Walker & Dunlop have closed a $9.75 refinance loan for a Portage Park mixed-use property located in Chicago, Illinois.
Previously an unoccupied old bank building, the asset has been redeveloped to include retail and office space.
Walker & Dunlop’s Capital Markets team, led by Luke Erlandson, Jeff Robbins and Matt Ewig structured a 10-year loan followed by a 30-year amortization schedule.
Portage Park Retail Center, situated on seven acres, includes 60,500 square feet of rent space, and provides an adjacent 180-space parking lot, an extremely rare feature for urban commercial properties. The retail center recently reopened to the public and is occupied by three tenants: Binny’s Beverage Depot, Retro Fitness, and Immigration Lawyers, P.C. A portion of the vacant space is a historic theatre, that was formerly home to the Northwest Chicago Film Society and will be preserved as a performing arts facility.