PCCP, LLC has provided a $38.72 million senior loan to finance the note purchase and provide funds for completion and leasing costs for Burr Ridge Village Center, a mixed-used property located at 1000 Village Center Drive in Burr Ridge Ill, a southwestern Chicago suburb. The owner of the property is an entity managed by Founders Properties.
Burr Ridge Village Center consists of 196 residential condominiums (62 of which have not yet been sold), 37,000 square feet of office condominiums, and 195,441 square feet of retail space which was completed in November 2007 and is leased to major tenants such as Banana Republic, Victoria’s Secret, Kohler Spa, Bath and Body Works, and Aeropostale.
“The loan proceeds PCCP has provided will recapitalize the original construction loan and provide capital for the completion costs associated with leasing of the retail portion and finishing construction of the residential condominiums. The owner will now be able to offer the retail and residential condominiums at market rates,” said Barrie Bloom, vice president with PCCP, LLC. “This investment gives PCCP the opportunity to originate a loan at an attractive basis on a unique retail and residential condominium property. The asset is also supported by strong retail tenants and a healthy residential condominium sales market in an affluent Chicago submarket.”
Burr Ridge Village Center is one block south of Interstate 55 and is approximately 22 miles southwest of downtown Chicago. It is surrounded by the affluent communities of Hinsdale, Indian Head Park, Western Springs, Willowbrook, and Willow Springs. The population within a five-mile radius of the property is approximately 190,000. Adjacent to Burr Ridge Village Center is one of the most successful Lifetime Fitness facilities, which has more than one million visitors per year.