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.
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.
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.
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.
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 …
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 …
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.
CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.
COUNTRY CLUB HILLS, ILL. — CRG, the real estate development and investment arm of Chicago-based Clayco, has broken ground on The Cubes at Country Club Hills. The 1 million-square-foot speculative industrial project is located at the intersection of I-57 and I-80 in Country Club Hills, about 25 miles south of Chicago. Completion of the 70-acre project is slated for the second quarter of 2022. The development is CRG’s first industrial project in the Chicago area and the first under the firm’s new fund, U.S. Logistics Fund II. CRG’s integrated partner and architecture firm Lamar Johnson Collaborative designed The Cubes at Country Club Hills, and Clayco is serving as the general contractor. Larry Goldwasser, Colin Green and Ryan Klink of Cushman & Wakefield will market the project for lease. The property will feature a clear height of 40 feet, 239 trailer parking stalls, 128 exterior docks and 212 car parking spaces. The Cubes is CRG’s national industrial brand. There are roughly 18 million square feet of Cubes projects across the country, more than 10 million square feet of which has already been delivered.
CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion. Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues. JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …