Natixis Provides $34.7 Million Financing for Acquisition of Suburban Chicago Grocery-Anchored Retail Center
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.
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About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 36 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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