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DevelopmentIllinoisMidwestOffice

Sterling Bay Breaks Ground on 200,000 SF Office, Retail Building in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Chicago-based real estate development firm Sterling Bay has broken ground on 345 N Morgan, a 200,000-square-foot office and retail building in Chicago’s Fulton Market. Sterling Bay acquired the development site in 2014 and originally intended to break ground in March 2020, but the project was halted due to COVID-19. Designed by Eckenhoff Saunders Architects, the building will feature private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. The construction timeline is 13 months, enabling tenants to move in as early as September 2022. Skender and JLL Construction are building the project. Sterling Bay secured roughly $100 million in combined construction loans from senior lender Bank OZK and mezzanine lender PCCP.

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AcquisitionsIllinoisMidwestMultifamily

Greystone Bel Arranges $43.3M Sale of Five-Property Multifamily Sale in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Greystone Bel Real Estate Advisors has arranged the sale of a five-property multifamily portfolio in Rockford for $43.3 million. The portfolio totals 582 units. The properties include Hampton Ridge, Hampton Woods, Hampton Courtyard, Hampton Crossings and Hampton Meadows. Completed from 1958 to 2008, the properties offer a variety of one-, two- and three-bedroom units averaging 1,094 square feet. William Montana and Christopher Sackley of Greystone Bel represented the seller. Buyer and seller information were not disclosed.

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DevelopmentIllinoisMidwestMultifamily

McShane Completes Construction of 364-Unit Luxury Apartment Complex in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — McShane Construction Co. has completed Arden Residences in Warrenville, about 30 miles west of Chicago. Interforum Holdings was the developer for the 364-unit luxury apartment complex. The four-story property offers 201 one-bedroom units, 153 two-bedroom units and 10 three-bedroom units wrapped around a 386-space parking garage. Amenities include a fitness center, yoga studio, business center, library, massage room, sauna, arts and crafts room, pool, barbecue areas and two pickle ball courts. Baranyk Associates served as architect.

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IllinoisLoansMidwestMultifamily

M&T Realty Capital Provides $27.2M HUD-Insured Loan for Refinancing of Illinois Apartment Complex

by Kristin Harlow

ROSELLE, ILL. — M&T Realty Capital Corp. has provided a $27.2 million HUD-insured loan for the refinancing of a 247-unit apartment complex in Roselle, a suburb of Chicago. The property name and specific details were undisclosed. Bob Kaplan and Carole Stafford of M&T’s Baltimore office originated the 35-year loan, which features an 80 percent loan-to-value ratio and a fixed interest rate of 2.4 percent. Len Deering of Deering Commercial Mortgage LLC arranged the loan.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Negotiates $5M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Kiser Group has negotiated the sale of a 40-unit multifamily property located at 5301 N. Ashland Ave. in Chicago’s Andersonville neighborhood for $5 million. The building, comprised of 26 studio units and 14 one-bedroom units, went under contract in four days at the full asking price. Andy Friedman and Jake Parker of Kiser represented both the buyer, a local investor, and the seller, an unnamed family trust.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Ryan Tops Off $117M Senior Living Community in Chicago

by Kristin Harlow

CHICAGO — Ryan Cos. US Inc. has topped off Clarendale Six Corners, a $117 million senior living community on the Northwest Side of Chicago. Construction of the 10-story, 258-unit project began in January. Completion is slated for fall 2022. Ryan is serving as developer, architect, builder and capital markets partner. Ryan owns the project in a joint venture with LCS and Harrison Street. LCS will handle the day-to-day operations and Ryan will provide asset management services. The 258 units will be comprised of independent living, assisted living and memory care residences, including 11 affordable units for residents at certain income levels. The project will include an outdoor sky terrace on the fourth floor and 18,000 square feet of street-level retail space. Resident amenities will include an eatery, cocktail bar, billiards lounge, massage room, full-service salon, fitness center, fine dining experiences and weekly housekeeping. Clarendale Six Corners will be the 10th Clarendale senior living property in Ryan’s portfolio.

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IllinoisIndustrialLeasing ActivityMidwest

Colliers Completes Lease-up of Two-Building Industrial Development in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Colliers International has completed the lease-up of Chancellory Lakes Distribution Center, a two-building industrial development spanning 162,342 square feet in Elk Grove Village near Chicago. At 202 E. Devon Ave., Csafe Global and Panos Foods signed leases for 23,114 and 56,176 square feet, respectively. JAS Forwarding USA took occupancy of the entire 83,052-square-foot building at 222 E. Devon Ave. Jonathan Kohn and Ron Behm of Colliers represented ownership, Seefried Industrial Properties and Nuveen Real Estate. Seefried acquired the eight-acre site in May 2020 and completed development in March 2021. Located within Centex Industrial Park, the property features a clear height of 32 feet, 24 docks and 175 parking spaces.

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Mark-Hoplamazian-Hyatt
Company NewsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

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IllinoisLoansMidwestMixed-Use

Associated Bank Structures $43.8M in Financing for Redevelopment of Historic Bank Building in Chicago

by Kristin Harlow

CHICAGO — Associated Bank has structured a $43.8 million financing package for the redevelopment of the historic Bridgeview Bank building in Chicago. CEDARst was the borrower. Associated Bank is acting as lead arranger for a $35.4 million construction loan as well as a federal historic tax credit bridge loan in the amount of $3.4 million. Associated Community Development is providing $5 million in federal historic tax credit equity. The existing retail and office building rises 12 stories. The first eight floors were built in 1924 and four stories were added in 1928. Redevelopment plans call for 176 apartment units, 20,484 square feet of traditional office space and 21,184 square feet of shared office space. Amenities will include a lobby, fitness center, roof deck and resident lounge. There will also be 45 surface parking spaces. No changes are planned for the existing 15,195 square feet of ground-floor retail space and offices on floors two through four. Phase I construction of the office redesign is slated for completion in the second quarter of 2022. Phase II, the residential portion, is slated for completion in the first quarter of 2023. In 2019, Associated Bank provided CEDARst with a $13.1 million loan to acquire …

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AcquisitionsIllinoisIndustrialMidwest

Conor Commercial Real Estate Sells North Avenue Commerce Center in Winfield, Illinois

by Kristin Harlow

WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.

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