BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $11,000,000 first mortgage loan to recapitalize Kingsbury Center, an office and retail building in the popular River North neighborhood of Chicago, Illinois.
Daniel Rosenberg, executive vice president in BWE’s Chicago and Boca Raton offices, Tim Caffrey, assistant vice president, Logan Petersmeyer, senior analyst, and Isabella Barrios, analyst, advised the sponsor Next Realty on the financing.
“We’re delighted to have advised Next Realty on the recapitalization of this stand-out River North property,” said Rosenberg. In the last 12 months, we have seen lenders continue to provide competitive lending terms for high performing office and mixed-use assets like Kingsbury Center. “During times of financial uncertainty, BWE continues to make use of creative, comprehensive financing solutions so that our partners can deliver high-quality assets in the Chicago market and beyond.”
Kingsbury Center, located at 350 W Hubbard Street, spans 135,315 SF, consisting of 92,433 SF of office space and 42,882 SF of retail space. The property is 95% leased with a robust, diversified tenant roster, with long-time anchor tenants including The Habitat Company (who is also the long time manager of the asset), The Related Companies, CVS, Petco, and Ace Hardware. The capital provided by the refinancing will be used to build out and improve current vacancies and other spaces that may be open in the future.
Located in the sought-after River North neighborhood, Kingsbury Center is directly across the street from the acclaimed East Bank Club, and just north of the Merchandise Mart, two of River North’s most popular attractions. The building is also less than a five-minute walk from the CTA Brown and Purple transit lines.