Bellwether Arranges $74.5M Loan for Chicagoland Shopping Center Portfolio

by Jeff Shaw

CHICAGO — Bellwether Enterprise Real Estate Capital LLC (BWE) has secured a $74.5 million life company loan on behalf of Continental Realty Corp. (CRC) for the acquisition of a Chicagoland shopping center portfolio. CRC acquired the portfolio from DiMucci Cos.

Comprising five properties and 900,000 square feet, the portfolio was 82 percent leased at the time of sale.  The sale included Cicero Marketplace in Cicero, Ill.; Northwest Shopping Center and English Valley in Palatine, Ill.; Golf Plaza II in Mount Prospect, Ill.; and Fox River Commons in Naperville, Ill. Together, the shopping centers feature almost 70 tenants, with a focus on grocery and necessity retailers, such as Sam’s Club, Home Depot, Jewel Osco, Walgreens and Kroger.

Daniel Rosenberg of BWE’s Chicago office arranged the three-year fixed-rate, interest-only loan. CRC will use the financing to fund the portfolio acquisition as well as capital improvements, renovations and leasing costs to increase occupancy.

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