CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit apartment building in Chicago’s Rogers Park neighborhood for roughly $3 million. The vintage asset is located at 7005-7013 N. Ridge Blvd. Peter Theodore of SVN represented the undisclosed seller. A Europe-based investor purchased the building and plans to make improvements to the property in the coming years.
CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.
CHICAGO — Slate Asset Management LP has entered into a definitive agreement to acquire the commercial real estate business of Annaly Capital Management Inc. (NYSE: NLY) for $2.3 billion. The transaction includes Annaly’s equity interests, loan assets and commercial mortgage-backed securities. Certain Annaly employees who primarily support the commercial real estate business are expected to join Slate upon completion of the sale, including Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments. “The commercial real estate business has been an important component of Annaly’s differentiated investment model since 2013,” says David Finkelstein, Annaly’s chief executive officer and chief investment officer. “This transaction delivers compelling execution for our shareholders and will provide additional capacity to further expand our leadership and operational capabilities across all aspects of the residential mortgage finance market, which has been the cornerstone of Annaly’s strategy since our founding.” Upon closing of the transaction, New York City-based Annaly intends to use proceeds from the sale to repay its financing facilities related to the commercial real estate assets being sold and to purchase targeted assets in accordance with its capital allocation policy, which may include investments in agency assets as well as residential and …
ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.
MACOMB, ILL. — American Street Capital (ASC) has secured a $14.3 million loan for the refinancing of a 317-unit multifamily portfolio in Macomb, located in western Illinois. Built between 2002 and 2005, the portfolio consists of four separate complexes. There is a mix of garden- and townhouse-style buildings with one-, two-, three- and four-bedroom units. Igor Zhizhin of ASC arranged the CMBS loan on behalf of the original developer. The 10-year, fixed-rate loan features a 30-year amortization schedule.
EDWARDSVILLE, ILL. — FedEx Supply Chain has leased 769,500 square feet of industrial space at Lakeview Commerce Center in Edwardsville near St. Louis. FedEx will occupy the entirety of Lakeview V, which is located at 3919 Lakeview Corporate Drive. The lease brings FedEx’s total footprint in the area to more than 2 million square feet. Brian Kelley and Timothy Convy of Avison Young and Fischer & Co. represented FedEx in the lease. CBRE represented the owner, Panattoni Development.
CHICAGO — Codal, a digital development and consulting firm, has signed a 15,972-square-foot office lease at Chicago’s Old Post Office development. Relocating from 11 E. Hubbard St., the company is expanding by approximately 10,000 square feet and expects to take occupancy of its new space this summer. The firm currently has 50 employees and says it will more than double that headcount over the next few years. Eastlake Studio designed the space. Brad Serot and Tony Coglianese of CBRE represented Codal in the lease. Dan Heckman and Matt Whipple of Telos Group represented ownership.
CHICAGO — Skender has completed the interior construction of the new 536,000-square-foot office for Bank of America in downtown Chicago. Known as Bank of America Tower, the building rises 56 stories and is located at 110 N. Wacker St. Bank of America’s space encompasses 17 floors, or approximately one-third of the building. It includes private offices, open workstation areas, conference rooms, cafés and two outdoor terraces. A staircase connects a two-floor conference center and executive suite. Skender collaborated with JLL, Interior Architects and Syska Hennessy Group on the project.
CHICAGO — Trammell Crow Co. (TCC) has topped out the construction of Fulton Labs at 400 N. Aberdeen in Chicago. The laboratory building spans 423,454 square feet and was developed in order to meet rapidly expanding demand for Class A lab space in the Chicago area, according to TCC. Construction began in July and completion is slated for the first quarter of 2022. Portal Innovations, a life sciences, med-tech and bioinformatics company, has pre-leased 35,000 square feet at the 16-story development. The project team includes Power Construction, ESG Architects, CRB and CBRE.
BOLINGBROOK, ILL. — Apparel retailer AKIRA has signed a long-term lease for a 352,338-square-foot warehouse located at 150 E. Crossroads Parkway in Bolingbrook. AKIRA will use the space for warehouse, fulfillment and e-commerce operations, while its office and headquarters will remain in Chicago. The facility features a clear height of 30 feet and 46 exterior loading docks. It is situated less than one mile from I-55. Noel Liston and Nick Krejci of Darwin Realty/CORFAC International represented AKIRA in the lease transaction and worked with the retailer on the consolidation of several warehouses. Keith Stauber and Steve Ostrowski of JLL represented building ownership.
