CHICAGO — Capstone Development Partners LLC and Harrison Street Real Estate Capital LLC are developing an on-campus student housing and dining community at the University of Chicago. Capstone On-Campus Management will manage the property in shared governance with the university. Known as Woodlawn Residential Commons, the development will house approximately 1,200 undergraduate students and resident staff. The project will also include a dining commons that will be operated by the university and its dining services provider. Elkus Manfredi Architects is the project architect and Turner Construction Co. is the contractor. The development is slated to open in time for the 2020-2021 school year.
CHICAGO — SVN | Chicago Commercial has brokered the sale of two multifamily buildings in Chicago’s Beverly neighborhood for $9.5 million. The properties, which total 110 units, are located at 10206-30 S. Walden Parkway and 10500 S. Walden Parkway. Frank Micklin of SVN brokered the transaction on behalf of the undisclosed parties. The buyer completed a tax-deferred 1031 exchange.
EVANSTON, ILL. — Jameson Commercial has arranged the sale of a 12,050-square-foot medical office building in Evanston for $5.3 million. Access Community Health Network occupies the property. John Scuras of Jameson brokered the transaction. Neither the buyer nor the seller was disclosed.
WINFIELD, ILL. — Conor Commercial Real Estate has broken ground on North Avenue Commerce Center, a 265,550-square-foot speculative industrial building in Winfield, about 30 miles west of Chicago. The Class A facility will be situated on 17 acres at the southwest corner of North Avenue and Morton Road. The building can be subdivided into separate spaces of 60,000 square feet. Property features include a clear height of 32 feet, an ESFR sprinkler system, 56 exterior docks, four drive-in doors, 12 trailer parking stalls, and 228 car parking spaces. McShane Construction Co. is the general contractor for the project and Ware Malcomb is the architect. Completion is slated for the fourth quarter of this year.
CHICAGO — SunTrust Banks Inc. has provided a $10.6 million bridge loan for the acquisition and deconversion of Cambridge Commons in Chicago. Built in 1970, the property was renovated in 2000. After the closing on July 23, all of the units became apartment rentals. Manny Brown and John Gordon of SunTrust originated the loan on behalf of the borrower, a private equity firm. Areas such as Chicago are seeing more condo deconversions because it is difficult to find land for new developments to meet the rising demand for multifamily properties, according to Gordon. 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.
STICKNEY, ILL. — Wool Finance Partners has arranged a $4.5 million loan for the refinancing of Pershing Terminal in Stickney, about 10 miles southwest of Chicago. The fully leased property includes a 25,000-square-foot cross dock facility and a 13,000-square-foot maintenance facility on a 10-acre site. A West Coast-based life insurance company provided the loan. The undisclosed borrower obtained a lender environmental insurance policy, which insures the lender for any remediation costs in the event of a borrower default. The loan is fully amortized over 25 years and includes a fixed interest rate of 5.1 percent for the first seven years.
CHICAGO — McDonald’s has opened its newly designed flagship restaurant at Clark and Ontario streets in Chicago. The modern and environmentally friendly design features self-order kiosks, table service, mobile order and payment and delivery. The 19,000-square-foot restaurant includes green spaces and energy-saving features such as a vegetated rooftop, on-site solar panel array for renewable energy collection, LED lighting and more than70 trees at the ground level. Chicago-based Ross Barney Architects designed the restaurant, which is set to operate seven days a week and 24 hours a day. Sydney-based Landini Associates designed the interiors. The new restaurant replaces the previous flagship restaurant, which was a rock ‘n’ roll-themed restaurant that closed in December 2017.
CHICAGO — HFF has arranged a $30.5 million loan for the refinancing of Kinzie Hotel, a 215-room boutique hotel in Chicago’s River North. Constructed in 2003 as an Amalfi Hotel, the property was renovated and transformed into the Kinzie Hotel in 2014. The hotel, which occupies the first six floors of a 385,000-square-foot Class A office building, has its own lobby entrance and elevators on the first floor. Other hotel features include a lounge, fitness center and 2,300 square feet of meeting space. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the loan on behalf of the borrower, a joint venture between Bixby Bridge Capital LLC and Urbana Holdings LLC. Annaly Commercial Real Estate Group Inc. provided the three-year, floating-rate loan. Proceeds from the loan were used to refinance the existing mortgage in conjunction with installing Urbana Varro as the new hotel management company.
ELGIN, ILL. — TLC Industries has signed a 51,600-square-foot industrial lease in Elgin. A contract woodshop for the arcade and gaming industry, TLC will occupy the entire property at 1270 Abbott Drive. Jay Farnam of Lee & Associates represented TLC in the lease transaction. Brian Kling and John D’Orazio of Colliers International represented the undisclosed landlord.
ARLINGTON HEIGHTS, ILL. — Stan Johnson Co. has arranged the sale of a 111,667-square-foot industrial building in Arlington Heights for $11.4 million. The two-tenant property is located at 545 E. Algonquin Road. Quality assurance company Intertek leases 85 percent of the building and has self-funded a specialized interior build-out. A data center operator occupies the remaining 15 percent of the property. John Zimmerman and Craig Tomlinson of Stan Johnson represented the seller, a joint venture between Minneapolis-based Biynah Partners and Baltimore-based Alex Brown Realty. New York-based Crystal Acquisitions purchased the asset.