The CJUF and McCaffery team is in the process of transforming the property's 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 children's 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 CJUF's 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
The Canyon-Johnson Urban Fund is one of the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. Canyon Capital Realty Advisors and Earvin "Magic" Johnson's Magic Johnson Enterprises joined forces to raise a series of funds to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. Fundamental to Canyon-Johnson's investment thesis is its commitment to a "triple bottom line" philosophy of achieving superior financial results, fostering opportunities within urban communities, and embracing environmental responsibility. With nearly $2 billion in committed equity capital, the funds are positioned to facilitate more than $8 billion in development and revitalization in major U.S. metropolitan areas. Canyon Capital Realty Advisors is the real estate direct investing arm of Canyon Partners. Canyon and its affiliates are investment management firms and registered investment advisors headquartered in Los Angeles, California, with approximately $18.5 billion in assets under management. For more information, visit www.cjuf.com .
About McCaffery Interests
McCaffery Interests, Inc. is a privately-owned, full-service commercial real estate company that has been in the business of investing, developing, leasing and managing real estate for more than 20 years. The McCaffery Interests portfolio of planned, completed and managed projects exceeds 20 million square feet and includes office, mixed-use, hotel, and residential properties, as well as large, master-planned communities and land developments. With offices in Chicago, IL and Washington, DC, and controlled assets and completed developments valued in excess of $2 billion, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information, visit www.mccafferyinterests.com .
About Prime Finance
Prime Finance, an affiliate of the Prime Group, is a private commercial real estate finance company which directly originates mortgage, mezzanine and preferred equity financing. The company principals have decades of collective commercial real estate lending and investing experience and have closed over $20.0 billion of loans across over 850 transactions in the last 10 years. Prime has loan and investment origination teams located in New York, Chicago and San Francisco. For more information, visit http://www.prime-finance.com .
Source: MarketWatch.com
