Great Neck-based Uber Capital Group has sourced a $12.5 million acquisition financing loan for the purchase of the Ford City Mall at 7601 South Cicero Street in Chicago.
The client was a private national commercial real estate investment group based in New York.
Uber Capital president and founder Joel J. Gorjian, said, the loan for the Ford City Mall acquisition was obtained at a three-year fixed rate of 4.5 percent, with a 75 percent LTV, and 20-year full amortization.
The largest enclosed mall in Chicago outside of downtown, the 1,258,480 s/f Ford City’s anchor tenant is JCPenney.
It also houses more than 135 retail stores and restaurants and features several out parcels, including a 14-screen AMC Theatres.
Uber assists property investors in planning, negotiating, and sourcing debt and equity financing.
Recent transactions include the $30 million financing of the Acadiana Mall’s acquisition in Lafayette, Louisiana; the $28.7 million acquisition financing of the Sierra Vista Mall in Clovis, California; and a $380,000 bridge loan for a mixed-use property in Nassau County on Long Island