CHICAGO — Berkadia has negotiated the $27 million sale of 1344 North Dearborn, a 94-unit multifamily property in Chicago’s Gold Coast neighborhood. Built in 1967, the asset had been converted into individual condominiums but then de-converted back to a fully rental community. Ralph DePasquale of Berkadia represented the seller, Illinois-based Ravinia Capital Group. The buyer was Bill Silverstein, owner of Beal Properties. The building was 95 percent occupied at the time of sale.
EAST PEORIA, ILL. — Boot Barn and Best Buy have joined the tenant lineup at The Levee District, a mixed-use center and shopping destination owned by Cullinan Properties in East Peoria. Both stores are expected to open in 2025. Best Buy is moving from its current location in metro Peoria. The Levee District is home to anchor retailers Target, Costco, Slumberland Furniture, Ulta and Ross Dress for Less. The development features a 137-room Holiday Inn & Suites hotel and is home to the City of East Peoria offices and the Fondulac Public Library.
MINOT, N.D. — Marcus & Millichap has brokered the sale of Candlewood Suites Minot, an 80-room hotel in North Dakota. The sales price was undisclosed. The four-story property is located just off U.S. Route 83. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. The buyer plans to complete property renovations. The transaction received additional support from Allan Miller and Chris Gomes of Marcus & Millichap’s Miller-Gomes Hotel Team.
HEMLOCK, MICH. — The U.S. Department of Commerce has awarded Hemlock Semiconductor (HSC) up to $325 million in direct funding under the CHIPS Incentive Program’s Funding Opportunity for Commercial Fabrication Facilities. The funding will support the construction of a new manufacturing facility in Hemlock, about 65 miles north of Lansing. The project is expected to create approximately 180 manufacturing jobs and over 1,000 construction jobs. HSC is the only U.S.-owned manufacturer of hyper-pure polysilicon.
CLEVELAND — Kassouf Development has closed on financing for the Erieview Tower & Galleria redevelopment in downtown Clevleand. The developer will convert the property into a dual-branded W Residences and W Hotels by Marriott project. Plans call for 227 residences and 210 luxury hotel rooms. Residents will have access to concierge services, housekeeping, a doorman, bellman and butler services in addition to all hospitality and experiential amenities as well as access to the connected retail Galleria. The hotel component will feature a rooftop bar, fine dining restaurant, spa, fitness center, lobby lounge, office spaces and a 15,000-square-foot ballroom. The project marks the first W Hotels offering in Ohio. The development’s price tag is more than $218 million. The dual-branded W Residences and W Hotels concept is offered by Marriott worldwide, and there are eight locations in the United States. The existing Erieview Tower & Galleria is listed on the National Register of Historic Places. Construction will be completed in phases, with residential construction commencing immediately and hotel construction beginning later this year. Completion is slated for late 2026. The Kassouf family purchased Erieview Tower in 2018 and has worked since the acquisition to secure the various capital sources needed to …
BRAHAM AND SANDSTONE, MINN. — JLL Capital Markets has brokered the sale of a two-property affordable housing portfolio totaling 84 units in rural Minnesota for an undisclosed price. Braham Meadows in Braham was built between 1978 and 1980. There are 42 units averaging 1,024 square feet each. Sandy Pines in Sandstone was built in 1979. There are 42 units across 47,400 square feet of rentable space. Both properties operate under project-based Housing Assistance Payments contracts and maintain 88 percent occupancy rates. JLL represented the seller, Gaughan Cos. The sales were part of a larger affordable housing portfolio consisting of five assets with 256 units. The locally based buyer specializes in acquisition rehabs to maintain long-term viability of apartment communities.
MILWAUKEE — NAI Pfefferle has expanded into the greater Milwaukee market effective Jan. 1. The firm, a division of Pfefferle Cos. Inc., maintains offices in Appleton, Green Bay, Sheboygan and Wausau. The company has 26 licensed brokers and manages more than 14 million square feet of property throughout Wisconsin. NAI Pfefferle has named Walter Sauthoff to lead the expansion into the Milwaukee office. He will lead a team of local advisors specializing in office, industrial, retail, multifamily and investment properties in metro Milwaukee. The office will be located at 1233 N. Mayfair Road in Milwaukee.
LITTLE CHUTE, WIS. — Marcus & Millichap has arranged the sale of the Country Inn & Suites by Radisson, Appleton North hotel in Little Chute, about 25 miles southwest of Green Bay. The 66-room property is located at 130 Patriot Drive just off I-41. Amenities include an indoor pool, whirlpool, waterslide, waterpark, fitness center, business center, guest laundry, recreational vehicle parking and 400 square feet of meeting space. The asset will continue to operate as a Country Inn & Suites and is set to undergo a renovation. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
CHICAGO — JLL Capital Markets has originated a $113.7 million Freddie Mac loan for the refinancing of K2 Apartments, a 34-story apartment tower in Chicago’s Fulton Market district. The 496-unit property is located at 365 N. Halsted St. just west of the Chicago River. Constructed in 2013, K2 Apartments features a range of units from studios to three-bedroom layouts. Amenities include a pool, terrace lounge, movie theater room, 24-hour concierge service, a dog park and indoor basketball court. Danny Kaufman, Medina Spiodic and Rebecca Brielmaier of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Georgetown Co.
CHICAGO — Northwind Group has provided a $62.5 million first mortgage, senior secured acquisition and lease-up loan collateralized by 303 East Wacker Drive, a 30-story office building in Chicago. The property totals more than 1 million square feet and includes a 282-space parking garage. Situated on the Chicago River in the East Loop submarket, the building was roughly 75 percent occupied at the time of loan closing. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition from the existing lender via a deed-in-lieu of foreclosure from prior ownership, Beacon Capital Partners. The building has been recently renovated and modernized with over $32 million of upgrades and tenant-focused improvements. A new amenity center on the entire 30th floor overlooks Lake Michigan. John Vavas of Polsinelli Law Firm represented Northwind.
