JLL Capital Markets has arranged $15.68 million in financing for Red Top Plaza, a 147,840-square-foot retail center in Libertyville, Illinois. JLL worked on behalf of the borrower, Florida-based Sterling Organization, to place the 10-year, fixed-rate, non-recourse loan with an insurance company.
Red Top Plaza is anchored by supermarket chain Jewel-Osco. The property is also home to a diverse mix of service, essential, restaurant and medical tenants. Red Top Plaza is surrounded by an affluent and dense population; more than 53,000 residents earning an average household income of $143,596 live within a three-mile radius of the property.
The JLL Capital Markets team that represented the borrower was led by senior managing director Christopher Drew, senior director Brian Gaswirth, senior director Christopher Knight and director Michael DiCosimo.
“Due to the sound fundamentals of the real estate, grocer performance and a best-in-class borrower with Sterling Organization, we were able to build a strong market of lenders for Red Top Plaza,” Drew said. “The grocer and property have performed well throughout the market volatility, and the lender provided a seamless execution.”
