Pacific Life Insurance Refis Chicago Target-Anchored Retail Center With $40M Loan

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The Jaffe Companies nabbed a $40 million debt package to refinance a Chicago retail asset anchored by a Target store, the deal’s broker JLL (JLL) announced Thursday. 

Pacific Life Insurance Company supplied the five-year, floating-rate loan on The Jaffe Companies’ Edens Collection, a 2020-built 142,740-square-foot shopping center property eight miles northwest of Downtown Chicago.  

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JLL’s Keith Largay and Christopher Knight brokered the deal.

“Despite a cautious capital markets environment, lenders recognized the value created by the development team at Edens Collection, which stands out as one of the essential, premier, urban infill retail centers on the north side of Chicago,” Largay said in a statement. 

Edens Collection is at 4601-4715 West Foster Avenue and is 94 percent leased. In addition to Target, tenants include Ross, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners.

Officials at The Jaffe Companies did not immediately return a request for comment. Pacific Life declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com