Commercial real estate financial advisory and mortgage origination firm, Uber Capital Group, sourced a $12.5 million acquisition financing loan for the purchase of Ford City Mall, located at 7601 S. Cicero Avenue in Chicago. The client, commercial real estate investment group Namdar Realty, paid $16.6 million for the property earlier this year.
“We obtained the loan for the Ford City Mall acquisition at a three-year fixed rate of 4.5 percent, with a 75 percent LTV, and 20-year full amortization,” said Uber Capital Group president and founder, Joel J. Gorjian.
The largest enclosed mall in Chicago outside of downtown, the 1,258,480-square foot Ford City’s anchor tenant is JCPenney. It also houses more than 135 retail stores and restaurants and features several out parcels, including a 14-screen AMC Theatres.
National real estate investor Gorjian established Uber in late 2016. The company is based in Great Neck, New York and operates nationally. Since 2017, Uber has arranged in excess of $500 million worth of commercial real estate financing nationwide. Uber is one of the top mortgage brokerages for malls in the United States, arranging in excess of $200 million worth of financing for this type of properties for private REITs, institutional investors, and private landlords in the past 24 months.