Owners of Highland Park Village, already undergoing major renovations to make room for more retail and a private club, have secured more funds to invest in the premier shopping center.
The owners of the center, a family partnership that includes Ray and Heather Hill Washburne and Stephen and Elisa Summers, recently refinanced the center for $225 million — $54 million more than the 2009 purchase price.
Funds from the new loan with TH Real Estate, an affiliate of Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America, will be used “to invest in our property for decades to come,” said Washburne in a statement.
“It means that we will continue to have the resources we need to invest in Highland Park Village to maintain its appeal as one of the most important shopping destinations in the country,” said Joe O’Brien, CEO of A.G. Hill Partners, which manages the trusts that own Highland Park Village.
That investment can be seen in ongoing efforts to maintain the appearance of the center and accommodate the remodeling needs of new tenants.
“Having the resources to attract the most recognized global luxury brands requires investing not only in the infrastructure of the property but [also] in the buildout of the individual stores,” O’Brien said.
Village officials expect by next summer to finish a major renovation of Building G, a location along Preston Road that houses Chanel, Starbucks, and Anthropologie. Work began in late May to update the façade to match the architectural character of other Village buildings, convert second-floor offices into retail space, and expand the third floor to accommodate a private club with large balconies.