Farpoint Development And Saxony Properties Secure $75 Million Loan For Retail Property In Chicago

The retail property at 830 North Michigan Avenue, located in Chicago, features a total square footage of 117,400. The asset was acquired for $40 million in 2023 and has recently secured a loan for recapitalization purposes.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $75,000,000
• Lender: Mike Fishbein - Mavik Capital
• Landlord: Scott Goodman & Regina Stilp - Farpoint Development; Saxony Properties
• Loan Type: Recapitalization
• Funding Purpose: Tenant improvements and leasing commissions
• New Tenants: J.P. Morgan Chase and Hotel Chocolat

Mike Fishbein from Mavik Capital facilitated the $75 million senior mortgage as part of the deal, while landlords Scott Goodman and Regina Stilp, representing both Farpoint Development and Saxony Properties, are overseeing the property’s enhancements and tenant integration.