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Affordable HousingDevelopmentIllinoisMidwestMultifamily

HODC Opens 48-Unit Permanent Supportive Housing Community in Northbrook, Illinois

by Kristin Harlow

NORTHBROOK, ILL. — Nonprofit developer Housing Opportunity Development Corp. (HODC) has opened Poupard Place, a permanent supportive housing community in Northbrook. The 48-unit, four-story community at 1593 Shermer Road provides affordable housing for individuals and families living with disabilities. The development was made possible through a collaborative partnership among HODC, Illinois Housing Development Authority, Cook County, National Equity Fund, Federal Home Loan Bank of Chicago, Village Bank & Trust and many other public and private partners. The Village of Northbrook unanimously approved the project and donated the land. The project team included architect Cordogan, Clark & Associates and general contractor Skender.

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AcquisitionsIllinoisMidwestMultifamilyRetail

Greenstone Partners Negotiates $4M Sale of Apartment, Retail Building in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has negotiated the $4 million sale of a fully leased property located along Restaurant Row in Chicago’s Fulton Market neighborhood. Located at 1012 W. Randolph St., the four-story asset totals 6,500 square feet and includes a ground-floor retail space leased to Rōti Modern Mediterranean and three loft-style apartments. At the time of sale, the property was fully occupied. Danny Spitz, Tom Galvin and Brewster Hague of Greenstone represented the seller. The buyer was Los Angeles-based Foundational Real Estate.

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IllinoisLoansMidwestMultifamily

JLL Secures $332M Refinancing for Luxury Multifamily Tower in Chicago

by Kristin Harlow

CHICAGO — JLL Capital Markets has secured a $275 million refinancing and a $57 million mezzanine financing for NEMA Chicago, a luxury multifamily tower. Standing 76 stories and 893 feet tall, the property is Chicago’s tallest rental tower, according to JLL. Located at 1210 S. Indiana Ave. along Grant Park, NEMA Chicago includes 800 units. Architect Rafael Viñoly designed the property, which was completed in 2019. David Rockwell designed the interiors. NEMA Chicago features 70,000 square feet of amenity spaces, including indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie theater and spa services. The building features 764 Signature Residences and 126 exclusive Skyline Collection units on the upper floors, which comprise private lobbies, dedicated concierge teams, 10-foot ceilings and access to the Vista Lounge and Skyline Terrace. Danny Kaufman, Medina Spiodic and Youngsoo Yang of JLL represented the borrower, Crescent Heights, in facilitating the five-year, fixed-rate loan through New York Life Insurance Co. JLL also arranged the mezzanine loan through PGIM’s real estate business.

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DevelopmentIllinoisIndustrialMidwest

Mapletree Breaks Ground on 419,520 SF Spec Industrial Facility in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Mapletree Investments has broken ground on a 419,520-square-foot speculative industrial facility in Joliet. Completion of the 29-acre project is slated for the first quarter of 2027. Situated along the I-80 and I-55 interchange, the development will provide direct connectivity to the Joliet Intermodal Center, North America’s largest inland port that is home to the Union Pacific and BNSF Joliet Intermodal Terminals. The property will feature a clear height of 40 feet, 78 dock doors, four drive-in doors, 172 car parking spaces and 97 trailer stalls. Singapore-based Mapletree currently owns and operates approximately 9.8 million square feet of industrial assets in Chicagoland. The group’s broader U.S. logistics footprint totals more than 60 million square feet. The project team includes Keeley Construction and Colliers.

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AcquisitionsHealthcareIndustrialMidwestMinnesotaOffice

Transwestern Acquires Forte Real Estate Partners in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Transwestern has acquired Forte Real Estate Partners, a commercial real estate firm based in the Twin Cities. The transaction adds 12 healthcare, office and industrial tenant advisory team members and a broad property management portfolio. Established in 2021 through the merger of Excelsior Advisory and Paramount Real Estate Corp., Forte provides brokerage and property services across the Twin Cities region. Founders Steve Brown, Jim Jetland and Philip Simonet will join Transwestern, bringing decades of experience and knowledge across healthcare, office and industrial real estate, respectively. Forte has advised clients on more than $885 million in transactions and managed nearly 1 million square feet of commercial property. Following the acquisition, Transwestern maintains roughly 475 team members across the Midwest and oversees more than 52 million square feet of office, industrial, healthcare, retail and government properties. The Forte team will join Transwestern’s Minneapolis office at 705 Marquette Ave.

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AcquisitionsMidwestRetailWisconsin

Hanley Investment Group Arranges Sale of Three O’Reilly Auto Parts Stores in Wisconsin

by Kristin Harlow

WISCONSIN — Hanley Investment Group Real Estate Advisors has arranged the off-market sale of three single-tenant retail properties occupied by O’Reilly Auto Parts in Wisconsin. Eric Wohl and CJ Kiehler of Hanley, in association with ParaSell Inc., represented the seller, a Montana-based development company. The three buildings each total around 7,000 square feet and are located in Oshkosh, Pulaski and Middleton within the Fox Valley and greater Madison trade areas. As of March 31, O’Reilly Auto Parts operated 6,644 stores across 48 U.S. states, Puerto Rico, Mexico and Canada.

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AcquisitionsCaliforniaCompany NewsIndianaMidwestMultifamilyTop StoriesWestern

Milhaus Completes Merger With SRG Residential, Agrees to Acquire Broadshore Capital

by John Nelson

INDIANAPOLIS AND LOS ANGELES — Milhaus, a multifamily developer and operator based in Indianapolis, has completed its merger with SRG Residential, a subsidiary of Sares Regis Group based in Newport Beach. The combined company totals 1,400 employees and includes 50,000 apartments under management — 46,000 of which come from 190 properties managed by SRG Residential — as well as a development pipeline exceeding $2.5 billion. The combined company, which will be operated under the Milhaus platform, plans to start eight development projects this year totaling more than 2,000 new units in Southern California, Denver and Phoenix, giving Milhaus a presence in more than 20 markets across the country. Chris Payne, former CEO of SRG Residential, joins Milhaus as both the chief development officer and a shareholder. Jeff Bailey, president of property management at SRG Residential and a shareholder, now leads the property management group at Milhaus. “This partnership is a natural fit,” says Tadd Miller, CEO of Milhaus. “SRG Residential brings a best-in-class, high-touch approach to property management and operations along with a quality development pipeline and seasoned leadership, while Milhaus contributes a high-quality owned portfolio and disciplined development and capital markets infrastructure.” “We are unlocking powerful synergies and long-term opportunities …

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Affordable HousingDevelopmentKansasMidwestMultifamily

Merchants Capital Arranges $10.8M in Financing for Affordable Housing Development in Kansas

by Kristin Harlow

LAWRENCE, KAN. — Merchants Capital has arranged $10.8 million in permanent financing for Floret Hill, a 121-unit affordable housing development in Lawrence. Merchants Capital secured a Freddie Mac Unfunded Forward TEL loan for the project. The capital stack also includes federal and state low-income housing tax credit equity and hard and soft debt financing. The City of Lawrence donated 12 acres of land and committed more than $1 million in Affordable Housing Trust Funds to support the development. Floret Hill is the fourth project that Wheatland Investments Group is building in Lawrence and the first affordable housing community on the west side of the city, according to Merchants. Floret Hill will offer one-, two- and three-bedroom apartments across 11 buildings, with 37 units restricted to residents earning up to 40 percent of the area median income (AMI) and 84 units restricted to 60 percent AMI. Affordability will be maintained for 30 years via The Declaration of Land Use Restrictive Covenants for Low-Income Housing Tax Credits, a federal regulatory program with the Kansas Housing Resources Corp. Amenities will include garage parking, a business center, fitness room, clubhouse and playground.

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AcquisitionsDevelopmentIllinoisMidwestMultifamily

CBRE Brokers $6.3M Sale of Multifamily Redevelopment Site in Chicago’s Wrigleyville

by Kristin Harlow

CHICAGO — CBRE has brokered the $6.3 million sale of a 28,150-square-foot redevelopment site in Chicago’s Wrigleyville submarket. A joint venture between SNS Realty Group and North Park Ventures acquired the property at 3233-47 N. Sheffield Ave. and subsequently secured a zoning change to B2-5, clearing the way for a five-story apartment building with 99 units. CBRE’s Tom Svoboda and John Jaeger represented the seller. The site was previously home to Torstenson Glass Co., a family-owned manufacturer that operated at the facility for 116 years before selling its business and retaining ownership of the real estate.

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AcquisitionsIllinoisMidwestRetail

Quantum Negotiates $5.8M Sale of Shopping Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $5.8 million sale of a 23,000-square-foot shopping center located at 405 N. Eola Road in Aurora. The center consists of 13 suites and is home to local, regional and national tenants. Brett Berlin of Quantum brokered the transaction. A local investor sold the property to an owner, developer and manager focused on acquiring neighborhood strip centers.

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