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Grocery-Anchored Retail Lands $16M Loan
JLL Capital Markets arranged $15.68 million in financing for Red Top Plaza, a 147,840-square-foot, grocery-anchored retail center in Libertyville, IL. The firm worked on behalf of Florida-based Sterling Organization to place the 10-year, fixed-rate, non-recourse loan with an insurance company.
Red Top Plaza is anchored by Jewel-Osco, a supermarket chain headquartered in the Chicago MSA. The property is also home to a diverse mix of service, essential, restaurant and medical tenants.
The JLL team representing the borrower was led by senior managing director Christopher Drew, senior director Brian Gaswirth, senior director Christopher Knight and director Michael DiCosimo.
“Due to the sound fundamentals of the real estate, grocer performance and a best-in-class borrower with Sterling Organization, we were able to build a strong market of lenders for Red Top Plaza,” Drew said. “The grocer and property have performed well throughout the market volatility, and the lender provided a seamless execution.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
