December 3, 2019
Wilshire Quinn Capital’s private lending fund, the Wilshire Quinn Income Fund, recently provided a $6.4-million acquisition loan on 87th Street Center, a multi-tenant retail property in the South Side’s Chatham neighborhood. The borrower wasn’t disclosed.
The center spans 132,427 square feet on 10.72 acres of land. The property was appraised in October for $11,595,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 55% on the transaction.
Built in 1974 and renovated in 2017, 87th Street Center is home to credit tenants including Chipotle, Wendy’s, GNC, Sprint and Burlington Coat Factory. Mid-America Real Estate was hired earlier this year to market the property as a redevelopment opportunity.
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