Tuesday, June 17, 2025
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IllinoisLoansMidwestMultifamilySeniors Housing

Cambridge Provides $18.1M HUD-Insured Loan for Refinancing of Illinois Skilled Nursing Facility

by Kristin Harlow

WESTMONT, ILL. — Cambridge Realty Capital Cos. has provided an $18.1 million HUD Lean loan for the refinancing of Bria of Westmont, a 215-bed skilled nursing facility in the Chicago suburb of Westmont. Bria of Westmont provides a range of skilled services and programs, including short-term rehabilitation, long-term care, orthopedic rehabilitation, cardio-pulmonary rehabilitation, onsite hemodialysis, wound care, cardiac care, ventilator therapy, aquatic therapy and behavioral healthcare. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Illinois-based limited liability company.

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DevelopmentIllinoisMidwestOfficeTop Stories

Riverside, Convexity Complete 51-Story Office Tower in Chicago

by John Nelson

CHICAGO — A duo of Chicago-based developers, Riverside Investment & Development and Convexity Properties, has completed 320 South Canal, an office tower located across the street from the Chicago Union Station in the city’s West Loop district. The 51-story tower is situated on 2.2 acres and totals more than 1.7 million gross square feet. The building is anchored by Montreal-based BMO Financial Group, which has building signage and will use 320 South Canal as its new U.S. headquarters. Other tenants include the National Futures Association and law firms Chapman & Cutler, Faegre Drinker and Skadden, Arps, Slate, Meagher & Flom. Designed by Chicago-based architecture and planning firm Goettsch Partners (GP), 320 South Canal includes a conference facility, fitness and wellness center, restaurant, a café for to-go food options, bank branch and a cocktail lounge, as well as parking for 324 vehicles and 114 bicycles. The building is connected to the Chicago Union Station through an enclosed pedway and offers access to the Metra train concourse, Amtrak train routes and the LoopLink CTA bus lines. The site also features The Green at 320, a privately owned, publicly accessible park completed earlier this year. The Green comprises 1.5 acres organized around a …

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AcquisitionsIllinoisMidwestMultifamily

Monarch Realty Partners Brokers Three Multifamily Sales Totaling $3.9M in Chicago

by Kristin Harlow

CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $10.5M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of a 25-unit multifamily property in Chicago’s Streeterville neighborhood for $10.5 million. The property at 227 E. Walton Place rises 13 stories. Designed by Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012. Of the 25 units, 24 have been updated, mostly in the last three years. Kyle Stengle, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property through a condo deconversion in 2018. The buyer, Altitude Capital Partners, plans to modernize the common areas.

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IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates Two Office Leases Totaling 36,000 SF at Chicago’s 191 North Wacker

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services has negotiated two office leases totaling 36,000 square feet at 191 N. Wacker Drive, a 37-story, 733,759-square-foot building in Chicago’s West Loop. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Manulife Investment Management. Quinn Emanuel Urquhart & Sullivan, an international business litigation law firm, expanded its lease from 18,864 square feet to 26,300 square feet. Kyle Kamin of CBRE represented the tenant. Maron Marvel Bradley Anderson & Tardy LLC, a national litigation defense law firm, inked a new lease for 10,121 square feet within a spec suite. Jeff Liljeberg of JLL represented the tenant.  

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AcquisitionsIllinoisMidwestMultifamily

Peak Realty Chicago Brokers $2.7M Sale of Apartment Building

by Kristin Harlow

CHICAGO — Peak Realty Chicago (PRC) has brokered the sale of a six-unit apartment building in Chicago’s Logan Square neighborhood for $2.7 million. The sales price marks the highest price per unit in the submarket, according to CoStar. A private investor purchased the property, which is located at 2852-54 W. Shakespeare Ave. and has been renovated within the last five years. Oren Pollack of PRC brokered the transaction. At the time of sale, the building was managed by PRC’s affiliate, Peak Properties LLC.

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AcquisitionsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Dream Hotel Group for $125M

by Kristin Harlow

CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …

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AcquisitionsIllinoisMidwestMultifamily

Quantum Arranges $1.9M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an apartment and retail building located at 1909 W. Division St. in Chicago’s Wicker Park for $1.9 million. The property is comprised of three apartment units and one retail space, which is home to Independence, a local men’s shop specializing in American-made clothing and accessories. Clayton Maxfield of Quantum represented the seller, a local investor. The property sold to a local investor. The sales price of $478,000 per unit marks a record price per unit in the Wicker Park neighborhood, according to Quantum.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Sale-Leaseback of 22,550 SF Industrial Building Near O’Hare

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale-leaseback of a 22,550-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located on Martin Lane and constructed in 1974, the property features two dock doors and four drive-in doors. Mason Hezner of Brown represented the seller, Etymotic Research, a manufacturer of earphone and hearing enhancement products. ProSource Wholesale, a flooring distributor, was the buyer. ProSource plans to use the building as a showroom and warehouse for its products. Etymotic Research will lease back a small portion of the building from the new owner.

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IllinoisLoansMidwestRetail

Marcus & Millichap Arranges $6.6M Acquisition Loan for Retail Portfolio in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants such as Chipotle, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender provided the loan to the buyer, which completed a 1031 exchange.

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