Baker Development lands $70M refi on Kohl’s-anchored retail complex

The loan comes months after the developer marketed the Bucktown property for $100M

TRD CHICAGO /
Dec.December 11, 2019 10:10 AM
 Elston Avenue retail complex and Baker Development President Warren Baker (Credit: Google Maps)

Elston Avenue retail complex and Baker Development President Warren Baker (Credit: Google Maps)

Baker Development has refinanced its Kohl’s- and Best Buy-anchored Bucktown retail complex six months after listing it with a $100 million asking price.

Citi Real Estate Funding provided the $70 million loan on the 187,000-square-foot property near Sterling Bay’s Lincoln Yards megaproject, county records show.

HFF has been marketing the Bucktown complex, which is also being pitched as a possible redevelopment opportunity. Baker and HFF did not respond to requests for comment.

Called the Elston Retail Collection, the property is located just west of the planned Lincoln Yards mixed-use development, which spans 55 acres.

For the Elston Retail Collection, Kohl’s is signed to a lease that runs until 2030, while Best Buy’s lease expires in 2026. The property generated $6 million in net operating income last year, according to a Bloomberg loan report, cited by Crain’s.

Chicago-based Baker bought the 11-acre site in 2004 and developed the Elston Retail Collection two years later. The developer landed a $66.8 million mortgage in 2012 when the property was appraised at $89.1 million.
Earlier this year, Baker refinanced its 191-unit Elevate Lincoln Park apartment complex with a $78.6 million loan from Greystone and backed by Fannie Mae.


Related Articles

arrow_forward_ios
Sterling Bay CEO Andy Gloor and a rendering of facility (Sterling Bay/Gensler)

Sterling Bay plans 320K sf research lab at Lincoln Yards

Sterling Bay plans 320K sf research lab at Lincoln Yards
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

VC firm led by ex-McDonald’s chief buys River West office building

VC firm led by ex-McDonald’s chief buys River West office building
Founder, President and CEO of Oxford Capital Group John Rutledge with Hotel Felix and Hotel Julian (Credit: Oxford Capital Group, Hotel Felix and Google Maps)

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...