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CHICAGO-The 222,000-sf mixed-use Renaissance Place development in the North Shore suburb of Highland Park has been financed with a $31.5-million construction take-out loan. Meanwhile, two smaller suburban retail properties also have received new loans totaling more than $13 million.

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.

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