Midwest

Scion to Acquire Operating Business of Student Quarters

by Kristin Harlow June 10, 2026

CHICAGO AND ATLANTA — The Scion Group, a Chicago-based owner-operator of student housing communities, has entered into a definitive agreement to acquire the operating business of Student Quarters (SQ), an Atlanta-based operator with interests in approximately $1.5 billion of student housing assets. SQ’s senior leadership will retain asset ownership positions. The SQ portfolio comprises approximately 13,000 beds across 21 markets, with 77 percent market overlap with Scion’s existing footprint. In addition to acquiring the SQ operating business, Scion will also invest both in underlying real estate and related fund structures. The transaction is being funded entirely with Scion’s balance sheet and is expected to close in the third quarter, subject to customary closing conditions. Prior to this transaction, Scion’s portfolio consisted of more than 105,000 beds across 161 communities in 89 U.S. markets.

June 10, 2026

Illinois Loans Midwest Multifamily

BWE Arranges $133M Loan to Recapitalize Luxury Apartment Community in Skokie, Illinois

by Kristin Harlow June 10, 2026

SKOKIE, ILL. — BWE has arranged a $133 million first mortgage loan to recapitalize The Henry at Harms Woods, a 294-unit apartment community with 8,000 square feet of ground-floor retail space in Skokie. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the financing on behalf of the sponsor, a joint venture between Tucker Development and Wingspan Development Group. Sourced from an institutional bank lender, the loan enables ownership to lower their cost of capital from the construction financing while maintaining the flexibility needed to complete lease-up and stabilize the asset. Completed in late 2025, The Henry at Harms Woods features 245 apartment units and 49 for-rent townhomes with attached two-car garages. Amenities include a pool, courtyard, fitness center, work-from-home spaces and direct access to hundreds of acres of surrounding natural open space.

June 10, 2026

Acquisitions Illinois Industrial Loans Midwest

Marcus & Millichap Brokers $15M Sale of Industrial Property Near St. Louis

by Kristin Harlow June 10, 2026

ALTON, ILL. — Marcus & Millichap has brokered the $15 million sale of Alton Center Business Park, a 450,000-square-foot industrial property located in the St. Louis suburb of Alton. Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged $12.4 million in acquisition financing on behalf of the buyer, Rockford Asset Management. Alton Center Business Park sits on 133.8 acres and features 22 dock-high doors, five grade-level doors, clear heights between 23 and 25 feet and outdoor storage capacity. Imperial Manufacturing Group anchors the property, which was 70 percent leased at the time of sale. Tyler Sharp and Adam Abushagur of Marcus & Millichap represented the seller, a private family partnership, in the transaction and procured the buyer. Frank Montalto and Ethan Splan of IPA arranged the three-year loan, which carries multiple extension options and a 75 percent loan-to-cost ratio, through a direct bridge lender.

June 10, 2026

Development Illinois Midwest Multifamily Seniors Housing

North Arrow, Turnstone Development to Build 36-Unit Seniors Housing Project in Du Quoin, Illinois

by Kristin Harlow June 10, 2026

DU QUOIN, ILL. — North Arrow Partners, in partnership with Turnstone Development, has closed on the financing and commenced construction on The Blackstone, a 36-unit seniors housing development in Du Quoin, a city in southern Illinois. Located at 1223 S. Washington St., the two-story independent living property will be reserved for seniors age 55 and up. Amenities will include a garden and fitness center. The Illinois Housing Development Authority, Hudson Capital and Associated Bank are providing financing and support.

June 10, 2026

Loans Midwest Minnesota Multifamily

Gantry Arranges $39.5M Permanent Loan for Apartment Complex in Woodbury, Minnesota

by Kristin Harlow June 9, 2026

WOODBURY, MINN. — Gantry has arranged a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury, an apartment complex located in the Twin Cities suburb of Woodbury. The property features 207 units spread across a podium-style, mid-rise apartment building, satellite townhomes and carriage houses with attached parking garages. Floor plans range from one- to three-bedroom units, and all units contain in-unit washer and dryers, walk-in closets, patios and stainless steel appliances. Amenities include a fitness center, pool and clubhouse facilities. Joe Monteleone and Bonnie Monteleone of Gantry arranged the 10-year, fixed-rate Freddie Mac loan, which features five years of interest-only payments that transitions to 35-year amortization.

June 9, 2026

Development Illinois Midwest Multifamily

Range Group Nears Completion of 72-Unit Luxury Apartment Building in Chicago

by Kristin Harlow June 9, 2026

CHICAGO — Range Group is nearing completion of 465 Carpenter, a 72-unit luxury apartment building on the border of Chicago’s Fulton Market and West Town neighborhoods. Floor plans will consist of studio, convertible, one- and two-bedroom units, and amenities at the five-story boutique property will include a rooftop deck, fitness studio, coworking lounge and pet wash. Cross Street, which is marketing and leasing the building, has begun hard-hat tours with prospective residents ahead of an expected July move-in.

June 9, 2026

Acquisitions Healthcare Midwest Ohio

Cooper Group Brokers Sale of Single-Tenant Medical Building in Wadsworth, Ohio

by Kristin Harlow June 9, 2026

WADSWORTH, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical building occupied by Cleveland Clinic Urgent Care in Wadsworth near Akron. The property recently received nearly $7 million in upgrades from the Cleveland Clinic to transform the asset into a modern urgent care facility with onsite imaging and lab services. Dan Cooper of Cooper Group represented the seller, a private New York-based investor. The property sold at a 5.6 percent cap rate to another private investor based out of New York in an all-cash transaction.

June 9, 2026

Illinois Leasing Activity Midwest Office

NAI Hiffman Negotiates 2,748 SF Office Lease in Rosemont, Illinois

by Kristin Harlow June 9, 2026

ROSEMONT, ILL. — NAI Hiffman has negotiated a 2,748-square-foot office lease for Horn-McGowan Insurance Agency at 5500 Pearl Street in Rosemont. The lease brings the four-story building to 100 percent occupancy. Owner Integris Ventures purchased 5500 Pearl Steet in 2018 and upgraded the amenities to include a fitness center, lounge, game room and boardroom. NAI Hiffman was engaged by ownership in 2019 to oversee the upgrades and leasing and marketing strategy. Jason Wurtz, Jack Reardon and Sarah Walker of NAI Hiffman represented Integris Ventures in the negotiations.

June 9, 2026

Affordable Housing Development Illinois Indiana Loans Michigan Midwest Minnesota Multifamily Wisconsin

Cinnaire Closes $307M LIHTC Equity Fund for 2,259 Affordable Housing Units Across 10 States

by Kristin Harlow June 8, 2026

LANSING, MICH. — Lansing-based Cinnaire has closed a $307 million Low-Income Housing Tax Credit (LIHTC) equity fund, Fund for Housing LP 45, which will finance the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. Fund 45 will support multifamily development in Delaware, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, Pennsylvania, Virginia and Wisconsin. Specific projects include 3rd Avenue Flats in Dilworth, Minn., and The Argus Apartments in Verona, Wis. A new-construction development, 3rd Avenue Flats will bring 44 affordable housing units, five of which will be reserved for people with disabilities and four of which will be designated for households experiencing high-priority homelessness. The developer, Commonwealth Holdings IV, will partner with Lakes & Prairies Community Action Partnership to provide access to the state’s community coordinated entry system CARES, which provides access to all homeless housing programs as well as emergency resources to prevent households from falling into homelessness. The Argus Apartments is also a new development that will provide 60 affordable housing units, including nine reserved for individuals with developmental, physical or mental disabilities. Social services provider Lutheran Social Services will provide onsite services to the nine Permanent Supportive Housing units. The project developers are …

June 8, 2026

Acquisitions Indiana Midwest Retail

Colliers Brokers Sale of 82,847 SF Avalon Crossing Shopping Center in Indianapolis

by Kristin Harlow June 8, 2026

INDIANAPOLIS — Colliers has brokered the sale of Avalon Crossing Shopping Center, an 82,847-square-foot neighborhood retail center in Indianapolis. Alex Davenport, Rachel Patten and Alex Cantu of Colliers, along with Seth Biggerstaff of Veritas Realty, represented the seller, Landmark Properties. The buyer was Ziff Real Estate Partners. Tenants at the property include Starbucks, Dollar Tree, Jimmy John’s, George’s Neighborhood Grill and Anytime Fitness. The three-building center was 92.6 percent leased to 18 tenants at the time of sale.

June 8, 2026

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