CHICAGO — Associated Bank has provided a $7.5 million construction loan to Three Corners Development and Madison Construction. The developer and general contractor will use the capital to build three mixed-use residential apartment buildings in Chicago. The projects will span three stories and will each feature 22 units and approximately 12,000 square feet of ground-floor retail space. The buildings will be located at 1301 W. Devon Ave., 6359 N. Wayne Ave. and 1244 W. Devon Ave.
CICERO, ILL. — Baum Realty Group LLC has arranged the $3.4 million sale of a retail property net-leased to Planet Fitness in metro Chicago. The property is located at 2300 S. Cicero Ave. in Cicero, a western suburb of Chicago. The fitness center is situated on 1.3 acres and includes 110 parking spaces. The building was renovated in 2010. Planet Fitness still has more than 10 years remaining on its lease with rental increases every five years. Brad Teitelbaum and Patrick Forkin of Baum Realty represented the seller in the transaction, a private local investor. The buyer was a private West Coast investor.
LAKE COUNTY, ILL. — NorthPoint Capital Funding Inc. has originated a $2.1 million refinancing loan for a 36-unit multifamily property in Lake County, approximately 40 miles north of Chicago. The loan features a 10-year term and 30-year amortization schedule with loan proceeds in excess of the existing balance. Rick Rodriguez and Kevan Briscoe of NorthPoint originated the loan. The name of the borrower was not disclosed.
CHICAGO — Marcus & Millichap has brokered the $3 million sale of a 12-unit apartment property in Chicago. The property is located at 855 W. Grace St. and is near Wrigleyville, home of the Chicago Cubs. Kyle Stengle listed the property on behalf of the seller, an undisclosed private investor. Stengle also represented the buyer, a limited liability company.
CHICAGO — U.S. Bank has provided a $17.4 million equity investment in a 78-unit affordable housing multifamily project in Chicago. Park Place Family will be located at the intersection of West 50th Street and South Millard Avenue. Brinshore Development LLC and Back of the Yards Neighborhood Council will develop the project. The development is estimated to cost $27 million. The units will range from one to three bedrooms. Two units will be built for vision- or hearing-impaired residents, and four units will be accessible for handicapped residents. Eligible tenants will earn between 50 and 60 percent of the area’s median income. Rents will range from $546 for a one-bedroom unit to $960 for a three-bedroom unit. Site preparation is underway, and completion is slated for February 2017.
CHICAGO — Marcus & Millichap has brokered the sale of a 19-unit apartment property in Chicago. The building, located at 3161 N. Orchard St., sold for $6.5 million. The three-story asset was fully renovated in 2013. Upgrades included granite countertops, new kitchen cabinets, stainless steel appliances, new bathrooms, plumbing and electric, porches and newly stained hardwood floors. Kyle Stengle listed the property on behalf of the seller and secured the buyer in the transaction. Both parties were limited liability companies.
CHICAGO — NelsonHill has arranged a 122,000-square-foot industrial lease in Chicago. The facility is located at 1200 W. Cermak Road and features new lighting, loading docks, 18-foot clear heights and parking. The entire facility was leased in six transactions. Tenants in the property include Fastenal Co., Shyp Inc., MakeSpace, Windy City Greens, Gourmet Gorilla and Sherwin-Williams. Michael Nelson and Mark Nelson of NelsonHill arranged the transactions.
CHICAGO — Power Construction Co. LLC, along with Ascend Real Estate Group and Intercontinental Real Estate Corp. has broken ground on Niche 905 in Chicago. The 18-story, 202-unit luxury apartment tower will be located at 905 N. Orleans St. Designed by Fitzgerald Associates Architects, the building is expected to obtain LEED certification and will include one-, two- and three-bedroom units. The tower will also include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes, as well as views of Lake Michigan and the downtown skyline. Niche 905 will be located near the Chicago Transit Authority’s Brown, Purple and Red lines. Amenities at Niche 905 include a rooftop pool, spa and sundeck; grilling stations and a fire pit; outdoor bar; community garden; a fitness center with yoga studio; private party room with kitchen; business center; conference room; coffee bar; pet washing station and bike storage and workshop. Unit amenities include quartz countertops, glass tile backsplashes, under-cabinet lighting, plank flooring, 9-foot ceilings, private balconies and washers and dryers. Ascend Real Estate Group and Intercontinental Real Estate Corp. make up the development venture.
PALATINE, ILL. — Faris Lee Investments has brokered the $7.1 million sale of an 11,800-square-foot retail property. The Shops at Deer Grove is fully occupied and located on 1.5 acres in Palatine, approximately 30 miles northwest of Chicago. Tenants in the center include Starbucks Coffee, Menchie’s Frozen Yogurt, Pie Five Pizza, AT&T, Jersey Mike’s Subs and Chipotle Mexican Grill. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both parties in the transaction. The seller was an Illinois-based private developer and the buyer was a Wisconsin-based private investor.
CHICAGO — Marcus & Millichap has arranged the sale of a 6,012-square-foot mixed-use property in Chicago. The building, located at 2058 W. Roscoe St., sold for $1.7 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller and secured and represented the buyer. Both parties in the transaction were undisclosed and were limited liability companies. The property includes one commercial tenant on the ground floor and five apartment units on the second and third floors.
