Chicago — The loan will fund the repositioning of the Roosevelt Collection’s retail component.
CJUF and McCaffery partnered in June 2011 and soon after announced plans to enhance the property.Chicago — A joint venture between McCaffery Interests and Canyon Johnson Urban Funds (CJUF) has secured financing for the Roosevelt Collection, a mixed-use development in Chicago. The property is located in Chicago’s West Loop. Completed in 2009, the building includes 400,000 square feet of retail space, 342 apartment units and a 1,500-space parking garage. The apartment units are 95.6 percent leased and Kerasotes Show Place ICON Theater is currently leasing the retail space.
Negotiations are under way with several other retail and restaurant operators to complete retail leasing for the project. Mike Kavanau and Steve Skok led the HFF team that arranged the senior loan through Prime Finance. The loan will fund the repositioning of the retail component of the Roosevelt Collection. The CJUF and McCaffery team is working to construct a new public plaza that will include water features and children’s play areas. The improvements are scheduled for completion by the end of the summer.
— Liz Burlingame