PCCP Refinances Chicago Retail Center
- May 02, 2017
Magellan Development Co., the master developer of the Lakeshore East neighborhood in downtown Chicago, received a $36 million loan from PCCP for the on-site retail center Village Market.
Designed for Silver LEED certification, Village Market is a three-story, 102,224-square-foot building planned to accommodate up to 14 tenants. The anchor tenant is Mariano’s Fresh Market, occupying more than half of the center’s space, with several other small retailers, medical offices and dining service providers sharing the remaining 58,000 square feet. The center was 87 percent leased at the time of the statement.
Dorian Farhang, vice president of PCCP, said in prepared remarks: “PCCP was attracted to the loan opportunity given the reputation of Magellan Development Group and the ability to lend on a high-quality asset in a strong downtown Chicago location.”
The retail center is one of the several lakefront and riverfront properties—most of them apartment buildings—which make up the 28-acre Lakeshore East community, a project started 15 years ago by a joint venture between Magellan Development Co. and Hanwha Engineering & Construction. It sits close to top entertainment and recreational destinations such as the Theatre District, Museum Campus and the “Magnificent Mile” of Michigan Avenue.
Image courtesy of James McHugh Construction Co.