New Owner Refinances Deerfield Village

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DEERFIELD, IL-Rreef’s Chicago office has obtained a $21.9 million loan from Prudential Mortgage Capital Co. to cover the $35 million acquisition cost of Deerfield Village Centre, a six-year-old, 124,423-sf mixed-use development 28 miles north of Downtown Chicago. Rreef bought the asset for an undisclosed client April 13 from the joint venture developers, Chicago-based Mesirow Stein Real Estate Inc. and Northern Realty Group Ltd.

Brian E. McAuliffe, a managing director in Rreef’s Chicago office, tells GlobeSt.com he wasn’t sure what the loan proceeds would specifically be used for. Mike Kavanau, a senior managing director in the Chicago office of Holliday Fenoglio Fowler LP, brokered the 10-year, fixed-rate loan. “The (Deerfield Village Centre) development benefits from its infill location, bounded by a three-mile radius in which the average household income is $150,000. The combination of irreplaceable real estate, outstanding sponsorship and attractive leverage made this a strongly bid financing.”