VERNON HILLS, ILL. — NorthMarq Capital has arranged $8 million in refinancing for Emerald Pointe Apartments in Vernon Hills, a northern suburb of Chicago. The 120-unit apartment property is located at 695 Westmoreland Drive. Brett Hood of NorthMarq arranged the fixed-rate Fannie Mae loan, which features a seven-year term.
SCHAUMBURG, ILL. — Assurance Agency Ltd. has signed a 75,000-square-foot office lease to relocate its headquarters to Woodfield Preserve Office Center in Schaumburg. Bill Elwood and Rob Graham of CBRE represented the landlord, Zeller Realty Group (ZRG), in the lease transaction. Jesse Van Dyke of JLL represented Assurance, which will relocate to the property in 2019. The independent insurance brokerage firm will occupy a portion of the first floor and the entire sixth floor. ZRG has significantly upgraded the property with new amenities such as two fitness centers, game rooms, conference centers, Wi-Fi lounges, full-service delis, community yoga classes and an outdoor courtyard.
CHICAGO — Evergreen Real Estate Group has broken ground on Oso Apartments, a 48-unit affordable housing community in Chicago’s Albany Park neighborhood. Located at 3435 W. Montrose Ave., the five-story building will house 32 one-bedroom units and 16 two-bedroom units. First move-ins are scheduled for late summer 2019. Of the 48 units, 32 will be set aside for renters on Chicago Housing Authority’s waiting list. The remaining 16 units will be reserved for households earning up to 60 percent of the area median income. Amenities will include a public plaza, community room, in-building laundry, bike storage and 22 parking spaces. Chicago-based Canopy Architecture + Design served as the project architect. Evergreen Construction Co., a division of Evergreen Real Estate Group, will construct the property.
OSWEGO, ILL. — Stan Johnson Co. has arranged the sale of a single-tenant retail building net leased to Jewel-Osco in Oswego for an undisclosed price. The 62,000-square-foot property is located at 3795 Orchard Road. Jewel-Osco has more than 19 years remaining on its initial lease term. Tom Georges and Jon Cohen of Stan Johnson Co. represented the buyer, Los Angeles-based ASAS LLC, in the transaction. Jeff Hughes, Zach Haris and Jonathan Ameen, also of Stan Johnson Co., represented the seller, CF Albert Propco LLC.
AURORA, ILL. — SunTrust Banks Inc. has provided a $5.6 million Fannie Mae loan for the refinancing of Fox Shore Apartments in Aurora, a suburb of Chicago. Built in 1970, the five-story building includes 94 units, all of which are designated affordable under Section 8 of the U.S. Housing Act. The property was 96 percent occupied at the time of the loan closing. Evan Hom of SunTrust originated the 10-year loan on behalf of the non-profit borrower.
AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.
HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLD) has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. A $134 million debt payment was due today. Eddie Lampert will step down as Sears chief executive, but will remain the company’s chairman. The Hoffman Estates-based company oversees both Sears and Kmart-branded department stores. The company has negotiated $300 million in senior financing from its lenders and is also in the process of negotiating a $300 million loan with ESL Investments Inc., which is Lampert’s hedge fund. “While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer,” says Lampert. “The Chapter 11 process will give [Sears] the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right-sizing its operating model and return to profitability.” Sears and Kmart stores will remain open for business, but the company plans to close 142 unprofitable stores by the end of the year. Liquidation sales at these stores are expected to begin shortly. This is in addition …
CHICAGO AND WILLOWBROOK, ILL. — Avanath Capital Management LLC has acquired two affordable housing properties in metro Chicago totaling 668 units for $72.2 million. Avanath’s institutional fund, Avanath Affordable Housing III, was used to acquire the assets. The properties include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court in Chicago. Avanath plans to upgrade amenity spaces at both properties. Sellers were not disclosed. At the Hinsdale property, 100 percent of the rents are restricted for those earning no more than 60 percent of the area median income. At the Drexel property, resident incomes are restricted per the Illinois Housing Development Authority.
CHICAGO — Jameson Commercial has brokered the sale of a 35,000-square-foot industrial building in Chicago’s West Loop for $5.4 million. The buyer, LG Development Group, plans to demolish the building and replace it with a 10-story, 166-unit apartment building. Jameson represented the seller, Fred Baker Trust. The property, located at 1214-1230 W. Jackson Blvd., was formerly home to FredEric’s Frame Studio.
CHICAGO — Three new retailers have joined the tenant lineup at Optima Signature, a 57-story luxury apartment tower in Chicago’s Streeterville neighborhood. GoodVets Streeterville, a full-service veterinarian, has opened its 2,000-square-foot office. RUNAWAY, a run conditioning fitness studio, will occupy 4,200 square feet starting in November. Guidepost Montessori, a California-based school serving toddlers and preschoolers, is scheduled to open an 11,500-square-foot school later this year. Located at 220 E. Illinois St., Optima Signature features 490 apartment units and 58,000 square feet of retail and commercial space. Developer Optima Inc. completed the LEED Silver-certified property in 2017. Monthly rents start at $2,265.
