Mission Capital Advisors has arranged a $13 million floating-rate financing for a retail property is part of the Magnificent Mile, Chicago’s most vibrant shopping district. The owner, an affiliate of the Sterling Organization, will use the loan to recapitalize the vacant asset. Jonathan More, Alex Draganiuk, Lexington Henn and Justin Hunt of Mission Capital secured the floating-rate financing from Thorofare Capital.
The property is located at 110 E. Pearson St. and used to host the Bar Toma, which closed in 2017. It consists of 7,303 square feet of retail space on the ground floor and 1,789 square feet on the mezzanine level. According to Crain’s Chicago, the Sterling Organization fund bought the asset in the spring of 2018 for $15.1 million.
According to Mission Capital, vacancies in the Magnificent Mile have decreased during the last quarters, while rents have grown by approximately 7 percent, which highlights the property’s potential.
Image courtesy of Mission Capital Advisors