Newmark Knight Frank (NKF) successfully arranged a $50,500,000 mortgage loan for the $71,900,00, off-market acquisition of the notable retail center, Edens Plaza, located in Wilmette, Illinois. Executive managing directors of NKF’s Chicago capital markets group, Ben Greazel and Joel Simmons, originated the loan on behalf of the borrower, Newport Capital Partners Fund II (Newport). Greazel and Simmons secured the financing through LoanCore Capital and represented Newport in the acquisition.
Edens Plaza is a 183,000-square-foot retail center located just east of the Edens Expressway (I-94), at the intersection of Skokie Boulevard and Lake Avenue, in the affluent North Shore community of Wilmette. Initially developed in 1956, and redeveloped to its current configuration in 1994, Edens Plaza has been regarded as one of Chicagoland’s busiest and most prominent mixed-use suburban shopping centers.
“Edens Plaza is a first-class retail asset and we are fortunate to have assisted Newport with the acquisition and financing execution,” said Greazel. “We were able to leverage our exceptional lender relationships to move quickly and deliver competitive terms for our client in this off-market transaction.”
The iconic retail center is currently 92 percent leased to tenants such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A state-of-the-art pediatric care center, which will be run by NorthShore University HealthSystem and Advocate Health Care, will open this year at Edens Plaza. Currently underway, the 35,000-square-foot redevelopment will occupy the former Carson’s Furniture Gallery Space.