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Chicago Cubs owner refinances lifestyle mixed-use development in Wrigleyville
Real Estate - SEPTEMBER 17, 2019

Chicago Cubs owner refinances lifestyle mixed-use development in Wrigleyville

by Released

JLL has arranged a $140 million refinancing for Gallagher Way, a recently completed lifestyle mixed-use development in Chicago.

The development comprises more than 93,000 square feet of office space, 85,100 square feet of retail space, the 173-room Hotel Zachary and an open-air entertainment plaza adjacent to Wrigley Field, which is prominently located in Chicago’s Wrigleyville neighborhood.

JLL worked on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family, owner of the Chicago Cubs, representing the eighth ownership group in the team, to place the 30-year, fixed-rate loan with Barings, one of the world’s largest real estate investment managers, on behalf of one of its managed accounts. Loan proceeds will replace the current construction financing arranged by the same capital markets team in 2016.

Gallagher Way includes two towers: the six-story Tower 1 houses 47,086 square feet of retail space and 93,667 square of office space anchored by the Chicago Cubs front office and the American Airlines Conference Center. It is located at the intersection of West Waveland Avenue and North Clark Street.

Tower 2 is anchored by the class A Hotel Zachary and contains 38,014 square feet of retail and entertainment space. The seven-story Tower 2 is at the intersection of West Addison Avenue and North Clark Street. The 30,000-square-foot Gallagher Way Plaza offers year-round programming for neighbors, families, Cubs’ fans and visitors. The plaza includes 8,000 square feet of green space and capacity for 1,000 seats or 3,000 standing guests for outdoor concerts, movies, and ice-skating rink and other events.

Hickory Street Capital is a Chicago-based real estate development company owned by the Ricketts family — owners of the Chicago Cubs. In 2018, Hickory Street Capital completed its Wrigleyville development project, Gallagher Way, a $250 million, lifestyle mixed-use development adjacent to Wrigley Field.

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