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DevelopmentIllinoisMidwestMultifamily

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

by Kristin Harlow

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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IllinoisLeasing ActivityMidwestOffice

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

by Kristin Harlow

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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Affordable HousingDevelopmentIllinoisIndianaLoansMichiganMidwestMinnesotaMultifamilyWisconsin

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

by Kristin Harlow

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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AcquisitionsIllinoisMidwestOffice

Kohan Retail Investment Group Acquires 1.5 MSF Office Tower in Chicago

by Kristin Harlow

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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AcquisitionsIllinoisIndustrialMidwest

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

by Kristin Harlow

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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AcquisitionsIllinoisMidwestMultifamily

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

by Kristin Harlow

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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DevelopmentIllinoisMidwestMultifamilyStudent Housing

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

by Kristin Harlow

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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IllinoisLoansMidwestMultifamily

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

by Kristin Harlow

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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AcquisitionsIllinoisMidwestMultifamily

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

by Kristin Harlow

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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IllinoisLoansMidwestRetail

Gantry Secures $12M Loan for Refinancing of Shopping Center in Moline, Illinois

by Kristin Harlow

MOLINE, ILL. — Gantry has secured a $12 million permanent loan to refinance maturing debt for Rock River Plaza in Moline. The 389,375-square-foot retail power center is anchored by Walmart and Lowe’s. Additional tenants include Marshalls, Five Guys, Chick-fil-A, Applebee’s and AT&T. Gantry’s Joe Monteleone and Rulin Dai represented the borrower, a private real estate investor. A CMBS lender provided the five-year, fixed-rate loan, which features interest-only payments for the full term.   

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