The owners of Evanston’s Church Street Plaza have refinanced the retail center with a new loan slightly larger than the one it replaces.

Church Street Plaza (file photo).

Chicago Real Estate Daily reports that the bigger loan is an unusual transaction at a time of generally falling property values and tighter lending standards.

The complex, anchored by the Century Theatres on Maple Avenue, obtained a $40.3 million loan from California based Buchanan Street Partners, to replace a $39 million mortgage issued five years ago.

Bruce Reid, president of Arthur Hill & Co., which developed the center, says that as part of the refinancing the property was appraised higher than it had been in 2005.

Original story

Bill Smith is the editor and publisher of Evanston Now.

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