Midwest

Baum Realty Arranges $2.4M Sale of Mixed-Use Building Occupied by Taco Bell Cantina in Chicago

by Kristin Harlow November 2, 2016

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building, located at 1439 N. Milwaukee Ave. in Chicago’s Wicker Park/Bucktown neighborhood. The property’s ground-floor retail space is occupied by Taco Bell Cantina, which offers the brand’s traditional food menu in addition to beer, wine and frozen alcohol drinks. The three uppers floors contain five recently updated apartments ranging from one-bedroom layouts to a three-bedroom unit. The property sold for $2.4 million. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller, a local investor. The buyer is a Chicago-based investment group.

November 2, 2016

Illinois Midwest Office

Transwestern, Darwin Realty Arrange 24,400 SF Office Lease in Chicago’s Northwest Suburbs

by Kristin Harlow November 2, 2016

DOWNERS GROVE, ILL. — Transwestern and Darwin Realty have brokered a 24,400-square-foot lease at Corridors I, a 149,896-square-foot office building located at 2651 Warrenville Road in Downers Grove. PLZ Aeroscience Corp., a specialty aerosol product manufacturer, plans to move its headquarters to Downers Grove in February from its current location in Addison. The Downers Grove office will house approximately 80 employees. Corridors I and II were acquired by Transwestern Investment Group in 2013. Transwestern was self-represented by Joe Stevens, Fred Ishler and Lindsay Borkan in the transaction. Adam Haefner of Darwin Realty represented the tenant.

November 2, 2016

Illinois Midwest Mixed-Use

Essex Realty Group Brokers Nearly $2M Sale of a 10-Unit Mixed-Use Building in Logan Square

by Kristin Harlow November 2, 2016

CHICAGO — Essex Realty Group Inc. has brokered the $1.98 million sale of 2843 N. Milwaukee Ave., a 10-unit mixed-use building located in the Logan Square neighborhood of Chicago. The property includes six apartments consisting of two one-bed units and four two-bed units, two street retail spaces and two flex spaces in the rear. The property is situated near the Logan Square CTA stop, which services the Blue Line to Chicago’s Loop and O’Hare International Airport. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.

November 2, 2016

Illinois Midwest Mixed-Use

CA Ventures, K Giles Start Construction on 26-Story Mixed-Use Tower in Chicago

by Kristin Harlow November 1, 2016

CHICAGO — CA Ventures, in conjunction with K Giles LLC, has started construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. in Chicago’s South Loop. The transit-oriented project is located steps from the CTA Roosevelt station. Scheduled for completion in May 2018, the 26-story tower will include 320 luxury apartments, 5,000 square feet of street-level retail and parking for 141 vehicles. Floor plans will range in size from 389 to 1,027 square feet. Lendlease will oversee construction of the Solomon Cordwell Buenz-designed tower.

November 1, 2016

Indiana Midwest Multifamily Seniors Housing

63-Unit Senior Apartment Community for Low-Income Residents Opens in Indianapolis

by Kristin Harlow November 1, 2016

INDIANAPOLIS — The city of Indianapolis, along with TWG Development LLC and community leaders, recently celebrated the grand opening of Illinois Street Senior Apartments, a 63-unit, low-income housing community, on Oct. 28. Facilitated through the Department of Metropolitan Development (DMD), TWG was awarded U.S. Department of Housing and Urban Development (HUD) grant funds to purchase and develop the historic building at 1352 N. Illinois St. The vacant building once housed Fame Laundry Co. The city supported this project with two HUD funds: the HOME Investment Partnerships Program (HOME), which supports affordable housing projects across the city, and the National Stabilization Program (NSP), a competitive grant created to help local governments acquire and redevelop buildings. The Community Investments Division of DMD earned the NSP grant in 2015, enabling the city and TWG to invest in the property and return it to a community asset.

November 1, 2016

Loans Midwest Missouri Multifamily

Capital One Provides $27M Loan for Multifamily Property in Kansas City, Missouri

by Kristin Harlow November 1, 2016

KANSAS CITY, MO. — Capital One has provided a $27.3 million balance sheet loan for the refinancing of a multifamily property owned by a fund advised by Sentinel Real Estate. The five-year, adjustable-rate loan is secured by Carrington Place at Shoal Creek, a 270-unit, Class A luxury garden-style apartment community that the fund purchased in January 2016. Seth Wiener and Joel Willard of Capital One originated the transactions.

November 1, 2016

Illinois Midwest Retail

L3 Capital Purchases 30,000 SF W. Fulton Market for $14.5M

by Kristin Harlow November 1, 2016

CHICAGO — Real estate investment firm L3 Capital has purchased 914-26 W. Fulton Market, a 30,000-square-foot, two-story property from El Cubano Wholesale Meats. The purchase price was $14.5 million. El Cubano had used the property as a cold storage and office facility, but the property can easily be subdivided for multiple tenants. El Cubano will be moving its production and distribution operations to a 96,000-square-foot facility at 5275 S. Archer Ave. Keely Polczynski, CBRE senior vice president, represented El Cubano in the transaction.

November 1, 2016

Midwest Minnesota

CBRE Arranges $2.3M Acquisition Loan through Freddie Mac for Apartment Property in Minneapolis

by Kristin Harlow November 1, 2016

MINNEAPOLIS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $2.3 million in long-term acquisition financing for a 41-unit multifamily complex located in the Standish neighborhood of South Minneapolis. The two-story building, located at 3725 Cedar Ave. South, was built in 1971 and offers one-, two- and three-bedroom units. The property was 100 percent occupied at the time of closing. The non-recourse financing was obtained through Freddie Mac’s small loan balance program and features a 20-year loan term with a 10-year fixed interest rate of 3.3 percent and a 30-year amortization. Ben Bastian of CBRE’s Minneapolis office represented the borrower, 3725 Cedar LLC, in the transaction. The borrower is affiliated with Baker Management Group LLC, a local multifamily owner and operator with approximately 250 units under management within the Minneapolis metro area.

November 1, 2016

Illinois Midwest Multifamily

Smithfield Properties Constructs Chicago’s First Ground-up Micro Apartments

by Kristin Harlow October 31, 2016

CHICAGO — Developer Smithfield Properties is nearing completion of SoNu Digs, Chicago’s first ground-up, micro-apartment building. SoNu is located at 1515 N. Fremont St. in the Lincoln Park/SoNo neighborhood. The apartments, which will be ready for occupancy in December, range in size from 336 square feet to 438 square feet. Monthly rental rates range from $1,300 to $1,655. SoNu is the final part of a planned SoNo complex built by Smithfield Properties, which includes the SoNo East apartments and SoNo West condominiums. Calibrate Management will lease and manage the property.

October 31, 2016

Midwest Minnesota Multifamily

WNC Provides Nearly $2 Million in LIHTC Equity for Homeless Veterans in Suburban Minneapolis

by Kristin Harlow October 31, 2016

MINNEAPOLIS — WNC has provided nearly $2 million in low-income housing tax credit (LIHTC) equity to fund the development of Linden Grove Veteran Apartments, a 37-unit affordable housing complex exclusively constructed for homeless veterans of the U.S. Armed Forces in the Minneapolis suburb of St. Cloud. The three-story building sits on six acres of land and is located at 4804 Veterans Drive. The apartments are part of the St. Cloud VA Health Care System and designated as permanent housing for low-income veterans who are homeless or at risk of homelessness. St. Michael Development Group LLC, a subsidiary of The Sand Companies Inc., developed the apartments. Affordable Housing Initiatives LLC served as the managing general partner of the project and Jamie Thelen as its developer.

October 31, 2016

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