Tuesday, November 18, 2025
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AcquisitionsIllinoisMidwestMultifamily

Marquette Cos. Acquires 368-Unit Multifamily Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marquette Cos. has acquired Aurora at Summerfield, a 368-unit multifamily property in the western Chicago suburb of Aurora. Marquette Management will serve as property manager for the community, which is currently 97 percent occupied. Located at 1847 Clubhouse Drive, just off Ogden Avenue, Aurora at Summerfield comprises 26 two- and three-story buildings with a mix of one-, two- and three-bedroom units. Two-story lofted townhomes comprise 24 percent of the units. Amenities include a clubhouse with a business center, fitness center and resident lounge. Outdoor spaces include a pool, grilling stations and a playground.

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DevelopmentIndianaMidwestMultifamily

Thompson Thrift to Develop 350-Unit Luxury Apartment Community Near Indianapolis

by Kristin Harlow

WESTFIELD, IND. — Thompson Thrift has unveiled plans to develop Revere, a 350-unit luxury apartment community in the Indianapolis suburb of Westfield. The company expects to welcome the first residents in February 2027. Units will come in one-, two- and three-bedroom configurations averaging 1,000 square feet. The residences will be spread across six buildings, including four three-story, garden-style buildings and two four-story, elevator-serviced buildings. Amenities will include a fitness center, social hub, heated pool, firepits, grilling areas, a dog park, pet spa, business center and conference room. Adjacent to the project site is IMMI, an advanced safety systems company that employs nearly 700 people at its Westfield office. Planned future retail will also be situated next to the apartment community.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 225,307 SF Shopping Center in Metro Grand Rapids

by Kristin Harlow

WALKER, MICH. — Mid-America Real Estate Corp. has brokered the sale of Green Ridge Square, a 225,307-square-foot shopping center in Walker, a northwest suburb of Grand Rapids. Shadow anchored by Target, the property is home to Best Buy, Burlington, Michaels, Urban Air, Five Below, Panera and Shoe Dept. Ben Wineman and Daniel Stern of Mid-America represented the seller, Birmingham, Mich.-based Bacall Cos. Seattle-based Bridge33 Capital was the buyer.

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IllinoisLeasing ActivityMidwestRetail

Five New Retailers Sign Leases at North Riverside Park Mall in Suburban Chicago

by Kristin Harlow

NORTH RIVERSIDE, ILL. — Five new retailers have signed leases to open at North Riverside Park Mall in the Chicago suburb of North Riverside. The Feil Organization owns the 1.2 million-square-foot shopping center. The leases, which include Canada Weather Gear, Lovisa Jewelry & Accessories, Boneyard Chicago, FLX Move Pilates and Hello Sweetie, bring the property to 96 percent occupancy. Most of the tenants are now open. Feil acquired the mall in 2004 and completed an $8 million capital improvement plan in November 2024.

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IllinoisIndustrialLeasing ActivityMidwest

Entre Commercial Realty Negotiates 30,000 SF Industrial Lease in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — Entre Commercial Realty has negotiated a 30,000-square-foot industrial lease at 1700 Butterfield Road in Mundelein. Elite Baseball Training has leased the facility to expand its operations and will utilize the space for sports training and development. The tenant secured a variance from the Village of Mundelein to allow for athletic use and additional parking. The property features 2,300 square feet of office space, a clear height of 20 feet, two interior docks and one drive-in door. Brian Bocci of Entre Commercial represented the tenant, while Steve Sullivan of NAI Hiffman represented the landlord, Red Tail Commercial.  

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Patrick McGlohn Berkadia Capital Returns quote from article
Build-to-RentContent PartnerFeaturesIndustrialLoansMidwestMultifamilyNortheastRetailSelf-StorageSoutheastTexasWestern

Capital Returns as 2025 Signals a Market Reset

by Sarah Daniels

By Patrick McGlohn, senior managing director, Berkadia After two years of caution and recalibration, capital is flowing back into commercial real estate. The bid-ask gap between buyers and sellers is narrowing, underwriting assumptions are stabilizing and both equity and debt investors are once again finding common ground. At Berkadia, we’re seeing equity move from the sidelines to the playing field, selectively, but decisively. Equity’s Comeback: Selective, but Strong Private equity and institutional investors are increasingly re-entering the market, with activity strongest in the “Smile States,” stretching from Northern Virginia to the western states and extending into major cities like Chicago. Much of the capital is chasing value-add and opportunistic plays rather than core, stabilized assets. Over the past couple of years, many equity investors would only touch preferred equity because of valuation uncertainty, but now we’re seeing common equity return in a meaningful way. The change reflects both greater pricing clarity and a collective sense that the bottom of the market cycle has passed. Navigating the Wall of Maturities The looming wall of debt maturities remains a defining storyline for 2025 and beyond. Nearly $950 billion in commercial mortgages matured in 2025 — roughly 20 percent of all outstanding commercial …

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DevelopmentIowaLoansMidwestMultifamily

HSF Originates $108M Construction Loan for Des Moines Apartment Tower

by Kristin Harlow

DES MOINES, IOWA — Dallas-based HALL Structured Finance (HSF) has provided a $108 million first lien construction loan for 515 Walnut Tower in downtown Des Moines. St. Joseph Group is the borrower and developer. Richard Price and Jackie Meagher of Berkadia arranged the loan.  The project will rise 33 stories with 390 apartment units. A central amenity “lodge” will offer fitness, coworking, lounge and entertainment areas, including a rooftop terrace with hot tubs and cooking space. The second floor will feature a 4,000-square-foot fitness center as well as sky walk connections to an adjacent parking garage.

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DevelopmentIllinoisMidwestMultifamily

Hines Breaks Ground on 306-Unit Apartment Complex in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Hines has broken ground on 1200 Diehl Road in the Chicago suburb of Naperville. The five-story apartment complex will include 306 units and 15,000 square feet of retail space. The development was partially funded through Hines U.S. Direct Investments. Units will range from studios to three-bedroom layouts. Amenities will include a pool deck, coworking lounge, clubroom, golf simulator, fitness center and walking path. Freedom Commons, a 160,000-square-foot shopping center, sits adjacent to the property. The submarket has received no new institutional multifamily supply since 2022, according to David Bach, senior managing director at Hines. PNC provided a $66 million construction loan for the development, according to Crain’s Chicago Business.

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DevelopmentIllinoisLoansMidwestRetail

Associated Bank Provides $11.7M Construction Loan for Retail Center in Metro Chicago

by Kristin Harlow

BANNOCKBURN, ILL. — Associated Bank has provided an $11.7 million loan to GTZ Properties for the development of a four-building, multi-tenant retail center on a vacant parcel at 1300 Half Day Road in Bannockburn. The 23,864-square-foot project is situated on a 5.3-acre corner lot adjacent to a Mariano’s grocery store and across the street from a Heinen’s grocery store. The development is 93 percent preleased with one space remaining. Signed leases include Wells Fargo Bank, Chipotle, Heart Certified Auto Care, Just Salad and a nail salon. The Gardner School is purchasing a parcel to develop the fifth building on the property as an early childhood education center. Completion of the retail center is slated for summer 2026. Daniel Barrins of Associated Bank handled the loan arrangements and closing.

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CivicDevelopmentKansasMidwest

Kansas Children’s Discovery Center Opens $11.6M Addition in Topeka

by Kristin Harlow

TOPEKA, KAN. — The Kansas Children’s Discovery Center, Topeka’s nonprofit children’s museum, has opened an $11.6 million expansion project that more than doubled the size of the facility from 15,000 to over 30,000 square feet. The expansion includes three large gallery spaces, three learning lab classrooms, a makerspace, café, exhibit construction workshop and other spaces. The Sunflower Gallery is anchored by an indoor climbing structure, the tallest climbable sunflower in the world at two stories tall, according to a release. Surrounding the climber, visitors will find educational exhibits celebrating Kansas symbols. The gallery also features murals by local artist Sarah O’Keefe, Queren King Orozco and children from Shawnee Heights Elementary School.  The Hall of Bright Ideas celebrates creative Kansans, including historical inventors and Kansas children. The gallery includes an art installation, hand-cranked generator, illumination station and children’s stage. A 3,000-square-foot traveling exhibit gallery enables the museum to host any traveling exhibit from around the country. The first traveling exhibit is inspired by the art of children’s book author and illustrator Eric Carle. Three new learning lab classrooms create space for STEAM-based childcare for school-age children. STEAM refers to science, technology, engineering, arts and math. These indoor-outdoor learning spaces connect a …

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