Hickory Street Capital Lands $140M Refi for Mixed-Use Project Near Wrigley Field
Brokerage firm JLL reports it arranged the 30-year, fixed-rate refinancing loan with Barings, on behalf of one of its managed accounts, for Hickory Street Capital.
CHICAGO—Hickory Street Capital, the real estate arm of the Ricketts family, has secured $140-million in financing for its recently completed Gallagher Way mixed-use project located adjacent to the storied Wrigley Field.
Brokerage firm JLL reports it arranged the 30-year, fixed-rate refinancing loan with Barings, on behalf of one of its managed accounts, for Hickory Street Capital. Loan proceeds will replace the current construction financing arranged by the same JLL capital markets team in 2016.
The development consists of more than 93,000 square feet of office space, 85,100 square feet of retail space, along with the 173-room Hotel Zachary and an open-air entertainment plaza adjacent to the home of the Chicago Cubs.
The JLL Capital Markets team representing the borrower was led by senior managing director Danny Kaufman and director Christopher Knight, along with managing director Jeff Bucaro and director Nicole Aguiar.
Gallagher Way includes two towers—the six-story Tower 1, located at the intersection of West Waveland Avenue and North Clark Street, features 47,086 square feet of retail space and 93,667 square feet of office space anchored by the Chicago Cubs front office and the American Airlines Conference Center.
Tower 2 is anchored by the Class A Hotel Zachary and contains 38,014 square feet of retail and entertainment space. The seven-story Tower 2 is at the intersection of West Addison Avenue and North Clark Street. The 30,000 square-foot Gallagher Way Plaza offers year-round programming for neighbors, families, Cubs’ fans and visitors. The plaza includes 8,000 square feet of green space and capacity for 1,000 seats or 3,000 standing guests for outdoor concerts, movies, ice-skating rink and other events.