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updated: 2/23/2018 12:24 PM

Motorola campus redevelopment gets $30.1 million loan

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  • The planned redevelopment of the former Motorola Solutions campus in Schaumburg has received a $30.1 million loan from Chicago-based Pangea Mortgage Capital and T2 Capital Management to cover existing debt and site improvement.

    The planned redevelopment of the former Motorola Solutions campus in Schaumburg has received a $30.1 million loan from Chicago-based Pangea Mortgage Capital and T2 Capital Management to cover existing debt and site improvement.
    Mark Welsh | Staff Photographer, 2017

 
Daily Herald report

Two Chicago-based capital providers, Pangea Mortgage Capital and T2 Capital Management, have provided a $30.1 million loan to assist with the redevelopment of 225 acres of the former Motorola Solutions campus in Schaumburg.

The loan will provide money for landowners UrbanStreet Group LLC and VennPoint Real Estate to retire existing debt and engage in site improvement, including environmental cleanup, said Daniel Sobelman, director of investments at Pangea.

A TopGolf sports entertainment venue has already been announced for the site at the southwest corner of Algonquin and Meacham roads, and there is interest from national homebuilders, senior housing groups and others, according to the partnership.