Midwest Archives - REBusinessOnline

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

Kristin Harlow — Tue, 09 Jun 2026 13:06:31 +0000

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.

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

Kristin Harlow — Tue, 09 Jun 2026 13:05:31 +0000

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.

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

Kristin Harlow — Tue, 09 Jun 2026 13:04:37 +0000

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.

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

Kristin Harlow — Tue, 09 Jun 2026 13:03:46 +0000

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.

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

Kristin Harlow — Mon, 08 Jun 2026 13:51:11 +0000

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…

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

Kristin Harlow — Mon, 08 Jun 2026 13:47:40 +0000

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.

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Krueger Group Opens 25-Unit Rental Townhome Development in Rocky River, Ohio

Kristin Harlow — Mon, 08 Jun 2026 13:45:13 +0000

ROCKY RIVER, OHIO — The Krueger Group (TKG) has opened Phase II of ORRIS, which brings 25 rental townhomes along Center Ridge Road in Rocky River, a suburb of Cleveland. Cross Street is handling leasing, marketing and property management. The residences are offered in two- and three-bedroom floor plans with attached two-car garages. The units average 2,600 to 2,700 square feet, with some larger floor plans exceeding 3,000 square feet. Monthly rents start at $4,700. The first phase of ORRIS was completed in 2024 and comprises a 54-unit apartment building. Residents of the townhomes enjoy full access to the amenities within Phase I, including a fitness center, coworking spaces, resident lounge areas, package and mail services, dry cleaning services and an outdoor courtyard.

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Upland Arranges Sales of Chipotle, Starbucks Properties in Andover, Minnesota

Kristin Harlow — Mon, 08 Jun 2026 13:43:30 +0000

ANDOVER, MINN. — Upland Real Estate Group has arranged the sales of newly constructed Chipotle and Starbucks single-tenant net-lease properties within Clocktower Commons in Andover, a northwest suburb of the Twin Cities. Deb Vannelli, Keith Sturm and Amanda Leathers of Upland represented the buyers, which completed 1031 exchanges. Both tenants operate under corporate, long-term leases with drive-thru service. The properties are situated on a 2-acre parcel at the intersection of Hanson and Crosstown boulevards.

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Kohan Retail Investment Group Acquires 1.5 MSF Office Tower in Chicago

Kristin Harlow — Fri, 05 Jun 2026 13:25:11 +0000

CHICAGO — Kohan Retail Investment Group has acquired 131 South Dearborn, a 1.5 million-square-foot office tower formerly known as Citadel Center in Chicago’s central business district. The purchase price of $137 million represents a 76 percent discount from the property’s 2006 sales price, according to Crain’s Chicago Business. The acquisition was completed alongside investment partners Alan Assil and Kevin Assil, whose partnership has supported the continued expansion of Kohan’s office portfolio. Kohan, which is based in Great Neck, N.Y., and led by Mike Kohan, owns and operates retail, office and mixed-use properties. A partnership between Angelo, Gordon & Co., Hines and Dearborn Capital Group acquired the property in 2016. It was completed in 2003.

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Detroit’s Corktown Neighborhood to Receive 188 New Mixed-Income Units Representing $84M Investment

Kristin Harlow — Fri, 05 Jun 2026 13:24:33 +0000

DETROIT — Detroit’s historic Corktown neighborhood is set to receive three new mixed-income housing developments: Bagley Townhomes & Flats, West of 10th Apartments and Trumbull Apartments. Together, the three projects will bring 188 new residential units, including more than 150 affordable homes supported through the city by a portion of Detroit’s $35 million federal Choice Neighborhoods Implementation (CNI) grant. Fifth Third Bank (formerly Comerica Bank) and Citizens Bank are also providing funding for the developments, which are part of the ongoing redevelopment of the former Clement Kern Gardens site. American Community Developers Inc. is leading development of all three projects, which collectively represent nearly $84 million in total investment. Located just west of downtown Detroit, Corktown has long served as a gateway community for generations of immigrants and working-class families. Originally settled by Irish immigrants in the mid-1800s, the neighborhood became known for its close-knit residential blocks and historic row houses. In recent years, Corktown has experienced significant redevelopment activity, driven by public and private investment surrounding Michigan Central, Roosevelt Park and the broader southwest Detroit corridor. The City of Detroit was awarded a $35 million CNI grant in May 2021 by the U.S. Department of Housing and Urban Development.…

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St. Louis Regional Freightway Adds 160 Acres of Rail-Served Sites in Sauget, Illinois

Kristin Harlow — Fri, 05 Jun 2026 13:21:17 +0000

SAUGET, ILL. — The St. Louis Regional Freightway has added 160 acres to its pipeline of rail-accessible real estate sites. Located in Sauget, just east of St. Louis, the addition consists of four contiguous parcels and brings the aggregate inventory of rail-served sites in the region to more than 4,600 acres. The properties are located within or adjacent to Sauget Business Park. Upper Cahokia Road is the largest of the four parcels with 103 acres of land just northeast of Sauget Business Park. Parcels 7 and 8 within Sauget Business Park are located just off Sauget Business Boulevard, next to existing facilities for Amazon, Stellar Manufacturing and Sensient, and total 44.7 acres. The final parcel, 1635-1643 Sauget Business Park, totals 12.6 acres along Sauget Business Boulevard. All four sites can be rail-served via the adjacent CPKC railroad and are located within an enterprise zone and tax-increment financing district.

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Marcus & Millichap Brokers Sale of 128-Unit Rock Run Residences in Joliet, Illinois

Kristin Harlow — Fri, 05 Jun 2026 13:20:36 +0000

JOLIET, ILL. — Marcus & Millichap has brokered the sale of Rock Run Residences, a 128-unit multifamily property in Joliet. Built in 2002 and fully renovated between 2021 and 2024, the property consists of seven buildings totaling 81,960 rentable square feet. Amenities include a clubhouse, fitness center, community kitchen, pool, sundeck, picnic area and sand volleyball court. The community features convenient access to I-80 and I-55 as well as Rock Run Crossings, a retail and entertainment destination. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and seller, both of which were private investors.

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Core Spaces to Develop Three Student Housing Projects Totaling 3,500 Beds in Champaign, Illinois

Kristin Harlow — Thu, 04 Jun 2026 13:11:48 +0000

CHAMPAIGN, ILL. — Core Spaces has unveiled plans to develop three student housing projects near the University of Illinois Urbana-Champaign. Together, the developments will bring more than 3,500 beds between 2028 and 2031. In fall 2025, Core broke ground on Hub Champaign Green Street, a 490-unit, 1,577-bed student housing community that is slated to deliver in summer 2028. Core plans to further expand its Hub on Campus footprint along the Green Street corridor. Each community will be centrally located near both campus and downtown Champaign.

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JLL Brokers $50.5M Sale of Industrial Portfolio in Metro Minneapolis, Milwaukee

Kristin Harlow — Thu, 04 Jun 2026 13:11:10 +0000

MINNEAPOLIS AND MILWAUKEE — JLL Capital Markets has brokered the $50.5 million sale and secured acquisition financing for the Midwest Distribution Portfolio, a collection of four industrial properties totaling 608,316 square feet across the Minneapolis and Milwaukee metro areas. The fully occupied portfolio includes a 265,516-square-foot distribution center in Lino Lakes, Minn., two buildings totaling 141,750 square feet in Pewaukee, Wis., and a 201,050-square-foot complex in Milwaukee adjacent to the airport. The properties are home to nine tenants across sectors such as merchant wholesalers, apparel, motor freight distribution and air freight services. The facilities feature clear heights ranging from 22 to 30 feet with more than 70 loading positions. Colin Ryan, David Berglund and Ed Halaburt of JLL, along with Tom Shepherd of Colliers represented the seller, Biynah Industrial Partners. Matthew Schoenfeldt and Lucas Borges of JLL arranged the financing.

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BWE Originates $38.9M Loan to Refinance 194 Units of Chicago Condo Property

Kristin Harlow — Thu, 04 Jun 2026 13:10:25 +0000

CHICAGO — BWE has originated $38.9 million to refinance 194 units of Woodland Park by the Lake, a 240-unit condominium community in Chicago’s Bronzeville neighborhood. Ryan Morris and Max Miller of BWE originated the five-year Freddie Mac loan on behalf of the borrower, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal. Since then, the venture has purchased more units and substantially renovated those homes.

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Interra Realty Arranges $5M Sale of Multifamily Building in Chicago’s Bucktown

Kristin Harlow — Thu, 04 Jun 2026 13:09:55 +0000

CHICAGO — Interra Realty has arranged the sale of 2105 W. Caton St. in Chicago’s Bucktown neighborhood for nearly $5 million. Completed in 2023, the boutique property features six two-bedroom units and two three-bedroom penthouse duplexes with private rooftop decks. The property also includes eight covered garage parking spaces and one street-level commercial space that is currently leased to a Pilates studio. Brad Feldman of Interra represented the buyer, a local private investor that also assumed the loan. Feldman also represented the seller, a developer he had worked with on the original 2018 land acquisition. The asset was fully occupied at the time of sale.

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Wichita Retail Activity Is Focused on High-Performing Corridors

Kristin Harlow — Thu, 04 Jun 2026 12:30:00 +0000

By Don Piros, CCIM, Landmark Commercial Real Estate Wichita’s retail and restaurant market is entering a new phase of evolution, marked by geographic concentration, steady suburban expansion and a wave of long-anticipated national brands entering the city. While overall demand remains stable, activity is increasingly focused in a handful of high-performing corridors, leaving older retail areas to repurpose or transition to new uses. Growth is concentrated in key corridors. Retail momentum in Wichita is strongest on the city’s east and northwest sides. The east side, particularly along Rock Road (Bradley Fair, Towne East Square), Webb Road (The Waterfront) and Greenwich Road (Greenwich Place Shopping Center), continue to attract higher-end retailers and nationally recognized restaurant brands. Strong household incomes and established shopping patterns have made the corridor the most competitive in the region. Meanwhile, northwest Wichita, especially along Maize Road and now Ridge Road, is emerging as the metro’s fastest growing suburban retail zone. Fueled by residential expansion and available land, the area has seen a steady influx of casual dining and quick-service restaurants and new strip retail developments. These two areas now anchor much of Wichita’s leasing activity, with tenants prioritizing visibility, traffic counts and proximity to new housing. In…

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Lument Provides $28M HUD-Insured Loan for Ohio Affordable Housing Property

Kristin Harlow — Wed, 03 Jun 2026 13:34:29 +0000

LORAIN, OHIO — Lument has provided a $28 million HUD/FHA Section 221(d)(4) loan on behalf of TFG Housing Resources and Raise Up for the acquisition and substantial rehabilitation of Western Horizon, a 353-unit affordable housing community in Lorain, about 25 miles west of Cleveland. The transaction utilized a component of the Rental Assistance Demonstration (RAD) program that allows for blending RAD with Section 18 of the National Housing Act to fund the preservation of aging affordable housing. Lument’s Joey Hague led the transaction. The units were converted through the RAD program in conjunction with 4 percent Low-Income Housing Tax Credits through the Ohio Housing Finance Agency. In addition to the FHA mortgage, Lument Securities served as the underwriter for $9.2 million in tax-exempt bonds. Originally built in the 1950s as three separate communities, Leavitt Homes, Westview Terrace and Westgate Apartments have historically operated as public housing. As a result of the RAD conversion utilizing FHA financing, the properties now operate as one and are being rebranded as Western Horizon. Post renovation, all units will be assisted by project-based rental assistance with rents restricted to 60 percent of the area median income. TFG Housing Resources is a Columbus-based real estate developer…

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HDA Completes Design of 38-Unit Condo Development in Clayton, Missouri

Kristin Harlow — Wed, 03 Jun 2026 13:33:44 +0000

CLAYTON, MO. — Architect HDA has completed the design of Forsythia on the Park, a luxury condominium development in Clayton. The four-story, 155,500-square-foot building is positioned adjacent to Shaw Park and features 38 two- and three-bedroom residences. The open layouts feature private terraces. Amenities include a resident lounge anchored by a fireplace, a technology-equipped community room and services such as a 24-hour concierge and guest valet parking. The development is now open.

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Kraus-Anderson Builds $18.8M Fire Station in Otsego, Minnesota

Kristin Harlow — Wed, 03 Jun 2026 13:33:01 +0000

OTSEGO, MINN. — Kraus-Anderson has completed a new $18.8 million fire station for the City of Otsego in metro Twin Cities. Designed by Wold Architects and Engineers, the 35,000-square-foot station features a central location for rapid response and community-centered spaces for educational events and engagement activities. The project includes large apparatus bays, gear storage and well-planned workflows for quick mobilization. Living quarters accommodate 24-hour staff. Dedicated training areas include new classrooms and spaces that allow firefighters to refine skills and host community safety programs such as CPR training and workshops. The project incorporates eco-friendly materials, energy-efficient lighting and water-saving fixtures. Construction began in June 2025.

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