Uber Capital Group sourced a $12.5-million acquisition loan for the Ford City Mall on Chicago’s Southwest Side. The client was a private national commercial real estate investment group based in New York, which Crain’s Chicago Business identified as Namdar Realty Group.
“We obtained the loan for the Ford City Mall acquisition at a three-year fixed rate of 4.5%, with a 75% LTV, and 20-year full amortization,” said Uber Capital president Joel J. Gorjian.
Built in 1965 and the largest enclosed mall in Chicago outside of downtown, the 1,258,480-square-foot Ford City is anchored by JCPenney. It also houses more than 135 retail stores and restaurants and features several outparcels, including a 14-screen AMC Theatres.
Crain’s reported last May that Namdar acquired the property from iStar Financial, which had seized it from Sam Zell in 2012. Twenty-five years earlier, Zell paid $75 million to acquire Ford City, according to Crain’s.
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).