VICTORIA, MINN. — Northmarq has arranged a $28.6 million construction loan for Olivine Apartments in Victoria, a western suburb of Minneapolis. The 145-unit multifamily community at 2000 Steiger Lake Lane is slated to be built in 2025. Dan Trebil and Andy Finn of Northmarq arranged the financing on behalf of the borrower, Schafer Richardson and Marco McLane Development. Associated Bank provided the loan. The deal also features preferred equity, which Northmarq arranged through Minnesota-based Ackerberg Group.
Midwest
Greenstone Partners, Marcus & Millichap Broker $25.7M Sale of Canterbury Court Apartments in Chicago
CHICAGO — Greenstone Partners and Marcus & Millichap have brokered the $25.7 million sale of Canterbury Court Apartments in Chicago’s Gold Coast neighborhood. The 176-unit, 16-story apartment building is located at 1220 N. State Parkway and features 1,268 square feet of ground-floor retail space with the famed Zebra Lounge piano bar, which has occupied the building since its completion in 1929. Jordan Multack and Danny Spitz of Greenstone represented the seller, a local family office, along with Nicholas Kanich of Marcus & Millichap. Becovic Holdings Corp. was the buyer. The asset features 142 studio units, 26 one-bedroom floor plans, two two-bedroom residences and six additional units that were previously used by the former owner. Becovic plans to invest in necessary upgrades and improvements.
WARRENSBURG AND GRANDVIEW, MO. — Gantry has secured $17.2 million in permanent loans for two suburban Kansas City apartment complexes. The properties include the 73-unit Meadowbrook Estates in Warrensburg and the 56-unit Chelsea Apartments in Grandview. Both assets underwent comprehensive renovations in the past two years. Mark Reichter and Alec Frook of Gantry secured the loans on behalf of the borrower, an individual private real estate company. Both 10-year Fannie Mae loans feature fixed interest rates with five years of interest-only payments.
CHICAGO — Interra Realty has negotiated the $11.2 million sale of a 35-unit apartment and retail building in Chicago’s Lincoln Park neighborhood. The property at 2200 N. Clark St. features 28 apartments and seven retail spaces that were all fully leased at the time of sale. The 10,000 square feet of ground-floor retail space is home to tenants such as an art gallery and Michelin-starred restaurant Esmé. Constructed in 1891, the building has been well maintained following capital improvements in 2008-2009. Joe Smazal, Brad Feldman and Craig Martin of Interra represented the seller, a local real estate investment firm that deploys institutional capital. Interra also procured the buyer, Beal Properties, a Chicago-based private office owned by Bill Silverstein.
KANSAS CITY, MO. — Kansas City-based MMG Real Estate Advisors has expanded its footprint with the addition of Capstone Colorado, a multifamily and land brokerage team based in Denver. MMG says the addition marks a pivotal step in its expansion strategy, significantly strengthening its presence across key markets in the western United States. There are 18 new team members, including 11 multifamily advisors and seven operations specialists. The partnership will integrate Adam Riddle and Jason Koch, two principals with nearly 20 years of experience each, into MMG’s leadership team. The team will be based in Denver and will work in close partnership with MMG’s national teams. The Colorado office will now encompass three primary teams: Denver apartment team, land team and North Central team, which will specialize in the advisement and disposition of multifamily assets throughout the Dakotas, Montana, Iowa and Nebraska.
CLEVELAND — Discovery Builders, a joint venture between Turner Construction, Next Generation Construction, The AKA Team and Adrian Maldonado & Associates, has broken ground on a $300 million Interdisciplinary Science and Engineering Building (ISEB) at Case Western Reserve University in Cleveland. The five-story, 189,000-square-foot building will support innovation in areas such as industrial batteries, sustainable manufacturing, pathogen research and advanced prosthetics. National architecture firm HGA and local partner DVA Architecture designed the facility. Located on the former site of Yost Hall, the project marks the largest on-campus development for the university in decades. It will serve as the largest building on the Case Quad, home to the university’s science and engineering departments. The ISEB will play a critical role in growing the university’s annual research expenditures to $600 million, according to a release. The building will feature a variety of research spaces, including wet and dry labs, core labs and equipment platforms. The project is expected to receive LEED Gold certification. Completion is slated for 2026. Nearly 6,200 undergraduate and 6,100 graduate students from across 96 countries study in Case Western Reserve’s more than 250 degree programs across arts, dental medicine, engineering, law, management, medicine, nursing, science and social work.
VALLEY, NEB. — Prominence Global LLC has unveiled plans to develop Catalina, a 260-acre mixed-use project in Valley, about 25 miles west of Omaha. Colliers is the leasing agent. Situated near Highway 275 and Meigs Street, Catalina will feature a commercial district with retail and flex opportunities along with a residential component for single-family and multifamily units. Catalina will also feature the First Interstate SportsPlex. In partnership with the Elkhorn Athletic Association, this 96-acre portion of the development will be dedicated to soccer, baseball and softball fields. Grading at the site is currently underway, with infrastructure work projected to start in 2025. Some of the first homes and commercial tenants are expected to open in late 2026.
CHICAGO — Peak Properties has added Stewart School Lofts in Chicago’s Uptown neighborhood to its management portfolio. The project was a residential conversion of a historic elementary school. The property now features 64 luxury apartment units ranging from studios to three-bedroom layouts. The units incorporate historic details such as wood trim, hardwood floors, exposed brick walls, chalkboards, original basketball court striping and original doors. Originally constructed in 1907, the Graeme Stewart Elementary School was home to students for more than 100 years before its closing in 2013. Peak Properties is the property manager, and Cross Street is handling leasing.
CHICAGO — Travel lifestyle brand Monos has signed a 10-year lease to open a retail location on the ground floor of The Dylan at 160 N. Morgan St. in Chicago. The Dylan is a 30-story multifamily and retail development in the city’s Fulton Market neighborhood. Monos is scheduled to open its 2,800-square-foot store in spring 2025. The Canadian-founded brand launched in 2018 as an online direct-to-consumer retailer and began venturing into physical retail with pop-ups in 2022, followed by its first permanent retail location and Canadian flagship store in Vancouver in 2023. Sterling Bay developed The Dylan in partnership with Ascentris and CIBC Bank. Completed in October 2023, the property is currently 97 percent leased. Phil Golding, Todd Siegel, Kim Wiskup and Gianna Bianconi of CBRE represented Monos.
WHEELING, ILL. — Principle Construction has completed Phase I of a renovation project for SMW Autoblok in Wheeling. This initial phase prepares the facility for a future expansion encompassing office and warehouse space. Principle previously completed a significant expansion for the tenant at the same address in 2008. SMW Autoblok, a manufacturer of turning and grinding machine tools, is implementing an automated parts picking system with the Kardex system. Phase I of the project involved constructing a walled enclosure for the Kardex system, a new shipping office and a pump room. The next phase will add a new showroom, main conference room and general office upgrades. Partners in Design was the project architect.
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