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Founders Gains $39M Recap Loan for Village Center

BURR RIDGE, IL-PCCP LLC has provided a $38.7-million senior loan to finance the note purchase and provide funds to complete Burr Ridge Village Center. Plus more Midwest news.

By Robert Carr | Updated on December 20, 2011

BURR RIDGE, IL-Founders Properties, a subsidiary of Opus Properties, has gained a $38.7-million senior loan to finance its note to purchase and fund the completion and leasing of Burr Ridge Village Center. The 20-acre mixed-use property launched in 2006, but was somewhat slowed by the economic downturn.

New York City-based PCCP LLC has provided the loan. Barrie Bloom, a VP with the company, said in a statement that the proceeds will recapitalize the original construction loan and provide capital for the completion costs associated with leasing of the retail portion and finishing construction of the residential condominiums. She said the asset is supported by strong retail tenants, such as Banana Republic, Victoria’s Secret, Bath and Body Works and Aeropostale, and a “healthy residential condominium sales market.”

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