CHICAGO – August 1, 2016 – Abington Emerson successfully refinanced Essington Retail Shopping Center (“Essington”), a 9,000 square foot, five tenant retail plaza, located in Joliet, Illinois. Essington was purchased earlier in the year in an all cash transaction. The shopping center is situated on a high-visibility intersection within a 5-minute drive from Louis Joliet Mall, one of the busiest malls in the Chicago area.
Lincolnway Community Bank, a local New Lenox based bank, was the lender in the transaction. “This is not Abington Emerson’s first transaction with Lincolnway,” said John Racich of AEI, “Lincolnway is becoming a preferred and trusted partner for us in the Midwest.”
Abington Emerson has a successful track record of turning around small to mid-size retail centers across the country and has already re-signed one of the existing tenants at a significantly higher rate. Essington fits perfectly into Abington Emerson’s value-add model for smaller, unproductive retail centers and is poised for a quick turnaround under AEI ownership.