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AcquisitionsIllinoisMidwestMultifamily

JLL Brokers $20.7M Sale of Apartment Community in Barrington, Illinois

by Kristin Harlow

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.

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DevelopmentIllinoisIndustrialMidwest

Meridian Design Build Completes Industrial Build-to-Suit for XTRA Lease in Joliet, Illinois

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestMultifamilyOhioSeniors Housing

Pathway to Living Partners with Welltower to Acquire, Manage 1,105-Unit Seniors Housing Portfolio

by Kristin Harlow

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.

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IllinoisLoansMidwestMultifamily

ACRE Provides $51.5M Loan for Refinancing of Multifamily Community in Chicago’s West Loop

by Kristin Harlow

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.

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DevelopmentIllinoisMidwest

McShane Completes Expansion Project at Prep School in Waukegan, Illinois

by Kristin Harlow

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.

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IllinoisLoansMidwestMultifamilyRetail

Associated Bank Provides $12.9M Loan for Acquisition, Redevelopment of Shopping Center in Chicago’s Uptown Neighborhood

by Kristin Harlow

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.

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AcquisitionsIllinoisIndustrialMidwest

Avison Young Brokers Sale of Three-Building Industrial Portfolio in Chicago

by Kristin Harlow

CHICAGO — Avison Young has brokered the sale of a three-building industrial portfolio spanning 100,000 square feet in Chicago. The contiguous buildings are located at 4006 W. Belden Ave., 2311 N. Keystone Ave. and 2321 N. Keystone Ave. Steven Kohn and Patrick Richwine of Avison Young represented the seller, Eazypower Corp., which is relocating to a new property in a northern suburb of Chicago. The buyer, a Chicago-based industrial investor, plans to complete an extensive renovation of the buildings.

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IllinoisLoansMidwestMultifamily

Dwight Capital Provides $47.4M HUD-Insured Loan for Refinancing of Apartment Property in South Elgin

by Kristin Harlow

SOUTH ELGIN, ILL. — Dwight Capital has provided a $47.4 million HUD 223(f) loan for the refinancing of Springs at South Elgin, a 300-unit apartment property. Built in 2018, the asset consists of 15 townhome-style buildings. Amenities include a clubhouse, car care center, fitness center, pet park, pool and barbecue area. Josh Sasouness and Kevin Lifshitz of Dwight originated the loan on behalf of the borrower, Continental Properties. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points since the property is Energy Star-certified.

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AcquisitionsIllinoisMidwestMultifamily

Pensam Acquires 260-Unit Apartment Community in Suburban Chicago

by Kristin Harlow

WEST DUNDEE, ILL. — Pensam has acquired 1900 at Canterfield, a 260-unit apartment community in West Dundee, a far northwest suburb of Chicago. Built in 2018, the property consists of 18 buildings on 23 acres. Amenities include a clubhouse, fitness center, conference room, outdoor lounge area and pool. The seller and sales price were undisclosed. A multifamily real estate investment firm based in Miami, Pensam has invested more than $3 billion in 35,000 multifamily assets across the country.

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AcquisitionsCaliforniaHealthcareIllinoisMidwestMultifamilyNevadaSeniors HousingTop StoriesWestern

Harrison Street Agrees to Acquire 24 Seniors Housing Assets, Sell 14 Medical Office Properties for $1.6B

by Kristin Harlow

CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 assets, many of which have either been recently completed or are currently under construction. The Healthpeak portfolio maintained an average occupancy rate of 96 percent from 2016 to 2019, according to Harrison Street. The properties average four years in age. In 2020, Healthpeak established and began executing a plan to dispose of its seniors housing properties, except for its continuing care retirement communities. “The assets we are acquiring are managed by a leading operator and are located in attractive markets backed by solid demographics, high barriers to entry and historically high occupancy rates,” says Michael Gordon, global chief investment officer at Harrison Street. Additionally, Harrison Street has agreed to sell …

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