Sunday, October 25, 2026
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PACE Appeal Rafi Golberstein
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C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

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Affordable HousingIllinoisLoansMidwestMultifamily

Bayshore Properties Receives $61.6M for Refinancing of Multifamily Property in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Bayshore Properties has received $61.6 million for the refinancing of 21 Kristen Apartments in the Chicago suburb of Schaumburg. The 357-unit multifamily property is a condo deconversion that Bayshore acquired in 2022 and has since invested over $2.5 million in capital expenditures. Of the total units, 30 percent are reserved for residents who earn 30 to 80 percent of the area median income. Amenities include a pool, fitness center and library/meeting room. Greystone provided a $55.6 million Freddie Mac loan with a five-year term, and 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Midwest Express Signs 40,320 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Transportation company Midwest Express has signed a 40,320-square-foot, full-building industrial lease at 1850 Arthur Ave. in the Chicago suburb of Elk Grove Village. The property features 24 exterior docks and 29 trailer spots. Chris Nelson of Lee & Associates represented the owner, RREEF America. Calvin Gunn of Lee & Associates represented the tenant, which is relocating from Mount Prospect.

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AcquisitionsIllinoisMidwestRetail

SVN Chicago Commercial Brokers Sale of 16,400 SF Historic Building in Wicker Park

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the sale of a historic building totaling 16,400 square feet in the city’s Wicker Park neighborhood for an undisclosed price. The property, built in 1907, is located at 1934 W. North Ave. near The Robey Hotel. Tim Rasmussen, Adam Napp and Chad Schroedl of SVN represented the undisclosed seller. The buyer, Envoi Partners LLC, plans to renovate the building and add nine rental units on the second and third floors. The property served as the filming location for MTV’s “The Real World Chicago” in 2001, and was later home to Cheetah Gym and Verge Gym.

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AcquisitionsAffordable HousingMidwestMultifamilyNorth Dakota

Marcus & Millichap Arranges Sale of 40-Unit Affordable Housing Community in Grand Forks, North Dakota

by Kristin Harlow

GRAND FORKS, N.D. — Marcus & Millichap has arranged the sale of The Current, a 40-unit affordable housing community in Grand Forks. The sales price was undisclosed. Built in 2007, the Low-Income Housing Tax Credits property features 15 one-bedroom units and 25 two-bedroom units. Matthew Whiteside of Marcus & Millichap represented the seller, MDI Limited Partnership #110, and procured the buyer, Kemo Sabe Properties LLC.

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AcquisitionsIndustrialMichiganMidwest

Dominion Negotiates Sale of 10,400 SF Industrial Building in Commerce Township, Michigan

by Kristin Harlow

COMMERCE TOWNSHIP, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of a 10,400-square-foot industrial building located at 3170 Walnut Lake Court in Commerce Township, a northwest suburb of Detroit. David Giltner of Dominion represented the undisclosed seller. David Wax of Burger & Co. represented the buyer, Valleyoak One LLC, which will operate a software company doing business as Brilliant Systems at the property. The sales price was undisclosed.

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Data CentersDevelopmentIllinoisIndustrialMidwest

CyrusOne Breaks Ground on 446,000 SF Data Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — CyrusOne has broken ground on a two-building data center totaling 446,000 square feet in Aurora. The campus marks CyrusOne’s second in the city, the first of which is a three-building campus that opened in 2016. The new data center is part of the company’s broader investment strategy, selecting Illinois to expand its portfolio, with total capital investments in the state exceeding $1 billion.

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DevelopmentIllinoisMidwestMultifamily

Continental Properties Begins Development of 336-Unit Apartment Community in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Continental Properties has begun development of Authentix South Elgin, a garden-style apartment community with 336 units in South Elgin. Located at the northwest corner of Lancaster Road and McLean Boulevard, the property will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, clubhouse, outdoor grill area, fitness center and dog park. Pre-leasing will begin in spring 2025, with move-ins expected in late summer 2025. Authentix Apartments, owned and operated by Continental Properties, is a national brand of residential communities offering garden-style apartments.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $6.9M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of a retail property located at 4066-4080 N. Milwaukee Ave. in Chicago’s Portage Park neighborhood for $6.9 million. The two-building asset is home to medical-related tenants, including Athletico Physical Therapy, DentalWorks, America’s Best Contacts and Eyeglasses and Midwest Express Clinic. The center features 16,063 square feet of gross leasable area on 35,185 square feet of land and includes 41 off-street surface parking spaces. The property was fully leased at the time of sale. Danny Spitz and Brewster Hague of Greenstone represented the seller, a private investment fund, and procured the buyer, a private partnership based in Illinois.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Pennrose Opens Phase I of Thatcher Flats Mixed-Income Housing Community in Cincinnati

by Kristin Harlow

CINCINNATI — Pennrose and Walnut Hills Redevelopment Foundation have opened Phase I of Thatcher Flats, a $27 million redevelopment project to transform a full city block in Cincinnati’s Walnut Hills neighborhood into 86 mixed-income rental units. The development team has also commenced construction on Phase II. The first phase consists of 50 affordable housing units across two buildings utilizing 9 percent Low-Income Housing Tax Credits (LIHTC). The $15.2 million development offers a mix of one-, two- and three-bedroom units for residents who earn 30 to 60 percent of the area median income — roughly $20,070 to $40,140 for a one-person household. Residents of both phases will have access to the community amenities in Phase I, including a community room, laundry facilities, fitness center and parking. The name Thatcher Flats was inspired by the history of the Lincoln Avenue Business district, which in the late-1800s and through the mid-1900s was a thriving African American business district. In 1933, Ernest and Georgia Thatcher, an entrepreneurial African American couple, moved to Cincinnati and created Thatcher’s Fish and Poultry on what is now Thatcher Flats. In addition to the LIHTC financing for Phase I, the project received funding from the City of Cincinnati and …

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