Midwest

McShane Completes Hanover Landing Permanent Supportive Housing Community in Elgin, Illinois

by Kristin Harlow November 17, 2023

ELGIN, ILL. — McShane Construction Co. has completed Hanover Landing, a 40-unit permanent supportive housing community in Elgin. The affordable housing development serves vulnerable populations and individuals with disabilities. UPholdings was the developer. The building rises three stories at 711 E. Chicago St. Units are offered in one-bedroom, one-bathroom floor plans that enable residents to live independently. Amenities include a community lounge, computer room, fitness center, laundry facilities and outdoor space. Services for residents include case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health is the service provider and will operate an onsite clinic. Hooker DeJong served as architect.

November 17, 2023

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4.2M Loan for Refinancing of Apartment Complex in Loves Park, Illinois

by Kristin Harlow November 17, 2023

LOVES PARK, ILL. — American Street Capital (ASC) has arranged a $4.2 million CMBS loan for the refinancing of an apartment complex in Loves Park, about five miles north of Rockford. Built in 1969, the complex consists of 60 units across eight buildings. Units come in one-, two- and three-bedroom layouts. Igor Zhizhin of ASC arranged the 10-year loan, which features a fixed interest rate and two years of interest-only payments. The borrower was a seasoned owner-operator in the market.

November 17, 2023

Acquisitions Healthcare Illinois Midwest

Remedy Medical Properties, Kayne Anderson Real Estate Acquire Medical Office Building in Suburban Chicago for $71M

by Kristin Harlow November 16, 2023

OAK BROOK, ILL. — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired the RUSH Oak Brook Medical Center in the Chicago suburb of Oak Brook. RUSH University System for Health sold the property for nearly $71 million, according to Crain’s Chicago Business. The three-story, 93,386-square-foot medical office building and ambulatory surgery center is 99 percent leased by RUSH University System for Health and Midwest Orthopaedics at RUSH, a division of OrthoMidwest. Located at 2011 York Road, the property was completed in 2018. Services offered at the facility include physical therapy and rehabilitation; neurosurgery; ear, nose and throat; OB/GYN; dermatology, pain management; gastroenterology; and primary care.

November 16, 2023

Development Industrial Midwest Wisconsin

Serta Simmons Bedding Opens 500,000 SF Manufacturing Plant in Janesville, Wisconsin

by Kristin Harlow November 16, 2023

JANESVILLE, WIS. — Serta Simmons Bedding (SSB) has opened a 500,000-square-foot manufacturing plant in Janesville, a city in southern Wisconsin. The facility will produce mattresses and other bedding products under the Serta, Beautyrest and Simmons brands. The plant will be responsible for more than 300 jobs in the local economy, and SSB expects to create additional jobs at the plant over the next few years. Located at 200 Innovation Drive and developed by Zilber Property Group, the new facility consolidates two Rock County plants that were located in Beloit and Janesville. The plant is one of 18 manufacturing plants across the U.S. and Canada operated by SSB. An additional five Serta plants in the U.S. are operated by licensing partners.

November 16, 2023

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $26.7M Loan for Refinancing of Multifamily Property in Little Canada, Minnesota

by Kristin Harlow November 16, 2023

LITTLE CANADA, MINN. — Colliers Mortgage has provided a $26.7 million Fannie Mae loan for the refinancing of Montreal Courts Apartments in Little Canada, a northern suburb of St. Paul. The 444-unit multifamily property features a pool, fitness center, community room, playground and laundry facilities. Tony Carlson and Ben Fazendin of Colliers Mortgage originated the 10-year loan on behalf of the undisclosed borrower.

November 16, 2023

Illinois Industrial Leasing Activity Midwest

Nova Medical Products Signs 91,956 SF Industrial Lease in North Aurora, Illinois

by Kristin Harlow November 16, 2023

NORTH AURORA, ILL. — Nova Medical Products has signed a 91,956-square-foot industrial lease at 410 Smoke Tree Plaza in North Aurora, about 40 miles west of Chicago. The facility is located within the Park 88 Logistics Center and is slated for completion in the second quarter of 2024. Relocating from McCook, Nova will occupy 55 percent of the 165,928-square-foot building. Kenneth Franzese and John Cassidy of Lee & Associates represented the tenant, which is a manufacturer and distributor of medical equipment products such as cranes, crutches, transport chairs and knee scooters. John Whitehead and Jack Brennan of NAI Hiffman represented the landlord, TradeLane Properties.

November 16, 2023

Development Illinois Industrial Midwest

Principle Construction Completes 80,053 SF Spec Warehouse in Mount Prospect, Illinois

by Kristin Harlow November 16, 2023

MOUNT PROSPECT, ILL. — Principle Construction has completed an 80,053-square-foot speculative warehouse on behalf of developer Seefried Industrial Properties in Mount Prospect, a northwest suburb of Chicago. Located at 2240 S. Busse Road, the property features a clear height of 32 feet, 16 exterior docks, two drive-in doors, 17 trailer stalls and parking for 89 cars. Harris Architects provided architectural services and Kimley-Horn served as civil engineer. Principle also completed a 34,011-square-foot build-out for an undisclosed tenant.

November 16, 2023

Market Reports Midwest Midwest Market Reports Office Wisconsin

How Milwaukee’s Hottest Downtown Buildings Continue to Drive Leasing Activity

by Kristin Harlow November 16, 2023

By David Pudlosky and Patrick Savoie, JLL Milwaukee remains a strong office market with leasing activity showing no sign of slowing. Post-pandemic, companies took a fresh look at their workplace strategies to adjust to hybrid working environments, and many rightsized their overall square footage while adding significant amenities and attractions that provide a rewarding office experience for returning workers. Despite a smaller footprint, tenants are seeking updated, highly amenitized spaces in Class A buildings. While amenities have always been a focus for landlords, the buildings that stand out today are the ones that focus on quality amenities over quantity. For example, today’s tenant will likely not be as interested in a building lounge unless it has comfortable seating, a café, strong Wi-Fi and more. To be relevant to tenants, amenities must be high end and culture focused. We’ve seen companies like Milwaukee Tool, Fiserv, Komatsu Mining Corp. and Northwestern Mutual invest in their downtown office spaces and make commitments to bring more employees downtown, and we expect this trend to continue. Building owners can learn from what Class A building landlords are doing to drive leasing activity, and learn how investing in quality, amenity-driven spaces will likely bring in new …

November 16, 2023

Development Illinois Midwest Office Top Stories

Fulton Street, SNK Capital Break Ground on 409,000 SF Office Development in Chicago’s Fulton Market

by Katie Sloan November 16, 2023

CHICAGO — A joint venture between Fulton Street Cos. and SNK Capital has broken ground on 919 W Fulton Street, a high-rise office development in Chicago’s Fulton Market neighborhood. The development, which will span 409,000 square feet at 919 W. Fulton St., is Chicago’s first major new office development to commence construction in over a year, according to the joint venture. The 11-story building will feature floor-to-ceiling windows; outdoor terraces on all sides; a rooftop lounge and bar; several co-working and conference spaces; and a fitness center. Chicago-based real estate investor Harrison Street Real Estate Capital has signed on to occupy 170,000 square feet at the property, which will also feature a ground-floor restaurant by the locally based Gibsons Restaurant Group. The development will also include a 65-stall parking deck on the building’s lower level, which will be connected to an existing lower-level parking structure at 210 N. Peoria St. The project is scheduled for completion in 2025 and will pursue WELL and LEED Silver certifications. Bank of the Ozarks and Manulife provided financial backing for the property. The development team includes JDL Development, Skender, FitzGerald Associates Architects, Morris Adjimi Architects, Thornton Tomasetti, Eriksson, Syska Hennessy Group and site design group …

November 16, 2023

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Western

It’s Not Déjà Vu: Loan Workouts Return

by Sarah Daniels November 16, 2023

Following the financial markets crash 15 years ago, banks and other lenders began working with commercial real estate (CRE) borrowers who had run into trouble. Solutions included loan extensions, loan sales, recapitalizations and foreclosures. Today lenders are pulling out the playbook again. “We have seen a huge number of loan workout deals come across our desk,” says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “Any lender that holds loans on their books is seeing the same thing.” Back in 2008, dodgy and highly leveraged residential and CRE loans — along with the emergence of exceedingly risky debt derivatives created by Wall Street — eventually crashed, causing the credit market to collapse. Today credit is still available, but the cost of it has spiked over the last 18 months. Consequently, many commercial properties owners have seen values plummet, making it difficult to find refinancing. The Federal Deposit Insurance Corp.’s (FDIC) imminent auction of Signature Bank’s $33 billion in commercial property loans and other assets is expected to attract bids as much as 40 percent below face value, according to The Wall Street Journal. That’s just the latest gloomy bellwether regarding CRE values and underscores the predicament …

November 16, 2023

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