CHICAGO — NorthMarq Capital has secured $19.4 million in refinancing for Twin Towers Apartments in Chicago. The two 22-story multifamily buildings total 253 units. Sue Blumberg of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through NorthMarq’s Fannie Mae DUS platform.
EVERGREEN PARK, ILL. — Detroit-based Lormax Stern Development, in partnership with Tampa, Fla.-based DeBartolo Development, has acquired Evergreen Plaza Mall (The Plaza) in Evergreen Park for an undisclosed price. Built in 1952, the mall has been largely vacant since 2013, with only four stores open at the time of sale. The buyers plan to demolish the majority of the existing 800,000-square-foot mall and replace it with a 425,000-square-foot open-air retail center on the 32-acre parcel. Construction is slated for completion in 2017.
CHICAGO — Interra Realty has brokered the sales of two multifamily properties totaling $2.7 million in Chicago’s Ukrainian Village and North Park neighborhoods. A five-unit, owner-occupied multifamily property, located at 1101 N. Damen Ave. in Ukrainian Village, sold for $2 million. The second transaction is the $735,000 sale of a six-unit multifamily property, located at 3217-23 W. Balmoral St. in the North Park district. Brad Feldman of Interra Realty brokered the transactions. The names of the sellers were not disclosed.
CHICAGO — Community Investment Corp. (CIC), a Chicago-based community development financial institution (CDFI), has raised a $200 million loan pool to finance the acquisition and rehabilitation of affordable rental housing in the Chicago area over the next five years. The funding will preserve at least 7,500 affordable units, preventing their loss due to demolition or decay, as well as providing quality rental housing for approximately 18,000 people. The new fund consists of investments by 37 Chicago-area banks to support CIC’s Multifamily Loan Program. The program, which is the foundation of CIC’s affordable rental housing initiatives, primarily targets privately owned rental housing. To date, the program has provided more than $1.2 billion in financing for the acquisition, rehab and preservation of more than 55,000 units of affordable housing for more than 130,000 Chicago-area residents.
LAKE ZURICH, ILL. — Quantum Real Estate Advisors has arranged the sale of a retail building located at 440 S. Rand Road in Lake Zurich. The 7,200-square-foot, dual-tenant property sold for $3.7 million. The property’s tenant roster includes Vitamin Shoppe and Sleepy’s. Chad Firsel of Quantum Real Estate represented the buyer, a Argentina-based private real estate investor, and the seller, an Illinois-based development group, in the transaction.
ROMEOVILLE, ILL. — Holladay Properties has partnered with WoodSpring Suites, formerly Value Place, to develop the first WoodSpring Suites hotel in Romeoville, located west of Chicago. Located at 1093 Windham Parkway, the four-story hotel will feature 116 rooms with in-room kitchens, free high-speed Internet and guest laundry facilities. The hotel is slated to open in April 2016.
EVANSTON, ILL. — Podolsky|Circle CORFAC has arranged the relocation and renovation of the Evanston Art Center in Evanston. The organization will relocate to a newly acquired 20,000-square-foot facility located at 1717 Central St. this summer from its current location at 2603 Sheridan Road. The Dobbins Group, serving as design-build contractor, renovated the new facility, which was a former office building. The art center features multi-disciplinary offerings, including programming and educational activities in the areas of culinary arts, design, digital fabrication, music and visual arts. Additionally the facility features gallery space and a coffee shop. Randy Podolsky and Adam Tarantur of Podolsky|Circle assisted in the acquisition of the facility for the 501(c)(3) non-profit organization. Podolsky|Circle and Lebar Construction Management served as construction manager for the renovation project.
BOLINGBROOK, ILL. — LG Electronics has extended its lease of 377,630 square feet at 1251 115th St. in Bolingbrook. The property is located within Highland Corporate Center and owned by ML Realty Partners. James Frank and Jason West of Cushman & Wakefield represented the tenant in the transaction. Terms of the lease were not released.
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 7351 Sandalwood Drive in Tinley Park. The 12-unit property sold for $845,000. The property comprises four one-bedroom/one-bath units, measuring 600 square feet, and eight two-bedroom/one-bath units, measuring approximately 875 square feet. Each unit has storage, a dishwasher, access to on-site laundry and a balcony or patio. Jordan Gilbert, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
WAUKEGAN, ILL. — Bridge Development Co. has selected PREMIER Design + Build Group to construct Bridge Point North, a 240-acre business park redevelopment within McGaw Park in Waukegan. The first phase of the project includes more than 17 million cubic feet of demolition and reconfiguration of existing roadways and infrastructure and the construction of a 625,000-square-foot building and a 400,000-square-foot building. Additionally, the first phase will include the installation of a new heating system and sanitary sewers in a few of the existing structures. Plans for the second phase are currently underway and include up to seven buildings, totaling 1.1 million additional square feet. Cornerstone Architects LTD is providing architectural services and Manhard Consulting LTD is providing civil engineering services.
