Natixis Provides $34.7 Million Financing for Acquisition of Suburban Chicago Grocery-Anchored Retail Center

New York, État de New York, États-Unis, June 22, 2017

The $34.7 million financing from Natixis facilitated the acquisition of Northpoint Center, a 276,333 square foot, grocery-anchored retail center located in Arlington Heights, IL. The borrower is an institutional investor.

The property is anchored by a 68,237 square foot Jewel-Osco grocery store, a dominant grocer in the Chicago MSA. Jewel-Osco has been a tenant at the Property since 1991, recently renewed its lease and completed a renovation of its store. Other junior-anchor tenants at the property include Ross Dress for Less and Marshalls, which recently signed a new lease and will be moving from a neighboring center.

Loan proceeds will include an initial funding of $30.2MM with the remaining $4.5MM earmarked to fund future leasing.

The property is located at the corner of Rand Road and Arlington Heights Road, which have a combined average daily traffic count in excess of 50,000 vehicles per day.

The financing was arranged by Jeff Black from the Colliers International office in Boston, MA.