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Hutensky Capital Partners Secures $68M Loan From New York Life For Retail Properties Acquisition

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FINANCED
$68,000,000

Illinois

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Retail1,700,000 SF
Financed 12/06/2024
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Property Image
FINANCED

Hutensky Capital Partners Secures $68M Loan From New York Life For Retail Properties Acquisition

364 West Army Trail Road & 15854 South La Grange Road

See Similar Deals
Retail1,700,000 SF
Financed 12/06/2024
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Retail
Price Per Square Foot:$40
Total Square Footage:1,700,000 SF
Transaction Type:Loan

The transaction involved the acquisition of two retail properties: Bloomingdale Court and Lake View Plaza. Located at 364 West Army Trail Road and 15854 South La Grange Road respectively, the total asset size is 850,000 square feet. The market for these properties is Bloomingdale and Orland Park, with a loan amount of $68,000,000 obtained for the acquisition.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $68,000,000
  • Lender: New York Life Insurance Company
  • Landlord: Brad Hutensky - Hutensky Capital Partners
  • Market: Bloomingdale & Orland Park
  • Asset Size: 850,000 SF

The acquisition was brokered by CBRE, reflecting Brad Hutensky's strategy to focus on open-air retail centers in response to the evolving retail market dynamics away from traditional indoor malls.

Players

New York Life
New York Life
LENDER

Details

FINANCED
IMAGE: Brad Hutensky DATE: 12/06/2024 ADDRESS: 364 West Army Trail Road & 15854 South La Grange Road MARKET: Bloomingdale & Orland Park ASSET TYPE: Retail ~ SF: 850,000 LENDER: New York Life Insurance Company (@NewYorkLife) LANDLORD: Brad Hutensky - Hutensky Capital Partners LOAN AMOUNT: $68,000,000 LOAN TYPE: Acquisition NOTE: Hutensky Capital Partners acquired the 486,000-square-foot Bloomingdale Court and 364,000-square-foot Lake View Plaza in Orland Park, financing both properties with a $68 million loan from New York Life. The acquisitions, brokered by CBRE, reflect Hutensky's focus on open-air retail centers as the retail market continues to shift away from indoor malls.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$68,000,000.00

Monthly NOI$453,333.33
Monthly Debt Service$429,806.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00