Target-anchored retail center in Chicago secures $40M in financing

CHICAGO Jan. 26, 2023 – JLL Capital Markets announced today that it has arranged the $40 million refinancing for Edens Collection, a 142,740-square-foot, Target-anchored retail center located in Chicago, Illinois.

JLL worked on behalf of the borrower, The Jaffe Companies, to secure the five-year, floating-rate loan through Pacific Life Insurance Company.

Built in 2020, the 94-percent-leased Edens Collection features a roster of credit tenants, including Target, Ross and Starbucks. Additional tenants at the property include LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners.

Located at 4601-4715 W Foster Ave., Edens Collection is set directly off the Foster Avenue exit on the I-94 expressway. The property’s immediate access to arterial roadways, such as I-94 (147,900 VPD), Cicero Avenue (21,400 VPD), Elston Avenue (18,000 VPD) and Foster Avenue (27,600 VPD) provides exceptional visibility for tenants. The center is also just eight miles from downtown Chicago.

The JLL Capital Markets team that represented the ownership team was led by Senior Managing Director Keith Largay and Managing Director Christopher Knight.

“Despite a cautious capital markets environment, lenders recognized the value created by the development team at Edens Collection, which stands out as one of the essential, premier, urban infill, retail centers on the north side of Chicago,” said Largay. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.

Pacific Life has a demonstrated track record in providing debt and equity capital for the acquisition and development of select real estate properties. For more information on Pacific Life Real Estate Investments please visit: https://paclife.co/realestateinvestment.

For more than 4 decades, principals of The Jaffe Companies have been developing successful shopping centers and mixed-use projects across the Midwest and the nation. Maintaining an unwavering dedication to creative and sensitive design while creating dynamic, synergistic tenant mixes, the firm has been widely recognized for its integrity and excellence and ability to deliver in spite of complex site challenges.

From notable lifestyle centers to high traffic community centers, The Jaffe Companies and its partners have remained nimble and forward looking as the industry continues to evolve and adapt.