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JLL Arranges Refi on Ricketts’ Gallagher Way MXU
The Ricketts family’s real estate arm refinanced the recently-completed Gallagher Way mixed-use development for $140 million, via a loan arranged by JLL Capital Markets. The two-tower project is adjacent to Wrigley Field, home of the Chicago Cubs, both of which the family has owned since 2009.
JLL’s Danny Kaufman, Christopher Knight, Jeff Bucaro and Nicole Aguiar worked on behalf of the Ricketts’ Hickory Street Capital to place the 30-year, fixed-rate loan with Barings, on behalf of one of its managed accounts. Loan proceeds will replace the current construction financing arranged by the same capital markets team in 2016.
Located in the North Side’s Wrigleyville neighborhood, Gallagher Way comprises 93,667 square feet of office space, anchored by the Cubs’ front office, and 85,100 square feet of retail space. The complex also includes the 173-key Hotel Zachary and a 30,000-square-foot, open-air entertainment plaza.
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