Midwest

Walker & Dunlop Arranges $22.6M in Equity for Chicago Affordable Housing Community

by Kristin Harlow May 14, 2025

CHICAGO — Walker & Dunlop Inc. has arranged $22.6 million in equity for Parkside 5, the fifth and final phase of the Parkside at Old Town development, a 99-unit community located on the former Cabrini-Green public housing site in Chicago’s Near North Side. Jennifer Erixon led the Walker & Dunlop team that syndicated Low-Income Housing Tax Credits and Illinois Donation Tax Credits on behalf of the borrower, Holsten Real Estate Development Corp. Walker & Dunlop Affordable Equity syndicated the equity to JP Morgan, resulting in $22.6 million of equity to support the development. In addition to syndicating the credits, JP Morgan is also providing a construction loan. The funding will support the construction of a mix of market-rate and affordable units, with 37 of the units benefitting from a 20-year Section 8 Housing Assistance Payment contract. The affordable units will be reserved for households earning between 50 and 60 percent of the area median income. Parkside 5 will feature three three-story, walk-up buildings and an eight-story mid-rise structure with townhome units at its base. Planned amenities include a community room, fitness center and onsite social services for residents. A playground and dog park will be open to the community.

May 14, 2025

Acquisitions Iowa Midwest Missouri Retail

Hanley Investment Group Brokers Seven Retail Property Sales Totaling $18.4M

by Kristin Harlow May 14, 2025

CORONA DEL MAR, CALIF. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has brokered the sales of seven net-leased retail properties totaling $18.4 million on behalf of a Minnesota-based 1031 exchange buyer. Jeff Lefko and Bill Asher of Hanley Investment Group represented the buyer in the transactions, which included a mix of newly constructed single-tenant and multi-tenant assets. Midwest transaction highlights include a 4,616-square-foot property occupied by Total Access Urgent Care in Oakville, Mo., and a 7 Brew ground lease in Des Moines, Iowa. Hanley Investment Group represented the buyer and sellers in association with John Shuff of Pace Properties and ParaSell Inc. for the Missouri and Iowa properties, respectively.

May 14, 2025

Development Illinois Midwest Office

Aspire Properties Spearheads $13M Renovation of Historic Chicago Office Tower

by Kristin Harlow May 14, 2025

CHICAGO — Aspire Properties is underway on a $13 million renovation of 25 E. Washington, a 20-story office tower in Chicago’s Loop. Aspire has handled management and leasing of the property since 1996. The owners are Amsterdam-based Kroonenberg Groep and Aventura, Fla.-based Trump Group. Designed by geniant + Eastlake Studio, the renovation is slated for completion in September. A 15,000-square-foot, seventh-floor amenity center will feature a 3,000-square-foot open-air courtyard, lounge, game room, conference center and fitness facility. With over 45,000 square feet of new and renewed leases in the first quarter of 2025, the Daniel Burnham-designed building now boasts an 85 percent occupancy rate. Recent leasing highlights include: Siteline, which renewed its 13,000-square-foot space; ATS Institute, which expanded by 10,000 square feet; National Community Investment Fund, which relocated from LaSalle Street into more than 4,600 square feet; Millennium Counseling Center, which signed a new 3,500-square-foot lease; and Gertie Enterprises, which leased 3,000 square feet of new space.

May 14, 2025

Development Midwest Minnesota Retail

Kraus-Anderson Completes Redevelopment Project at Galleria Mall in Edina, Minnesota

by Kristin Harlow May 13, 2025

EDINA, MINN. — Kraus-Anderson Construction (KA) has completed a redevelopment project at Galleria in Edina, transforming a key section of the mall into a new retail area anchored by an expanded space for lifestyle and home furnishings brand Arhaus. Designed by Cuningham Architects, the two-story, 53,536-square-foot core and shell features a 25,000-square-foot showroom for Arhaus, which is slated to open this fall. The redevelopment also accommodates three additional tenants, including Sweet Paris Crêperie, which is also scheduled to open this fall. The other two retailers will debut in 2026. The scope of work included the full interior demolition of both lower and main levels. KA raised the roof by 10 feet, created a concourse with clerestory windows and installed a glass elevator. In addition to the interior remodel, the project also incorporated exterior and site improvements, including new drive lanes connecting Galleria’s parking areas, a new underground stormwater retention system, upgraded electrical and water services, new concrete and asphalt paving, irrigation and landscaping. Construction began in February 2024. Hines, which manages the Galleria, served as construction manager and owner’s representative on the project.

May 13, 2025

Development Illinois Industrial Midwest

Mapletree to Build 276,000 SF Logistics Facility in Joliet, Illinois

by Kristin Harlow May 13, 2025

JOLIET, ILL. — Singapore-based Mapletree Investments has acquired an 18.1-acre site on Vetter Road in Joliet with plans to build a 276,000-square-foot logistics facility. Situated along the I-80 and I-55 interchange, the site offers convenient access to the Joliet Intermodal Center, which is comprised of the Union Pacific Joliet Intermodal Terminal and BNSF Joliet Intermodal Terminal. Sean Henrick of Cushman & Wakefield represented Mapletree in the land acquisition. Henrick and colleague Jason West will market the project for lease. Mapletree’s Chicago industrial portfolio comprises 65 assets totaling approximately 10.3 million square feet.

May 13, 2025

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Arranges $32.9M in Construction Financing for Minnesota Affordable Housing Project

by Kristin Harlow May 13, 2025

ST. PAUL, MINN. — Merchants Capital has arranged $32.9 million in financing for the construction of East 7th Street, a 60-unit affordable and supportive housing development in St. Paul. Merchants Capital provided $18.9 million in 9 percent Low-Income Housing Tax Credit equity and secured a $14 million bridge loan from Merchants Bank. The project will include 17 units designated for individuals earning up to 30 percent of the area median income (AMI) and 43 units for those earning up to 60 percent AMI. Seven units will be set aside for people with disabilities and seven units will be reserved for high-priority homeless housing via Ramsey County Housing Support Program and Coordinated Entry System. Developed by Project for Pride in Living, the community was designed to accommodate “grandfamilies” with large family kinship. East 7th Street will offer one- to five-bedroom apartments. Amenities will include a fitness center, package lockers, onsite management and maintenance, bike storage, a playground, lounge area, conference room and storage units. Construction began in December and is expected to be completed in 12 months.

May 13, 2025

Illinois Industrial Leasing Activity Lee & Associates Midwest

Lee & Associates Negotiates 44,458 SF Industrial Lease in Glenview, Illinois

by Kristin Harlow May 13, 2025

GLENVIEW, ILL. — Lee & Associates of Illinois has negotiated a long-term lease for a 44,458-square-foot industrial building located at 1870 Elmdale Ave. in the Chicago suburb of Glenview. Jeff Janda, John Cassidy and Brad Simousek of Lee & Associates represented the owner, DRA Advisors. Nick Schurer of Vestian Global Workplace Services represented the tenant, Lakeshore Academy Gymnastics North. The property marks the gymnastic school’s third location.

May 13, 2025

Acquisitions Industrial Midwest Wisconsin

NAI Pfefferle Brokers Sale of 21,000 SF Flex Industrial Building in Oshkosh, Wisconsin

by Kristin Harlow May 13, 2025

OSHKOSH, WIS. — NAI Pfefferle has brokered the sale of a 21,000-square-foot flex industrial building located at 2080 W. 20th Ave. in Oshkosh. The sales price was undisclosed, but the asking price was $1.6 million. John Roberts of NAI Pfefferle brokered the transaction. Buyer and seller information was not provided.

May 13, 2025

Kansas Loans Midwest Multifamily

Northmarq Secures $52M Loan for Refinancing of Apartment Property in Metro Kansas City

by Kristin Harlow May 12, 2025

OVERLAND PARK, KAN. — Northmarq has secured a $52 million Freddie Mac loan for the refinancing of Stonebriar Woods, a 476-unit apartment property in Overland Park. The garden-style community features a mix of one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, tennis court, fitness center and green space. Greg Duvall of Northmarq secured the loan on behalf of the borrower, Price Brothers, a Kansas City-based real estate investment and development firm.

May 12, 2025

Illinois Leasing Activity Midwest Office

Workbox to Open its Largest Coworking Space in Chicago’s Civic Opera Building

by Kristin Harlow May 12, 2025

CHICAGO — Workbox, a national workspace operator, has unveiled plans to open its largest U.S. location at the Civic Opera Building in Chicago’s Loop. Workbox Chicago – Civic Opera will offer local entrepreneurs and businesses the opportunity to be part of a coworking community. In addition to flexible workspace solutions, member benefits include direct connection to more than 100 capital and operating partners, programming and networking events as well as connection to affiliates such as Workbox Ventures. The new location is set to open Monday, June 2 and marks the company’s seventh workspace in Chicago and 13th nationwide. Workbox Chicago – Civic Opera will be located along the Chicago River at 20 N. Wacker Drive, Suite 1000. Totaling 68,000 square feet, the location spans two floors with lounges, conference rooms, public outdoor space, a workout facility and modern amenities. Offices and suites will be available for teams ranging in size from 1 to 50 employees. Workbox is offering a variety of leasing specials for private offices and suites. There are also floating membership and reserved desk options for those looking for individual plans.

May 12, 2025

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