MetroGroup Arranges $3.7M Refinancing of Three Retail Properties Occupied by Walgreens in Illinois

by Kristin Harlow

ROCKFORD AND PARK FOREST, ILL. — MetroGroup Realty Finance has arranged three loans totaling $3.7 million used to refinance a three-property retail portfolio in northern Illinois. The assets, totaling 38,639 square feet, are all leased to Walgreens for 50-year terms. Built in the 1990s, the standalone properties are located at 3803 Auburn St. and 1602 Kishwaukee St. in Rockford, and 15 S. Orchard Drive in Park Forest. The three loans replace two maturing CMBS loans and return a portion of the equity to ownership, according to Patrick Ward, MetroGroup president. A St. Louis-based bank provided the financing. Scott Ketchum, a Newport Beach, Calif.-based private investor, was the borrower.

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