CHICAGO — Lument has provided $110.8 million in Fannie Mae loans for the refinancing of a six-property multifamily portfolio in Chicago. The loans refinance existing bank debt for the borrower, BJB Properties, a Chicago-based owner-operator that owns and manages over 70 communities. Evan Hom of Lument led the transaction. All loans feature fixed interest rates, 10-year terms and 35-year amortization schedules. The properties total 769 units and are located in the Near North Side, the Loop, Rogers Park and Lincoln Park. Approximately half of the units are affordable to renters earning up to 80 percent of the area median income. All of the communities average nearly 100 percent occupancy.
COLUMBUS, OHIO — Reynolds Asset Management, in partnership with the Slabotsky Family Office, has purchased The Commons at Water’s Edge in Columbus with plans to invest over $10 million to overhaul the property. The 432-unit multifamily community features a mix of one- and two-bedroom units. Renovations are expected to begin immediately and continue through 2026. George Skaff, Carter Stephens and Julie Mickley of Newmark brokered the sale, while Henry Stimler and Ricky Warner of Newmark procured the debt.
CRYSTAL LAKE, ILL. — McShane Construction Co. has completed Redwood Crystal Lake, a 124-unit, single-story apartment property in the Chicago suburb of Crystal Lake. Redwood Living Inc. is the developer. Designed by Mann Parsons Gray Architects, the community integrates 25 townhome-style buildings with four to six units each. Each of the two-bedroom units feature an attached two-car garage and patio. Amenities include designated green spaces, pet waste stations and designated guest parking.
COLUMBUS, OHIO — Hillwood has selected Meridian Design Build to construct two Class A speculative industrial buildings at its Central Columbus Commerce 71 development in Columbus. The buildings will total 624,004 square feet and will be located on a 48-acre redevelopment site at the southwest corner of Windsor and Joyce avenues. Construction is underway at the project site. The team includes Red Architecture and civil engineer Kimley-Horn and Associates Inc. Joel Yakovac and Michael Linder of Colliers are marketing the development for lease.
MATTESON, ILL. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community in Matteson, about 30 miles south of Chicago, for an undisclosed price. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring. Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living units and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and art studio; barbershop, beauty salon and spa; therapy room and gym; movie theater, library and chapel; bistro; courtyard with walking paths; and common areas. The acquisition brings Tutera’s portfolio to 77 communities operated across 10 states.
INDIANAPOLIS, ELKHART AND KENDALLVILLE, IND. — Marcus & Millichap has arranged the sale of three retail centers in Indiana for a combined $5.4 million. The properties include Northfield Plaza in Elkhart, Kendallville Plaza in Kendallville and Michigan Road Shops in Indianapolis. Jordan Klink and Mike Banwell of Marcus & Millichap represented the undisclosed seller and implemented a national marketing and auction campaign to attract investor interest.
CHICAGO — Urban Innovations has completed a retail build-out for Baggu at 1639 N. Damen Ave. in Chicago’s Bucktown neighborhood. Urban Innovations gutted the 1,960-square-foot space and installed a new storage room, restroom and back-of-house office space for staff. The main store has new millwork shelving, a custom-built checkout desk, penny tile flooring, track lighting and merchandise paneling to display bags and other items for sale. The project team also completed new exterior signage. Haddock Studio designed the space for the tenant, and Jenel Real Estate owns the building. Baggu gained popularity on the internet for its unique reusable bags.
CRYSTAL LAKE, ILL. — Entre Commercial Realty has brokered the sale of a 17,200-square-foot industrial building located at 110 East St. in the Chicago suburb of Crystal Lake. The sales price was undisclosed. The freestanding property features a clear height of 18 feet, nine drive-in doors, ample parking and the potential for outside storage. The facility previously served as the headquarters of Fishstone Concrete Supply, a concrete product supplier. The buyer, RPM Building Solutions, plans to establish its new headquarters at the location. Elisabeth Lazzara, Mike DeSerto and Cory Kay of Entre were the sole brokers in the transaction.
FLINT TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has arranged the sale of a 1,632-square-foot medical office condominium in Flint Township for an undisclosed price. The property at 1128 S. Linden Road is situated near Flint’s “Medical Mile,” which is home to major hospitals such as Hurley Medical Center and McLaren Hospital. James Mitchell of Dominion represented the seller, Imperial Holdings LLC also known as Imperial Wellness Center LLC. Jack Fox of Piper Realty Co. represented the buyer, Peace of Mind Counseling LLC, which will use the premises for counseling services.
WOODRIDGE, ILL. — Red Mountain Group Inc. has acquired Woodridge Plaza, a 50,809-square-foot neighborhood retail center in the Chicago suburb of Woodridge. The purchase price was undisclosed. Anchor tenants include Walgreens, Dunkin’ and Anytime Fitness, which is opening soon. There is also a 7-Eleven gas station. Red Mountain Group plans to make immediate improvements to enhance the property’s aesthetic appeal and functionality.