Midwest

CBRE Arranges Sale of 996-Unit Riverbend Apartments in Indianapolis

by Kristin Harlow July 18, 2025

INDIANAPOLIS — CBRE has arranged the sale of Riverbend Apartments, a 996-unit multifamily property in Indianapolis. Pensam Capital purchased the community from Pepper Pike Capital Partners for an undisclosed price. Located at 8850 River Bend Parkway, the property has undergone more than $20 million in renovations since 2020. Amenities include a pool, fitness center, tennis and basketball courts, a movie theater and golf simulator. Units average 895 square feet. Hannah Ott, George Tikijian, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller.

July 18, 2025

Illinois Industrial Loans Midwest Ohio

JLL Secures $64M Refinancing for 1.1 MSF Industrial Portfolio in Metro Chicago, Cincinnati

by Kristin Harlow July 18, 2025

CHICAGO AND CINCINNATI — JLL Capital Markets has secured $64 million in refinancing for TradeLane Properties’ Midwest Light Industrial Portfolio, a collection of 13 industrial assets totaling 1.1 million square feet across metro Chicago and Cincinnati. The properties are fully leased to 17 tenants, with industries ranging from automotive and food users to manufacturing, distribution, e-commerce and pharmaceuticals. Lucas Borges and Ethan Habecker of JLL secured a floating-rate, five-year loan through a regional bank. JLL’s wholly owned internal derivatives team, Kensington Capital Advisors, assisted TradeLane with the execution of an interest rate hedge to assist with managing the borrower’s exposure to floating interest rate risk.

July 18, 2025

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on Chicago’s First Native American-Focused Affordable Housing Project

by Kristin Harlow July 18, 2025

CHICAGO — Skender has broken ground on Jigzibik, a seven-story development that marks Chicago’s first affordable housing project centered on serving Native American communities. Located at 2907 W. Irving Park Road in the Irving Park neighborhood, the 45-unit building will provide Native-inclusive affordable housing, dedicated nonprofit space and a rooftop community gathering area. Jigzibik will offer units for those earning between 15 and 60 percent of the area median income. The development was conceived by Visionary Ventures, a Native-led nonprofit, and co-led by Full Circle Communities, with Canopy Architecture + Design as architect. The project’s name is a Potawatomi word meaning “at the river’s edge.” The building was titled by the project’s Native American Advisory Council and pays homage to the Great Lakes Indigenous nations. A custom masonry façade is accented by a flowing river motif rendered in white and blue brick. Completion is slated for the second half of 2026.

July 18, 2025

Development Industrial Midwest Minnesota

Standard, Endeavor to Build 174,288 SF Cobalt Business Center in Suburban Minneapolis

by Kristin Harlow July 18, 2025

MENDOTA HEIGHTS, MINN. — Standard Real Estate Investments LP and Endeavor Development have formed a joint venture to develop Cobalt Business Center in the Minneapolis suburb of Mendota Heights. The 174,288-square-foot industrial building is slated for completion in the second quarter of 2026. Endeavor received approval from the city last month and plans to begin demolition of the existing building, which was formerly occupied by Le Cordon Bleu College of Culinary Arts. The project, situated in the Minneapolis Airport submarket, will feature a clear height of 32 feet, 15 dock positions, LED light fixtures and 4,000 amps of power.

July 18, 2025

Leasing Activity Midwest Office Wisconsin

Cresa Negotiates 21,996 SF Office Headquarters Lease for Recovery.com in Madison, Wisconsin

by Kristin Harlow July 18, 2025

MADISON, WIS. — Cresa has negotiated a 21,996-square-foot office lease for Recovery.com, which is more than doubling its headquarters space, in Madison. The new office is located at 316 W. Washington Ave. and the lease commences in September. The online provider of educational information about treatment for addiction and mental health will consolidate two existing local offices at 100 State St. and 301 S. Blount St. Matt Apter and Ross Rikkers of Cresa represented the tenant, while Jim Cavanaugh and Katie Brueske of Boerke represented the owner, Hovde Properties. Located two blocks from Capitol Square, the building totals 152,968 square feet and features a fitness center and Red Sushi, a restaurant on the ground floor.

July 18, 2025

Development Illinois Loans Midwest Multifamily

JLL Arranges $124M in Equity, Construction Financing for Luxury Apartment Project in Wheaton, Illinois

by Kristin Harlow July 17, 2025

WHEATON, ILL. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $124 million for The Faywell, a 334-unit luxury apartment project in downtown Wheaton. Matthew Schoenfeldt and Mary Dooley of JLL worked on behalf of Banner Real Estate Group to identify an institutional joint venture partner and also arranged $84 million in construction financing through PNC Bank. The transit-oriented development will offer access to the Wheaton Metra station. The project site was an assemblage of 13 parcels from seven sellers. The Faywell will rise seven stories and units will average 956 square feet. There will be a mix of studios, one- and two-bedroom apartments along with direct-entry townhomes. The property will include 4,504 square feet of ground-floor retail space fully leased to Egg Harbor Café, which had an existing location on the site and signed a new long-term lease. Amenities will include three courtyards, a resort-style pool, hot tub, rooftop decks, a fitness center, coworking space and 438 parking spaces. Construction is slated for completion in the first quarter of 2027.

July 17, 2025

Development Healthcare Midwest Minnesota

HealthPartners Breaks Ground on 400,000 SF Hospital in Stillwater, Minnesota

by Kristin Harlow July 17, 2025

STILLWATER, MINN. — HealthPartners has broken ground on its new HealthPartners Lakeview Hospital in Stillwater, an eastern suburb of the Twin Cities. Kraus-Anderson is the construction manager for the six-story, 400,000-square-foot hospital and clinic campus. The project is slated to open in early 2028. The new location will offer expanded specialized services such as a family birth center, TRIA Orthopedics Clinic, cardiac catheterization lab, cancer care and improved emergency and critical care. The campus will include walking trails and nature views from patient rooms. HealthPartners acquired the project site in 2017, but design planning halted at the pandemic’s onset. Planning resumed in 2022, and the architects were chosen by late 2023. Over the past 18 months, efforts have concentrated on design development and community engagement.

July 17, 2025

Iowa Loans Midwest Minnesota Multifamily

Dwight Capital Provides $61.9M in HUD-Insured Loans for Two Multifamily Communities in Iowa, Minnesota

by Kristin Harlow July 17, 2025

BETTENDORF, IOWA, AND ST. PAUL, MINN. — Dwight Capital has provided two HUD 223(f) loans totaling $61.9 million for Springs at Bettendorf in Bettendorf, Iowa, and The Grove in St. Paul. Menomonee Falls, Wis.-based Continental Properties was the borrower. Springs at Bettendorf is a townhome-style community with 15 two-story buildings totaling 316 units. There are studio, one-, two- and three-bedroom layouts, and 75 units feature attached garages. Residents have access to a fitness center, pool, dog park and car wash station. The Grove is a six-story community with 118 units across studio, one-, two- and three-bedroom layouts. Amenities include a fitness center, rooftop sky lounge, community room and storage units. The property also features 4,300 square feet of ground-floor commercial space across two retail suites. The loan proceeds for both financings will be used to retire existing debt, cover closing costs, complete repairs and establish funds for future capital expenditures.

July 17, 2025

Illinois Leasing Activity Midwest Office

ComPsych Relocates Global Headquarters to Prudential Plaza in Chicago

by Kristin Harlow July 17, 2025

CHICAGO — ComPsych Corp., an organizational mental health, well-being and absence management company, has relocated its global headquarters to One Prudential Plaza at 130 E. Randolph St. in Chicago. The 50,000-square-foot office includes a media production studio, conference rooms and collaboration areas. Every workstation features adaptable, ergonomic furniture. Brian Means and Kellen Monti of JLL represented ComPsych.

July 17, 2025

Affordable Housing Development Midwest Multifamily Wisconsin

McShane to Build 76-Unit Affordable Housing Community in Madison, Wisconsin

by Kristin Harlow July 17, 2025

MADISON, WIS. — Volker Development has selected McShane Construction Co. to build Kelly Station, a 76-unit affordable housing community in Madison. The project marks Fond Du Lac, Wis.-based Volker’s first in Dane County and its 27th development in Wisconsin. Kelly Station will feature a five-story, podium-style building with four stories of wood framing atop an above-grade precast parking garage. Amenities will include a second-floor roof amenity plaza, fifth-floor clubroom and rooftop deck, a fitness center, community room and local community service organization suite. The property will also feature an onsite Madison BCycle station. The project was designed to achieve Wisconsin Green Built Homes certification. A rooftop solar array will help offset electricity usage in the building’s common area and a “blue roof” system, an advanced stormwater management solution, will help reduce runoff. Completion is slated for October 2026. Knothe & Bruce Architects is the architect of record.

July 17, 2025

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