Canyon-Johnson Urban Funds and McCaffery Interests Close Senior Loan with Prime Finance for the Roosevelt Collection …

CHICAGO--(BUSINESS WIRE)--

Canyon-Johnson Urban Funds (CJUF) and McCaffery Interests (McCaffery) closed on a senior loan from Prime Finance to fund the repositioning of the retail component of the Roosevelt Collection, a transit-oriented mixed-use project in Chicagos South Loop submarket.

The CJUF and McCaffery team is in the process of transforming the propertys 400,000 square-foot retail component into a vibrant shopping destination. Demolition of the interior shop space is already complete and construction has begun on a new public plaza that will include green landscaped areas, water features and childrens play areas. The improvements are scheduled for completion by the end of the summer, by which time CJUF and McCaffery are aiming to have the project 65% leased to an impressive roster of retailers.

CJUF and McCaffery partnered in June 2011 to acquire the Roosevelt Collection and soon after announced plans to enhance the property.

The Roosevelt Collection fits squarely with CJUFs investing goals to create value in dense urban communities, said CJUF Managing Partner Bobby Turner. We are following through on our promise to reposition the property to better serve this vibrant neighborhood.

The South Loop has emerged as a most desired retail location in Chicago, second only to North Michigan Avenue, commented Dan McCaffery, Chairman and CEO of McCaffery Interests. Along with its strong and fast-growing residential base, we will deliver a family oriented retail and dining destination for the community.

We are excited to work with Prime Finance as our lender on Roosevelt Collection. Our improvements to the property are well underway, and it is shaping up to be one of the premier retail and residential venues in all of Chicago, said CJUF Managing Director Rich Holly.

In addition to the retail component, the property is also comprised of 342 residential units that are more than 90% occupied, a 1,500-stall parking garage and land for a public park. The CJUF and McCaffery development team has also secured approvals to construct another residential tower on site.

We are thrilled to be involved in a project with such strong sponsorship, said Prime Finance Principal Jon Brayshaw. CJUF and McCaffery Interests are uniquely qualified to execute the vision for Roosevelt Collection, as each firm has a history of development in the Chicago region and a strong track record of revitalizing communities and projects, he added.

About Canyon-Johnson Urban Funds

See the article here:
Canyon-Johnson Urban Funds and McCaffery Interests Close Senior Loan with Prime Finance for the Roosevelt Collection ...