X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAK LAWN, IL-Inland Mortgage Corp. has borrowed $9 million to finance the acquisition of a 77,467-square-foot retail center at 9633 South Cicero Ave. The center is 96% occupied and anchored by a Sports Authority, Staples and Men’s Wearhouse.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.