Kingsbury Center at 350 W. Hubbard Street in Chicago’s River North district has been refinanced by Kingsbury Orleans LP, a partnership led by an affiliate of Next Realty LLC. The Next Realty affiliate has held an investment stake in the property since its original development in 1988.
The Habitat Company, a key tenant in the building, has also provided property management services since 1992 through an affiliated ownership interest. The financing was arranged by Daniel Rosenberg of BWE, while the leasing of available office space is being handled by Steve Levitas of Newmark.
The long-term refinancing, which extends through 2050, will provide working capital and enable the partnership to market and build out currently available vacancies. At the time of the refinancing, the property was 95% leased.
Kingsbury Center is a 135,315-square-foot mixed-use development. It includes a six-story structure featuring 92,433 square feet of office space and 42,882 square feet of ground-floor retail space.
