The Philipsborn Company completed first mortgage financing of $2,175,000 for the Sauk Trail Plaza.
The retail center is 30,267 square feet and located on the southwest corner of Sauk Trail and Central Park in Richton Park, Illinois.
The long-term, fixed rate loan was secured by the multi-tenant center. Proceeds were used to refinance the outstanding debt and provide funds for capital reserves.
Vice President David Kubert structured and negotiated the transaction on behalf of all parties. Financing was funded by ICA Investment Advisors, an exclusive Philipsborn correspondant lender. The borrower was a limited liability company.
Sauk Trail Plaza was constructed during the 1960s and 70s, and is situated on a 2.65 acre site that accomodates 135 vehicles. The property is 98 percent leased and achored by a 15,000-square-foot Save-A-Lot discount store.