment of the former Motorola corporate campus.  They brought flexible financing that enables us to launch our first phase of development," said Jon Dennis, Director of Development with UrbanStreet Group and VennPoint Real Estate.

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