ILLINOIS — MONTICELLOAM LLC, a specialized seniors housing and multifamily bridge lending platform, has provided $60 million in bridge financing for a five-property skilled nursing portfolio in Illinois. Karina Davydov of MONTICELLOAM originated the loan on behalf of the borrower, which operates more than a dozen skilled nursing facilities in Illinois. The borrower will use the loan proceeds to acquire the portfolio of more than 620 licensed beds.
WILLOW SPRINGS, ILL. — The Lynd Group has received $66 million in refinancing for Willow Glen, a 224-unit multifamily community in Willow Springs developed by Lynd Development in partnership with West Point Builders in 2023. The refinancing repays the project’s construction loan and replaces it with a new financing package consisting of a $58 million CMBS senior loan originated by Barclays and an $8 million mezzanine loan provided by Ghisallo Capital, which retired the project’s government-backed bonds and simplified the capital stack. Willow Glen consists of 188 apartment units and 36 three-story townhomes. Amenities include a clubhouse, fitness center, pool, courtyard terrace, fireside lounge, game room, pet park and outdoor gathering spaces.
CHICAGO — CBRE has negotiated a 44,457-square-foot headquarters lease for logistics company TransLoop at 350 N. Orleans St. in Chicago. TransLoop outgrew its prior Chicago headquarters in just over three years, prompting the company to nearly triple its footprint. The new office, secured through a sublease from Gartner, will allow the company to add up to 200 new jobs in Chicago. CBRE’s Brian McDonnell and Bill Sheehy represented the tenant.
NEW LENOX, ILL. — Greenstone Partners has arranged the $2.6 million sale of The Sherwin-Williams Center, a two-tenant retail property on Lincoln Highway in New Lenox, a southwest suburb of Chicago. The asset is home to Sherwin-Williams and Don Jose’s, a local Mexican restaurant. Jason St. John of Greenstone represented the seller, a Chicago-based developer, and procured the buyer, a Georgia-based investment group.
CHICAGO AND MILWAUKEE — Brennan Investment Group has acquired an 801,728-square-foot industrial portfolio located across the Chicagoland and Milwaukee markets. The portfolio is comprised of 13 shallow-bay industrial buildings with a diverse tenant mix and a weighted average lease term of more than four years. The Chicago submarkets include I-55, Lake County, Northern DuPage and Central Kane/I-88, while the Milwaukee properties are located within the Airport and Northwest submarkets. Brennan’s Midwest portfolio totals 28 million square feet.
ORLAND PARK, ILL. — Amazon (NASDAQ: AMZN) has unveiled plans to open a first-of-its-kind retail store in the southern Chicago suburb of Orland Park. The planned brick-and-mortar store will occupy the long-vacant site of the former Petey’s II restaurant at the southwest corner of 159th Street and LaGrange Road. The Orland Park Village Board approved the project at its Jan. 19 meeting. Amazon’s plans call for a one-story building of approximately 230,000 square feet that will offer groceries, household essentials and general merchandise. The store would function similarly to a large-format retailer such as a Walmart Supercenter. The commercial retail store would be open to the public and is not a warehouse or distribution center. Both the Orland Park Plan Commission and the Board of Trustees have reviewed and approved the plan. The village is not providing any financial incentives to Amazon as part of this project. “When a global retailer of this scale considers investment in Orland Park, it sends a strong signal about the vitality of our community and the strategic importance of this corridor,” says Orland Park Mayor Jim Dodge. According to a release, Amazon’s proposed multimillion-dollar investment in Orland Park would generate millions in sales and …
CHICAGO — SVN Chicago Commercial has brokered the sale of a 21-unit apartment building located at 4201 S. Michigan Ave. in Chicago’s Bronzeville neighborhood. The asset sold for $4 million through a debt assumption structure. Joe Connelly of SVN Chicago represented both parties in the sale. The property features 15 two-bedroom units and six three-bedroom residences.
MOUNT PROSPECT, ILL. — Eastham Capital and Bender Cos. have acquired The Element, a 509-unit, garden-style multifamily community in the Chicago suburb of Mount Prospect, for $75.3 million. To date, Eastham and Bender have co-invested in 10 properties. The Element is currently at 95 percent occupancy with average rents of $1,590 per month. The renovation plan for the value-add asset includes roughly $5 million to upgrade unit interiors, building systems and exterior areas. These improvements will build on significant upgrades completed by prior ownership. Built in 1968, the property is situated on more than 10 acres. The Element offers a mix of floor plans ranging from 850 to 1,800 square feet. Amenities include a fitness center, pool, yoga studio, business center, game room and laundry facilities.
WOOD DALE, ILL. — Dalfen Industrial has purchased a two-building, multi-tenant industrial portfolio totaling 56,000 square feet in the Chicago suburb of Wood Dale. The transaction was sourced through a longstanding relationship with Colliers. The properties are 66 percent leased and home to seven tenants with suite sizes ranging from approximately 3,000 to 7,000 square feet. The buildings feature five dock-high doors and six drive-in doors. The portfolio offers convenient access to I-90, I-290 and I-294 as well as close proximity to the Chicago O’Hare International Airport.
CHICAGO — Transwestern Real Estate Services has unveiled plans to relocate its Chicago office to 123 N. Wacker Drive, signing a long-term lease for 35,000 square feet for the tower’s penthouse. The brokerage firm plans to take occupancy this fall. The firm is departing from its location at 200 W. Madison St. after nearly 20 years. The Chicago office is one of two Transwestern locations in the metro area, with a second office in Rosemont serving the suburban office and industrial markets. Transwestern will occupy floors 28-30 of the building. The 28th floor features private outdoor space, while the 30th floor provides direct access to the building’s tenant lounge. The property also features a refreshed lobby, indoor-outdoor workspaces, a coffee bar, conferencing facilities and fitness center. Eric Myers of Transwestern and the firm’s agency leasing team will partner with Sterling Bay in representing office leasing at 123 N. Wacker Drive this year. The Transwestern team has prior experience with leasing the building. Larry Serota represented Transwestern on an internal basis, while Russ Cora and Austin Lusson of Sterling Bay represented the landlord.
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