Centennnial-Led JV Lands $100M Refi For Fox Valley Mall
One year after buying Fox Valley Mall from Westfield as part of a $1.1B portfolio sale, the JV of Centennial Real Estate, Montgomery Street Partners and USAA Real Estate is refinancing the Aurora supermall with a $100M loan.
A lender group of JPMorgan Chase Bank, Aareal Capital and CIT Bank issued the loan, which carries a five-year term with one 24-month extension option. The JV plans to pay off the existing CMBS loan, which it assumed when it bought the 1.4M SF asset in December 2015.
Centennial acquired Fox Valley Mall and Hawthorn Mall in Vernon Hills from Westfield as part of the sale. HFF helped the JV secure the loan, led by Claudia Steeb, Jim Curtin, Brandi Welsch, Timothy Joyce and Christopher Knight.