Monday, January 9, 2017

$100 million refinancing secured by HFF for Fox Valley Mall near Chicago, IL

Claudia Steeb
PITTSBURGH, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $100 million refinancing for Fox Valley Mall, a 1.4-million-square-foot super regional enclosed mall in the Chicago-area suburb of Aurora, Illinois.

HFF worked on behalf of a joint venture partnership between Centennial Real Estate Company (Centennial), Montgomery Street Partners (MSP), USAA Real Estate Company (USAA RealCo) and Westfield America to place the five-year loan with one 24-month extension option with a lender group led by J.P. Morgan Chase Bank, N.A. and participant lenders Aareal Capital Corporation and CIT Bank NA. 

In 2015, HFF assisted the partnership by arranging $308.4 million in acquisition financing for three shopping malls totaling 2.3 million square feet in Connecticut, Illinois and Washington in addition to facilitating transfers under the existing debt financing on two additional malls that the partnership was purchasing: Fox Valley Mall and MainPlace Mall in Santa Ana, California.

 The current financing proceeds were used to pay off the existing CMBS loan on Fox Valley Mall, which was assumed when the partnership purchased the property.

Fox Valley Mall is the only super regional mall in Aurora, one of the fastest-growing submarkets in the Chicago MSA. 

 Ninety-three percent leased, Fox Valley Mall is home to national tenants, including H&M, Abercrombie & Fitch, Books-A-Million, Charming Charlie, American Eagle Outfitters, XXI Forever, Victoria’s Secret, Gap and Rue 21. 

Additionally, the mall has four anchors, Carson Pirie Scott, Macy’s, Sears and JCPenney.  Fox Valley Mall is situated on 43.016 acres at 195 Fox Valley Center Drive equidistant between two of the largest suburban downtown areas in the Chicago MSA:  Aurora and Naperville.  

Jim Curtin

The property is located along Interstate 88 approximately 35 miles from downtown Chicago.

HFF’s debt placement team was led by managing director Claudia Steeb, director Jim Curtin and real estate analyst Brandi Welsch along with managing director Timothy Joyce and associate director Christopher Knight.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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