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.


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