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.

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Bill Smith is the editor and publisher of Evanston Now.

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