Los Angeles-based PCCP provided a $36-million senior loan to a joint-venture between Chicago-based Magellan Development Company and South Korea’s Hanwha Engineering & Construction, for the refinance of Village Market. Village Market is a three-story, 102,224-square-foot grocery-anchored retail center in the Lakeshore East community of downtown Chicago.
PCCP’s Dorian Farhang said, “PCCP was attracted to the loan opportunity given the reputation of Magellan Development Group and the ability to lend on a high quality asset in a strong downtown Chicago location.”
The 87%-leased property opened its doors in October 2011, with a 56,000-square-foot Mariano’s Fresh Market serving as the anchor tenant. Other tenants at the property include a mix of restaurant concepts, a medical office and nail salon.
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