The loan was originated and structured by Joel Simmons, a partner with real estate capital services firm Cohen Financial. "In line with other recent shopping center acquisition financings (we've) worked on in recent months, the location, quality of anchor tenants and space improvements were all critical factors in securing favorable deal terms," Simmons says.
Principal Global Investors loaned the money to Inland, which is the largest private land owner in the Chicago area. The deal was 55% loan-to-value and has terms that include a fixed rate and interest-only payments over a five-year term.
The retail center has seen extensive renovations in recent years. The Sports Authority was gut-rehabbed in 2005 and the Staples was newly constructed in 2006.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
