Friday, February 6, 2026
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Midwest

Affordable HousingLoansMidwestMinnesotaMultifamily

Dougherty Arranges $14.7M HUD Acquisition Loan for Affordable Housing Project in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $14.7 million HUD 221 (d)(4) loan for the acquisition of an office building in St. Paul. The borrower, Pioneer Apartments LLLP, plans to convert the existing building into a 144-unit affordable housing property called Pioneer Apartments. All units will be restricted to residents earning 60 percent or less of the area median income. The property was originally constructed in 1954 and most recently served as the headquarters for the St. Paul Pioneer Press. In addition to the HUD-insured first mortgage, the borrower will receive equity from the sale of low-income housing tax credits, federal historic tax credits, state historic tax credits funded in the form of a loan from Preservation Alliance Minnesota and funds from the Metropolitan Council. The project also involved tax-exempt bonds underwritten by Dougherty & Co. LLC, an affiliate of Dougherty Mortgage. Completion of the project is slated for early 2019.

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IllinoisIndustrialMidwest

Meridian Breaks Ground on 75,000 SF Industrial Build-to-Suit in Chicago

by Kristin Harlow

CHICAGO — Meridian Design Build has broken ground on a 75,000-square-foot industrial build-to-suit for Banner Wholesale Grocers in Chicago. The property is located on a 4.2-acre site at 2639 S. Damen Ave. The building will feature 36-foot clear heights, LED lighting, a fully air-conditioned wholesale floor, freezer space, eight loading docks and a covered van platform with 16 loading positions. Schmidt Design Inc. is providing architectural services, while Kimley-Horn is completing civil engineering work. A timeline for project completion was not disclosed.

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IllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Negotiates $3.4M Sale of Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated the sale of a 52,082-square-foot industrial building in Elk Grove Village for $3.4 million. The property is located at 1200 Lunt Ave. Mike Plumb, Brad Simousek and Jeff Janda of Lee & Associates represented the seller, American Dawn. Jack Brennan of CBRE represented the buyer, Lawrence Foods, a local manufacturer of bakery ingredients for commercial food manufacturers, in-store supermarket bakeries and foodservice operators.

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HealthcareMidwestMinnesota

IRET to Sell 1.3 MSF Medical Office Portfolio for $417.5M

by Kristin Harlow

MINNEAPOLIS — IRET (NYSE: IRET) has entered into an agreement to sell its medical office portfolio for $417.5 million. The buyer was not disclosed. The properties, totaling approximately 1.3 million square feet, include the company’s entire healthcare portfolio, which consists of 28 healthcare properties and one other commercial property occupied by a healthcare tenant. The transaction, expected to close by the end of January, is one of several key deals nearing the completion of IRET’s strategic transformation, according to the company. IRET also sold 22 other non-core properties for an aggregate sale price of $98.8 million since July. This includes the company’s final two seniors housing properties, marking IRET’s full exit from that segment, as well as three industrial assets and one healthcare asset located in the Twin Cities.

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IllinoisIndustrialMidwest

Nucor Acquires 160-Acre Industrial Land Site, Plans $180M Expansion in Bourbonnais, Illinois

by Kristin Harlow

BOURBONNAIS, ILL. — Nucor Corp. (NYSE: NUE) has acquired a 160-acre industrial land parcel in Bourbonnais, about 55 miles south of Chicago. The site is located at the corner of I-57 and 5000 North Road. Nucor’s planned expansion will allow the steel manufacturer to add a full-range merchant bar quality (MBQ) mill to its current bar steel mill operation. MBQ refers to a lower quality type of carbon steel. The $180 million project will take approximately two years to complete. Greg Leutloff and Jeff Bennett of McColly Bennett Commercial represented the seller, NRG, in the transaction.

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LoansMidwestMultifamilyWisconsin

Walker & Dunlop Arranges $15.5M HUD Loan for Construction of Multifamily Project Near Lambeau Field in Wisconsin

by Kristin Harlow

ASHWAUBENON, WIS. — Walker & Dunlop Inc. has arranged a $15.5 million HUD loan for the construction of Manseau Flats in Ashwaubenon near Lambeau Field, home of the Green Bay Packers. The 78-unit multifamily development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, on-site storage and underground parking. The project is expected to qualify for the National Green Building Standard designation. The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field, featuring several new restaurants, breweries, retail shops, hotels and entertainment options. Brandon Strong and Chris Rumul of Walker & Dunlop arranged the 40-year loan via the HUD 221(d)(4) program. Bedford Development is the project developer. Completion is slated for November 2018.

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IllinoisMidwestOffice

GlenStar Acquires 103,471 SF Office Building in Chicago

by Kristin Harlow

CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.

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HospitalityIowaMidwest

CBRE Brokers Sale of 221-Room Hotel in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — CBRE Hotels has brokered the sale of the Radisson Quad City Plaza hotel in Davenport, the largest of the Quad Cities, for an undisclosed price. The 221-room hotel is located at 111 East 2nd St. along the Mississippi River. Amenities include an indoor pool, fitness center and on-site restaurant. Nate Sahn of CBRE represented the undisclosed seller. Hawkeye Hotels Inc. purchased the property with plans to complete a comprehensive renovation.

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District of ColumbiaIllinoisMarylandMassachusettsMidwestMultifamilyNortheastPennsylvaniaSoutheastTop Stories

Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B

by Taylor Williams

NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …

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IllinoisIndustrialMidwest

Plymouth Industrial REIT Acquires 3 MSF Industrial Portfolio in Chicago for $99.7M

by Kristin Harlow

CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a 15-building, 3 million-square-foot industrial portfolio in the Chicago area for $99.7 million. The Class B portfolio consists of 10 single-tenant buildings spanning approximately 2 million square feet and five multi-tenant buildings totaling approximately 1 million square feet. The buildings are collectively 96 percent leased to various manufacturing and distribution tenants. The portfolio has a weighted average lease term of 4.1 years remaining, with an average of less than 14 percent of the leases expiring each year during the next five years. BIGS Holdings LLC, a subsidiary of Goldman Sachs, sold the portfolio. The purchase price includes $19.9 million in cash and a $79.8 million loan from an affiliate of the seller. The acquisition is projected to provide an initial yield of 8.1 percent.

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