ILLINOIS — The Boulder Group has arranged the sale of nine single-tenant properties net leased to First Midwest Bank throughout Illinois for approximately $46 million. Approximately 10 years remain on each location’s lease. Buyer and seller information was undisclosed.
CHICAGO — NewMark Merrill Cos. Inc., a shopping center owner based in Woodland Hills, Calif., has acquired Bricktown Square in Chicago for an undisclosed price. The 292,309-square-foot retail center is home to Ross Dress for Less, Harbor Freight Tools, Aldi, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. NewMark Merrill plans to enhance the asset with investments in deferred maintenance and updates such as new signage. Bonnie Investment Group was the seller. ReCap, the real estate subsidiary of RGA Real Insurance Group of America, provided acquisition financing. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. NewMark Merrill currently owns and operates three other retail properties in the Chicagoland area, including Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
WARRENVILLE, ILL. — Northfield, Ill.-based Interforum Holdings has completed development of Arden of Warrenville, a 364-unit luxury apartment complex in Warrenville, a western suburb of Chicago. The project is situated within the larger Cantera community. Units are available in one- to four-bedroom layouts ranging from 833 to 1,201 square feet. Amenities include a fitness center, yoga room, business center, resident lounge, sauna, business center, library room, pool, rooftop terrace, dog park, outdoor courtyards, indoor parking and spa services. The project team included general contractor McShane Construction and architect Baranyk Associates. CIBC Bank, Inland Bank, Associated Bank, Great Southern Bank and Arbor Multifamily Lending provided financing for the project. Monthly rents start at $1,713. Residents can now receive up to two months of free rent.
CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.
BARRINGTON, ILL. — JLL Capital Markets has brokered the $20.7 million sale of 101 West, a 64-unit apartment community in Barrington, about 40 miles northwest of Chicago. Units average 982 square feet. Amenities include a community room, rooftop terrace, fitness center, pet grooming station and heated parking. The property is located at 101 W. Liberty St. and is a 10-minute walk from the Barrington Metra Station. Marty O’Connell, David Gaines and Kyle Butler of JLL represented the seller, Monroe Residential Partners LLC. HP Ventures Group LLC was the buyer.
JOLIET, ILL. — Meridian Design Build has completed an industrial build-to-suit for XTRA Lease on a 15-acre site within Ketone Business Center in Joliet. Located at 3000 Channahon Road near I-80 and I-55, the facility will serve freight haulers in central and northeastern Illinois. The project includes two service bays and 4,191 square feet of office space. Verve Design Studio provided architectural and structural design services. Jacob & Hefner Associates was responsible for the civil engineering design.
ILLINOIS AND OHIO — Pathway to Living, the seniors housing platform of Chicago-based Waterton, has partnered with healthcare REIT Welltower Inc. to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. In addition to its day-to-day role as operator, Pathway to Living will serve as a minority investor in the 1,105-unit portfolio. The partnership represents an opportunity for Pathway to Living to expand into the Ohio market and grow its existing footprint in the Midwest region. The portfolio consists of a mix of independent living, assisted living and memory care communities. Renovation plans include refreshing common areas and addressing deferred maintenance. Additionally, several communities will receive infrastructure updates to improve aging sidewalks, parking lots and mechanical systems. As of Dec. 31, Pathway to Living’s portfolio spanned nearly 2,800 units across 29 properties in Illinois, Michigan, Minnesota and Wisconsin.
CHICAGO — Asia Capital Real Estate (ACRE) has provided a $51.5 million loan for the refinancing of The Duncan, a 260-unit multifamily community in Chicago’s West Loop neighborhood. Chicago-based CEDARst owns the asset. Located at 1515 W. Monroe St., The Duncan consists of two connected buildings. The property includes 8,350 square feet of retail space, a coworking space, cocktail bar and fitness center. The lobby features FROTH Café, a hospitality concept from CEDARst that is managed by The Heritage Group. The buildings, originally constructed in the early 1900s, were recently repurposed in two phases. In July 2020, 150 units came online, while the remaining 110 units delivered in October 2020. The 2.5-year loan features a loan-to-value ratio of 76 percent.
WAUKEGAN, ILL. — McShane Construction Co. has completed Phase II construction at Cristo Rey St. Martin College Prep in Waukegan. McShane expanded the existing 115,000-square-foot building by an additional 42,000 square feet. The expansion includes four new classrooms, a chapel, office and meeting space, fitness center, locker rooms and a gymnasium with a performing arts stage. JGMA Architects provided architectural services. Part of the Cristo Rey Network of schools, the facility offers a Catholic education for families with limited financial resources. The school utilizes a work-study program that covers most tuition costs for students. In 2018, McShane completed Phase I of the project, which involved the transformation of a vacant Kmart store into the educational facility. The project included 18 classrooms, three science laboratories, offices, a cafeteria and library.
CHICAGO — Associated Bank has provided a $12.9 million loan for the acquisition and renovation of a shopping center and surface parking lot located at 4501 N. Sheridan Road in Chicago’s Uptown neighborhood. The buyer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story property consisting of 59 apartment units and 7,035 square feet of retail space. Plans call for larger units than what can currently be found in the Uptown area as well as built-in workstations, in-unit laundry and private balconies. The second floor will feature an outdoor amenity space. Mavrek will also serve as general contractor. Daniel Barrins of Associated Bank handled the loan closing.
