CHICAGO—HFF has just arranged a $34 million refinancing for Chicago's Shops at Kingsbury Square, a class A retail center anchored by a national flagship Whole Foods. The company worked on behalf of Deerfield, IL-based CRM Properties Group, Ltd., and placed the 15-year, fixed-rate loan with State Farm Life Insurance Co. HFF also plans to service the loan.
The Shops at Kingsbury sits on 3.15 acres at 1550 N. Kingsbury St. three blocks west of the North and Clybourn Avenues and Halsted St. intersection and just southwest of the affluent Lincoln Park neighborhood. The 100% leased center was completed in 2009. Whole Foods anchors the center and HFF officials say it is one of the largest and highest producing Whole Foods stores in the US.
The HFF team representing the borrower was led by managing director Daniel Kaufman and real estate analyst James Conley.
“The Kingsbury Whole Foods is obviously one of the nation's most significant urban retail assets and a model for Whole Foods,” Kaufman says. “It was a pleasure to work with the teams at CRM and State Farm to finance the property.”
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