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Next Realty Refinances River North Office Building
Kingsbury Orleans LP, a partnership led by an affiliate of Next Realty LLC, has refinanced Kingsbury Center, 350 W. Hubbard Street, in Chicago’s River North market.
The Next Realty Affiliate has been an investment partner in 350 W. Hubbard St. since the building was developed in 1988. The Habitat Company, a major building tenant, has provided management services since 1992, in addition to having an ownership interest through an affiliate. Daniel Rosenberg of BWE arranged the financing, and the office space vacancy is being leased by Steve Levitas of Newmark.
Proceeds from the long-term refinancing, which extends through 2050, provide working capital and flexibility to market and build out currently available building vacancies. At the time of the refinancing, Kingsbury Center was 95% leased.
Kingsbury Center is a 135,315-square-foot mixed-use development comprised of a six-story building featuring 92,433 square feet of office space and 42,882 square feet of ground-floor retail space.
