Chicago & Midwest + Greater Chicagoland + Finance | December 13, 2022

Bellwether Enterprise Real Estate Capital arranged a life company loan for the acquisition of five shopping centers in the Chicago suburbs

Bellwether Enterprise Arranges Acquisition Loan for Chicagoland Shopping Center Portfolio

Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, closed on a $74,487,616 life company loan to finance the acquisition and improvement of a diverse portfolio of open-air shopping centers in the Chicago metropolitan area. The five properties in the portfolio are Cicero Marketplace, Northwest Shopping Center, Golf Plaza II, Fox River Commons and English Valley.

Daniel Rosenberg, EVP in BWE’s Chicago office, originated the loan on behalf of the borrower, Continental Realty Corporation.

The properties were approximately 82% leased at the time of acquisition and are home to nearly 70 tenants, including many at below-market-rate rent. To help mitigate rollover risk, no single tenant occupies more than 15% of the portfolio’s gross leasable space.

The lender provided a fixed rate, interest-only loan to help protect against future rate increases. The three-year loan also comes with two one-year extension options.

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Bellwether Enterprise Real Estate Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).