Finance N Illinois

Cushman & Wakefield arranges $12M loan for River Square refinancing

Cushman & Wakefield arranges $12M loan for River Square refinancing,ph01

Cushman & Wakefield’s equity debt and structured finance team has arranged a $12 million loan for the refinancing of River Square, a retail center in Naperville, Illinois.

Jeffrey Cohen, director of the equity, debt and structured finance group based in Cushman & Wakefield’s Chicago world headquarters, arranged the full-term, interest-only, fixed-rate loan, provided by Voya Investment Management, on behalf of Clarion Partners and a large overseas pension fund.

“Downtown Naperville has become a destination for the surrounding area that continues to drive demand for tenants and investors,” Cohen said. “The strong underlying fundamentals of rent growth, low vacancy rates and a limited construction pipeline, coupled with the strong in-place cash flow, potential for future rent growth and diverse mix of national and local F&B and service retailers proved to be very attractive to the lending community, which aggressively pursued the financing. We were happy to achieve favorable terms and close the financing in coordination with the Clarion team.”

River Square is located at 22 E. Chicago Avenue and comprises 58,677 square feet of rentable area, which is 96 percent leased. The loan proceeds were used to refinance the all-cash purchase, which was sold to Clarion by NARE, a local real estate investor, in October 2018.