June 30th, 2017

Client: The Ricketts Family / Chicago Cubs

Source: Chicago Tribune

“The debt replaces several smaller loans for rooftop buildings on Sheffield and Waveland avenues that the team’s owners acquired in a series of deals from January 2015 through February 2017 and creates one larger long-term loan, said Dennis Culloton, Ricketts family spokesman.

Wintrust’s loan refinances the rooftop buildings, but is not expected to be used in the family’s extensive real estate developments in the area, he said.

The Wrigley Field development, which includes upgrades to the ballpark and the addition of a new plaza, office and retail space, and a hotel, is expected to cost $850 million. The redevelopment won’t be completed until at least 2019, Culloton said.

Rooftop building acquisitions are not included in the $850 million redevelopment cost, Culloton said. There are no imminent deals to acquire any of the other rooftops, “but they’re always interested,” Culloton said of the Ricketts family.”

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