BWE secured an $11 million first mortgage loan to recapitalize Kingsbury Center, an office and retail building in the River North neighborhood of Chicago.
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.
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 longtime 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.
