Bethesda, Maryland – October 27, 2017
Walker & Dunlop, Inc. (NYSE: WD) announced today that it closed a $9,750,000 refinance loan for Portage Park, a mixed-use property located in the revitalized Six Corners shopping district in Chicago, Illinois. Previously an unoccupied, old bank building, the asset has been redeveloped to include retail and office space.
Walker & Dunlop’s Capital Markets team, led by Luke Erlandson, Jeff Robbins, and Matt Ewig, structured a 10-year loan, followed by a 30-year amortization schedule. The refinance facilitated the payoff of an existing construction loan. Mr. Erlandson stated, “Walker & Dunlop was able to provide the client with a full leverage, non-recourse, fixed rate loan on a mixed-use redevelopment property with no historical operating history. The refinance provided a favorable interest rate and allowed the borrower to recapture equity invested in the redevelopment.”
Principal and Founder of the borrower, Cui Properties, Charles Cui, commented, “This financing provided long term rate protection for the property and allows me to focus on future development plans. I was very happy with the execution provided by Walker & Dunlop and look forward to working on the next deal.”
Portage Park Retail Center, situated on seven acres, includes 60,500 square feet of rentable space, and provides an adjacent 180-space parking lot, an extremely rare feature for urban commercial properties. The retail center recently reopened to the public and is occupied by three tenants: Binny’s Beverage Depot, Retro Fitness, and Immigration Lawyers, P.C. A portion of the vacant space is a historic theatre, that was formerly home to the Northwest Chicago Film Society and will be preserved as a performing arts facility. The redevelopment of the property has facilitated the restructuring of half a city block and will bring approximately 100 new full-time jobs to the neighborhood.
In 2016, Walker & Dunlop closed 68 retail loans totaling more than $450 million. To learn more about financing retail properties, please view our recently closed properties.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.