Real Estate
Home›Real Estate›Commercial›Rhino secures $72.3M financing for Chicago-area Randhu…
Rhino secures $72.3M financing for Chicago-area Randhurst Village
The acquisition debt includes a $45.6 million senior loan from AREP and a $26.7 million mezzanine loan from 3650 Capital.
Rhino Investments Group has secured $72.3 million in financing to acquire Randhurst Village, a 929,899-square-foot open-air shopping center outside Chicago, Commercial Observer reported.
Rhino bought the property from DLC Management Corp. for $95 million on Sept. 23, in a transaction first reported by The Real Deal.
Aquarian Real Estate Partners and 3650 Capital provided the acquisition debt, structured as a $45.6 million senior loan from AREP and a $26.7 million mezzanine loan from 3650 Capital, according to the release.
Rhino plans a value-add strategy using the debt capital that includes leasing vacant spaces and selling outparcel pieces, with Alpha Capital CRE’s Anthony Longo arranging the financing.