November 8, 2019
Uber Capital Group sourced a $12.5-million acquisition loan for the Ford City Mall on Chicago’s Southwest Side. The client was a private national commercial real estate investment group based in New York, which Crain’s Chicago Business identified as Namdar Realty Group.
“We obtained the loan for the Ford City Mall acquisition at a three-year fixed rate of 4.5%, with a 75% LTV, and 20-year full amortization,” said Uber Capital president Joel J. Gorjian.
Built in 1965 and the largest enclosed mall in Chicago outside of downtown, the 1,258,480-square-foot Ford City is anchored by JCPenney. It also houses more than 135 retail stores and restaurants and features several outparcels, including a 14-screen AMC Theatres.
Crain’s reported last May that Namdar acquired the property from iStar Financial, which had seized it from Sam Zell in 2012. Twenty-five years earlier, Zell paid $75 million to acquire Ford City, according to Crain’s.
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