Wintrust Bank, N.A. is pleased to announce the closing of $30,170,000 in debt financing to a Joint-Venture led by Kensington Development Partners and IM Properties for their acquisition of the 127,000-square-foot mixed-use development commonly known as The Clove located at the NWC of Lake Cook Road & Route 83 in Buffalo Grove, Illinois. Kensington will redevelop the 22-acre site into a grocery-anchored mixed-use development including retail and a public park operated and programmed by the City of Buffalo Grove.
Kensington Development Partners acquires, develops and redevelops retail and mixed-use projects throughout the United States. Their 70+ years of collective industry experience has afforded ongoing strategic and valued relationships with national retailers and local municipalities. Kensington is partnering with United Kingdom-based IM Properties who has developed more than 6.5 million square feet of commercial real estate spanning across industrial, retail, residential and other commercial sectors.
Reece Kamins and Nick Cannon, of Wintrust Bank’s Commercial Real Estate group handled the loan closing.
The Wintrust Bank Commercial Real Estate team offers a variety of commercial real estate lending solutions – including commercial mortgages and construction loans – with flexible financing and various length term loan terms.
