LONG GROVE, ILL. — Capital One has provided a $21.5 million HUD 232/223(f) loan for the refinancing of Avantara Long Grove. The 195-bed skilled nursing facility is located in Long Grove, about 35 miles northwest of Chicago. The property was built in 1995 with additions in 2006 and 2007. The borrower, Cascade Capital Group, purchased the facility in 2016 and completed $3 million in improvements to the rehabilitation wing, therapy gym, front lobby, offices and conference room. Joshua Rosen of Capital One originated the 35-year loan.
CHICAGO — The Joseph J. Duffy Co. has broken ground on Brainerd Park Apartments, a $12 million affordable housing project in Chicago’s 21st ward. The 36-unit property is located at 8920 S. Loomis St. The two-story building features one-, two-, three- and four-bedroom units. The property will serve families earning at or below 60 percent of the area median income. Chicago Housing Authority rental assistance will cover 25 percent of the units. Safeway Construction Co. Inc. is a partner in the construction of the building. Two nonprofit organizations, Full Circle Communities Inc. and Christian Community Health Center, are the co-owners and developers. Hooker DeJong Inc. is providing architectural services.
DEER PARK, ILL. — Associated Bank has provided a $7.3 million loan for the refinancing of Hampton Inn & Suites in Deer Park, about 40 miles northwest of Chicago. The 104-room hotel is located at 21660 W. Lake Cook Road. The borrower, Atira Hotels, built the property in 2009. Brian Rogan of Associated Bank originated the loan.
SPRINGFIELD, ILL. — Foresite Realty Partners LLC has negotiated the sale of Bally Vaughn Apartments in Springfield in central Illinois for an undisclosed price. The 72-unit property consists of 60 two-bedroom and 12 three-bedroom units in four buildings. The property has been vacant for the past four years. Kristen Keehnast and Ryan Nelson of Foresite Realty represented the seller in the transaction. The buyer, an out-of-state investor, plans to rehab the property.
CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.
CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.
CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …
WESTMONT, ILL. — CBRE has arranged the sale of Oakmont Corporate Center and One Oakmont Plaza in Westmont, located about 23 miles west of Chicago, for $18.9 million. Oakmont Corporate Center is a four-story, 74,279-square-foot office building that is currently 95 percent leased. One Oakmont Plaza is a six-story, 117,841-square-foot office building that is currently 100 percent leased. Both properties are situated on five-acre sites and feature recently renovated lobbies. Bill Novelli, Derek Fohl and Pete Adamo of CBRE represented the undisclosed seller. Valley Equity Group purchased the portfolio.
DOWNERS GROVE, ILL. — Rexnord Corp. will build a new manufacturing facility and aerospace headquarters in Downers Grove, about 20 miles west of Chicago. Rexnord will replace its existing 200,000-square-foot facility, built in 1956 and located at 2400 Curtiss St. within the Ellsworth Business Park. The 248,000-square-foot facility is slated for completion by 2019. The Downers Grove Economic Development Corp. worked closely with the project’s consulting firm, Cushman & Wakefield. Milwaukee-based Rexnord manufactures motion control, aerospace and water management products.
DOWNERS GROVE, ILL. — Draper and Kramer Mortgage Corp. has opened a new 23,000-square-foot headquarters in Downers Grove, about 20 miles west of Chicago. Over 125 employees, area business professionals and government officials were in attendance for the grand opening and ribbon-cutting ceremony on Aug. 22. Draper and Kramer Mortgage Corp. has moved to the office, located at 1431 Opus Place, from nearby Lombard, Ill. Staffed by over 100 employees, the Downers Grove headquarters features private and team offices, an open-concept kitchen and dining/gathering area, two conference rooms and a dedicated training room. Occupying the new office are the company’s loan processing, underwriting, closing, training, information technology, secondary shipping, accounting and human resources departments. Staff members were transitioned into the new space from the company’s previous location beginning this spring. Draper and Kramer Mortgage Corp. is a division of Draper and Kramer Inc., which is still based in Chicago.