Illinois

Summit Design + Build Completes Construction of 105-Unit Apartment Building in Chicago

by Kristin Harlow July 17, 2020

CHICAGO — General contractor Summit Design + Build has completed construction of Edge on Broadway, a 105-unit apartment building in Chicago’s Edgewater neighborhood. Summit demolished an existing single-story building to make way for the new six-story project, which includes 3,700 square feet of ground-floor retail space and 45 parking spaces. Amenities include a bike room, fitness center, TV lounge and outdoor patio. City Pads and Catapult Real Estate Solutions are the developers. Cagan Management Group will serve as property manager. Architect Built Form designed the building and Clausen Management Services served as the owner’s representative.

July 17, 2020

Development Illinois Midwest Multifamily Seniors Housing

Pathway to Living Opens 117-Unit Senior Living Community in La Grange, Illinois

by Kristin Harlow July 17, 2020

LA GRANGE, ILL. — Pathway to Living has opened Aspired Living of La Grange in Illinois. The 117-unit, 118,583-square-foot senior living community is located at 35 Shawmut Ave. The five-story property features 85 assisted living units and 32 memory support units. Amenities include a physician office, medical exam room, fitness center, library, movie theater, salon and outdoor walking paths. Thoma Holec provided interior design services while Behles + Behles provided architectural services. Opus Group was the design-builder, architect and structural engineer. This is Pathway to Living’s 23rd community in the Chicagoland area.

July 17, 2020

Development Hospitality Illinois Midwest Mixed-Use Multifamily Retail Top Stories

Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue

by Katie Sloan July 17, 2020

CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …

July 17, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.9M Acquisition Loan for Multifamily Building in Chicago

by Kristin Harlow July 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $4.9 million loan for the acquisition of an 85-unit multifamily building in Chicago’s Marquette Park neighborhood. Constructed in 1928, the three-story building was renovated in 2019. The property features 74 one-bedroom units and 11 two-bedroom units. The asset was 92 percent occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year agency loan, which features five years fixed and 15 years floating with one year of interest-only payments.

July 15, 2020

Acquisitions Illinois Industrial Midwest

Premier Commercial Realty Brokers Sale of 45,000 SF Industrial Building in Huntley, Illinois

by Kristin Harlow July 15, 2020

HUNTLEY, ILL. — Premier Commercial Realty has brokered the sale of a 45,000-square-foot industrial building located at 11253-11299 Kiley Drive in Huntley, about 50 miles northwest of Chicago. The sales price was undisclosed. The multi-tenant building was fully leased at the time of sale. Bruce Kaplan and Kevin Kaplan of Premier brokered the transaction. A private investor purchased the asset from Blackhawk Huntley LP.

July 15, 2020

Acquisitions Illinois Michigan Midwest Missouri

Cornerstone Acquires Nine Medical Properties Across Six States for $59.9M

by Kristin Harlow July 14, 2020

INDIANAPOLIS — Indianapolis-based Cornerstone Cos. Inc. has acquired nine healthcare real estate properties in six states totaling more than 300,000 square feet for $59.9 million. Cornerstone MOB Fund V, a private equity fund focused solely on medical real estate, was used to acquire the assets. The properties include: Northwest Medical Center in Poplar Bluff, Mo.; Danville Polyclinic in Danville, Ill.; PACE of Southeast Michigan Center in Eastpointe, Mich.; The Eye Institute of Paducah in Paducah, Ky.; The Surgery Center of Columbus in Columbus, Ga.; and The Jervey Eye Group portfolio, which is a four-property portfolio in Greenville, S.C. All of the assets are supported by net leases and the tenants are a mix of health systems and specialty physician groups.

July 14, 2020

Acquisitions Illinois Midwest Office

Marcus & Millichap Brokers $3.4M Sale of Government-Occupied Office Building in Chicago

by Kristin Harlow July 14, 2020

CHICAGO — Marcus & Millichap has brokered the sale of a 38,747-square-foot office property occupied by the Illinois Department of Human Services in Chicago for $3.4 million. The single-tenant building is located at 1642 W. 59th St. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. A Chicago-based private investor purchased the asset. The Illinois Department of Human Services is one of the state’s largest agencies with more than 13,000 employees.

July 14, 2020

Acquisitions Illinois Industrial Midwest

Clear Height Properties Purchases 30,000 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow July 14, 2020

BENSENVILLE, ILL. — Clear Height Properties has purchased a 30,000-square-foot industrial building located at 464-480 Country Club Drive in Bensenville for an undisclosed price. Built in 1973, the property was vacant at the time of sale. It has primarily been used for warehouse distribution and light manufacturing purposes. Clear Height plans to make capital improvements such as new landscaping, sidewalks, parking lot, dock staircase and overhead doors. Justin Lerner of Transwestern represented Clear Height in the transaction. Marcus & Millichap represented the seller, Aspen Industries.

July 14, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick Opens at Levee District in East Peoria, Illinois

by Kristin Harlow July 14, 2020

EAST PEORIA, ILL. — Chicken Salad Chick has opened today at The Levee District in East Peoria. The restaurant, which specializes in homemade chicken salad, occupies 2,718 square feet between Jersey Mike’s Subs and Xfinity. The first 100 guests on opening day will receive one large serving of chicken salad per month for an entire year. The restaurant will open at limited capacity with social distancing measures in place for COVID-19. This will be the farthest north restaurant of Chicken Salad Chick’s 157 locations. Chicken Salad Chick currently operates in 17 states and is rapidly expanding with both franchise and company locations. Owned and managed by Cullinan Properties Ltd., The Levee District encompasses 650,000 square feet of retail and restaurant space, as well as office, hotel and civic components.

July 14, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $14.6M Refinancing for Skilled Nursing Facility in Aurora, Illinois

by Kristin Harlow July 13, 2020

AURORA, ILL. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.

July 13, 2020

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