CHICAGO Jan. 26, 2023 – JLL Capital Markets announced today that it has arranged the $40 million refinancing for Edens Collection, a 142,740-square-foot, Target-anchored retail center located in Chicago, Illinois.
JLL worked on behalf of the borrower, The Jaffe Companies, to secure the five-year, floating-rate loan through Pacific Life Insurance Company.
Built in 2020, the 94-percent-leased Edens Collection features a roster of credit tenants, including Target, Ross and Starbucks. Additional tenants at the property include LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners.
Located at 4601-4715 W Foster Ave., Edens Collection is set directly off the Foster Avenue exit on the I-94 expressway. The property’s immediate access to arterial roadways, such as I-94 (147,900 VPD), Cicero Avenue (21,400 VPD), Elston Avenue (18,000 VPD) and Foster Avenue (27,600 VPD) provides exceptional visibility for tenants. The center is also just eight miles from downtown Chicago.
The JLL Capital Markets team that represented the ownership team was led by Senior Managing Director Keith Largay and Managing Director Christopher Knight.
“Despite a cautious capital markets environment, lenders recognized the value created by the development team at Edens Collection, which stands out as one of the essential, premier, urban infill, retail centers on the north side of Chicago,” said Largay.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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