$8.5 Million Refinance For World Market Retail Asset At 1623 North Sheffield Avenue In Chicago

1623 North Sheffield Avenue is a single-tenant retail asset located in Chicago's Lincoln Park neighborhood, comprising 21,875 square feet. The property is currently occupied by World Market and has a refinance loan amount of $8,500,000. The property has been owned by a prominent North Side Chicago family office since 2002.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $8,500,000
• Loan Type: Refinance
• Loan Terms: 11-Year Term Coterminous with Lease | Partial IO | Limited Entity Recourse
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Tenant: World Market
• Initial Proceeds: $7,500,000
• Earnout: $1,000,000 tied to lease extension
• Interest-Only Period: One year
• Limited Guarantee: 25% from an affiliated securities fund
• Lease Extension: Contractual rent reset beginning in 2027

Essex Capital Markets arranged the financing for this transaction and successfully closed with the sponsor's existing lender, enhancing the loan structure and addressing the specific diligence requirements prior to closing. The refinancing arrangement is strategically aligned with the tenant's lease term, offering advantages for the single-tenant retail asset.