Monday, November 17, 2025
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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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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 27,149 SF Industrial Lease Renewal in Morton Grove, Illinois

by Kristin Harlow

MORTON GROVE, ILL. — Lee & Associates of Illinois has negotiated an industrial lease renewal for a 27,149-square-foot building located at 8250 N. Austin Ave. in Morton Grove. Brad Simousek of Lee & Associates represented the tenant, Jerry’s Fruit & Garden Center Inc. The landlord, Clear Height Properties, was self-represented.

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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 255,704 SF Wind Point Shopping Center in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Mid-America Real Estate Corp. has brokered the sale of Wind Point Shopping Center, a 255,704-square-foot, grocery-anchored community center in the Chicago suburb of Batavia. The property is 98.7 percent leased to tenants such as Aldi, Kohl’s, Hobby Lobby, Harbor Freight Tools, OfficeMax, HobbyTown, Picked!, PetLand and AT&T. The center is positioned on the retail corridor or Randall Road. Ben Wineman and Emily Gadomski of Mid-America represented the seller, PMAT Real Estate Investments. Core Equity Partners was the buyer.

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IllinoisLoansMidwestMultifamily

BBCP Secures $38M Loan for Refinancing of Multifamily Portfolio in Morton, Illinois

by Kristin Harlow

MORTON, ILL. — Black Bear Capital Partners (BBCP) has arranged a $38 million loan for the refinancing of a three-property multifamily portfolio totaling 236 units in Morton near Peoria. Ethos Build was the borrower. PGIM provided the five-year, fixed-rate loan, which features interest-only payments for three years, a 30-year amortization schedule and a 65 percent loan-to-value ratio. The properties, located at 1950 S. Second Ave., 651 Harding Road and 661 Harding Road, are 97 percent occupied and feature a mix of two- and three-bedroom units. All residents have access to a 4,000-square-foot clubhouse with work stations, a self-serve café, lounge, game area, outdoor porch and fire pits.

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AcquisitionsIllinoisLoansMidwestRetail

JLL Arranges $27.3M Acquisition Loan for Shopping Center in Metro Chicago

by Kristin Harlow

NAPERVILLE, ILL. — JLL Capital Markets has arranged a $27.3 million acquisition loan for Market Meadows, a 149,185-square-foot, grocery-anchored shopping center in Naperville. Chris Drew, Travis Anderson, Chris Knight, Wells Waller and Merrick Evans of JLL represented the borrower, Barings, in arranging a seven-year, fixed-rate loan through Principal Asset Management. The property is 98.3 percent leased and anchored by a Jewel-Osco store that comprises 45 percent of the net rentable area. Additional tenants include U.S. Bank, BMO Bank, T-Mobile, Chipotle, Jersey Mike’s Subs and McDonald’s. Rick Drogosz and Eric Geskermann of Mid-America Real Estate Corp. represented the seller, Shorewood Development. 

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Leasing ActivityMichiganMidwestOffice

Angstrom NA to Relocate Global Headquarters in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Angstrom NA LLC has unveiled plans to relocate its global headquarters to the newly renamed Angstrom Office Center in the Detroit suburb of Southfield. Located on Telegraph Road, the office property totals 233,400 square feet across six stories. Angstrom will occupy the sixth floor. Rick Ax and Brad Margolis of NAI Farbman negotiated the lease. Over the past five years, the building has undergone more than $20 million in upgrades, including a newly built cafeteria, coffee bars, lounge spaces, game rooms and conference rooms. Angstrom is a tier 1 full-service supplier for automotive and industrial original equipment manufacturers. The company’s current headquarters are at 2000 Town Center in Southfield.

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AcquisitionsHospitalityMidwestNorth Dakota

Marcus & Millichap Negotiates Sale of 75-Room MainStay Suites Hotel in Minot, North Dakota

by Kristin Harlow

MINOT, N.D. — Marcus & Millichap has negotiated the sale of a 75-room MainStay Suites hotel in Minot. Jake Erickson, Jared Plamann, Brock Banken and Jon Ruzicka of Marcus & Millichap represented the seller, Minot Hospitality Partners LLC. Erickson and Plamann procured the buyer, Astro Hospitality LLC. Built in 2011, the 39,918-square-foot property sits on 1.7 acres adjacent to Dakota Square Mall.

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