HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.
WEST CHICAGO, ILL. — The DuPage Airport Authority (DAA) has secured three new tenants for its 800-acre DuPage Business Center in West Chicago. Suncast Corp., a custom wood structures and resin products manufacturer, signed a long-term agreement with developer Pritzker Realty Group to lease a 782,000-square-foot facility. The $4.9 million development will enable Suncast to consolidate its Batavia and Montgomery locations into a new warehouse spanning 40 acres. Norix Group Inc., a manufacturer of contract furniture designed for continuous-use environments, signed a $2.7 million agreement to build a new 200,000-square-foot headquarters on 22 acres. Soltys Design Build LLC is serving as the general contractor. Lastly, Greco and Sons Inc., an Italian foods distribution company, signed a $6.2 million agreement to build a new food processing and warehouse center. The DuPage Business Center is one of three entities owned and operated by the DAA. NAI Hiffman is marketing the property for lease. The property is on track for 70 percent occupancy in 2019.
DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.
There is no question that all signs are pointing in the right direction for the nation’s second-largest industrial market. Midway through the year, the vacancy rate has stabilized below 7 percent for the first time in over a decade. On top of that, quarterly deliveries totaled 4.5 million square feet, of which 3.9 million square feet was speculative. In the second quarter, 7.9 million square feet was absorbed. So what’s next for Chicago’s industrial occupiers? Luckily there are two seasons in Chicago, winter and construction. With that, state and federal agencies are collaborating on massive transportation infrastructure improvements, and funds continue to flow to improve and expand our region’s road and rail infrastructure. In addition, the Illinois Tollway has been proactively deploying capital for projects. As a result, industrial occupiers are benefitting from an enhanced flow of goods and more efficient distribution, while the industrial development community has responded with new speculative and build-to-suit projects in key areas to take advantage of these transportation improvements. I-57 Corridor Before 2014, there wasn’t a full four-way interchange at I-57 and I-294, which represented one of the few rare nodes in the nation where two interstates crossed paths but did not allow a …
CHICAGO — Meridian Design Build has broken ground on a 174,536-square-foot speculative industrial facility on behalf of Venture One Real Estate and USAA Real Estate Co. in the Southwest Pilsen neighborhood of Chicago. Known as Rockwell Logistics Center, the property will feature a clear height of 32 feet, 32 trailer parking stalls and two drive-in doors. Forum Studio is the project architect, while Jacob & Hefner Associates is the civil engineer. Terry Grapenthin and Tim McCahill of Lee & Associates will market the property for lease.
CHICAGO — Bridge Investment Group’s office division has purchased One North LaSalle, a 47-story office tower in downtown Chicago. A joint venture of Hilco Real Estate and a pair of MB Real Estate executives sold the property for $113 million, according to Crain’s Chicago Business. The 493,738-square-foot building is currently 84.6 percent occupied. Originally built in 1929, the building has undergone more than $35 million in capital improvements over the last decade. An amenity floor known as The Landmark features a fitness center, conference facilities, lounge areas and a rooftop deck. Melissa Rubenstein, Annie Nicolau and Jay Miller of JLL will oversee lease-up of the property on behalf of Bridge.
CHAMPAIGN-URBANA, ILL. — Arrimus Capital has purchased 212 East, a 428-bed student housing property near the University of Illinois in Champaign-Urbana. XFD Real Estate Partners sold the asset for an undisclosed price. The property is located along Green Street in the heart of the Campustown district. Property amenities include a fitness center, community lounge, outdoor courtyard and study rooms. HFF represented the seller in the transaction.
CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.
LAKE ZURICH, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 122,048-square-foot industrial facility in Lake Zurich. Brian Bocci of Entre represented the buyer, Exeter Property Group. Kris Keller of Keller Williams represented the seller, 1300 Rose Road LLC. The seller plans to lease back approximately 65 percent of the building on a long-term lease. The remaining portion of the property has another tenant in place. Built in 2005, the property features a clear height of 28 feet.
EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.
