HFF has arranged a $34 million refinancing for Chicago’s Shops at Kingsbury Square, a Class A retail center anchored by a national flagship Whole Foods.
Working on behalf of CRM Properties Group, Ltd., HFF placed the 15-year, fixed-rate loan with State Farm Life Insurance Company. HFF will also service the loan.
The Shops at Kingsbury is located on 3.15 acres at 1550 North Kingsbury Street, three blocks west of the North and Clybourn Avenues and Halsted Street intersection in northern Chicago. This area is the commercial and transportation hub known as North-Clybourn, which is in the southwestern part of the affluent Lincoln Park neighborhood. This Whole Foods is one of the largest and highest producing Whole Foods stores in the United States. The 100-percent-leased center was completed in 2009.
The HFF team representing the borrower was led by managing director Daniel Kaufman and real estate analyst James Conley.
“The Kingsbury Whole Foods is obviously one of the nation’s most significant urban retail assets and a model for Whole Foods,” Kaufman said. “It was a pleasure to work with the teams at CRM and State Farm to finance the property.”
