The 184,414-sf Thatcher Woods Shopping Center in west suburban River Grove has been mortgaged for $10.2 million while a 24,500-sf retail property at 260 E. Rollins Rd. in far north suburban Round Lake Beach was mortgaged for $3.15 million.
Davis Street Land Co., developer of Renaissance Place, received a 10-year loan arranged by Draper & Kramer¡¯s commercial mortgage unit at 5.9%. The retail, office and luxury multifamily rental project is anchored by Saks Fifth Avenue and a Landmark Theatre. It is part of a redeveloped Downtown that has seen an increase in shoppers, with city officials saying more than 50% of them coming from other cities and suburbs. With restaurants and a movie theater, Renaissance Place is credited with making Downtown a venue for evening entertainment.
Owners of the Thatcher Woods Shopping Center at 8355 W. Belmont Ave. received a seven-year loan at 55% loan-to-value, with pricing based on the seven-year US Treasury rates. The 10-year non-recourse loan on the Round Lake Beach property was made at 80% loan-to-value. Both loans were arranged by Cohen Financial.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.