Wednesday, April 15, 2026
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AcquisitionsIllinoisMidwestRetail

Mid-America Brokers Sale of 85,920 SF Champaign Town Center in Illinois

by Kristin Harlow

CHAMPAIGN, ILL. — Mid-America Real Estate Corp. has brokered the sale of Champaign Town Center, an 85,920-square-foot retail center in the central Illinois city of Champaign. The sales price was undisclosed. Champaign Town Center is leased to five national tenants, including HomeGoods, Ruler Foods, JoAnn Fabrics, Guitar Center and Men’s Wearhouse. Ben Wineman of Mid-America represented the seller, a metro Washington, D.C.-based private investment company. David Tran of Transmercial represented the buyer, a California-based private investor.

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LoansMidwestMinnesotaOfficeRetail

Mag Mile Capital Arranges $5.7M in Financing for Adaptive Reuse Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Mag Mile Capital has arranged $5.2 million of senior debt financing from a Minnesota-based bank and an additional $500,000 of Commercial Property Assessed Clean Energy (C-PACE) financing on behalf of CDT Realty Corp. The Minneapolis-based developer plans to complete an adaptive reuse project of two existing brick-and-timber loft buildings totaling 50,000 square feet in Northeast Minneapolis. The properties were originally constructed in 1910. The buildings will be connected with a new elevator lobby and fully renovated to create loft office space, retail shops and a variety of tenant amenities. The development will be named Burlap Lofts. Planned amenities include a clubroom with tenant lounge and full kitchen, large-screen TVs, private call booths, meeting spaces, a rooftop garden terrace, outdoor seating and an onsite Harmony Coffee location. The building is slated to open in spring 2024. The 81 percent loan-to-cost debt ratio combines floating-rate construction-period financing with fixed-rate permanent debt and 20-year, fixed-rate C-PACE financing. Cody Harper of Mag Mile Capital arranged the financing.

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DevelopmentIllinoisLoansMidwestMultifamily

Wingspan, Tucker Receive $100M Construction Loan for Multifamily Development in Skokie, Illinois

by Kristin Harlow

SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has received a $100 million construction loan for The Henry at Harms Woods in Skokie. The project at 5400 Old Orchard Road will feature 245 luxury apartment units, 49 rental townhomes and roughly 10,000 square feet of commercial space. Kennedy Wilson and a national insurance company provided the financing. The project architect is HKM Architects + Planners, and Nicholas & Associates will serve as general contractor. Demolition of an existing office structure at the site is scheduled for this winter. Construction is scheduled to begin in the spring. The Henry at Harms Woods will feature studio, one-, two- and three-bedroom apartment units as well as three-story townhomes. Amenities will include a courtyard, pool, sun deck, grilling areas, fitness center and coworking stations. The project is situated near the 350-acre Harms Woods Nature Preserve as well as Westfield Old Orchard shopping mall. Plans for the project were first announced earlier this year.

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AcquisitionsIndustrialLoansMidwestMinnesota

CBRE Negotiates Sale of Eight-Building Industrial Portfolio in Metro Minneapolis for $88.5M

by Kristin Harlow

FRIDLEY, EAGAN AND BROOKLYN CENTER, MINN. — CBRE has negotiated the sale of an eight-building industrial portfolio totaling 941,564 square feet in metro Minneapolis for $88.5 million. The buildings, which range in size from 72,268 to 207,558 square feet, are located in Fridley, Eagan and Brooklyn Center. Judd Welliver, Bentley Smith, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan of CBRE represented the seller, PCCP. The portfolio, which was 98 percent occupied at the time of sale, sold to a joint venture between Minnesota-based Capital Partners and Cincinnati-based Eagle Realty Group. Bill Mork led a JLL Capital Markets team that arranged $57.3 million in acquisition financing on behalf of the buyer. A life insurance company provided the five-year, fixed-rate loan, which featured a loan to value ratio of 65 percent.

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AcquisitionsIndianaMidwestMultifamily

Morgan Properties Acquires 470-Unit Multifamily Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments in Indianapolis for an undisclosed price. The 470-unit multifamily community features amenities such as an outdoor pool, fitness center, tennis courts, playground, dog park and pet washing station. Morgan plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology. The acquisition brings Morgan’s Indianapolis-area portfolio to more than 2,500 units.

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IndianaLoansMidwestMultifamily

Berkadia Arranges $42.9M in Acquisition Financing for Apartment Community in Brownsburg, Indiana

by Kristin Harlow

BROWNSBURG, IND. — Berkadia has arranged $13 million in institutional equity as well as a $29.9 million Freddie Mac loan for the acquisition of Legacy Park, a 250-unit apartment community in the Indianapolis suburb of Brownsburg. Wilkinson Corp. was the buyer. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia arranged the equity, while Richard Levine of Berkadia originated the seven-year loan. Built in 2009, the property at 6750 Legacy Park Drive features one-, two- and three-bedroom units averaging 1,056 square feet. Amenities include a golf simulator, pool, fitness center, clubhouse and enclosed garages.  

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $31.5M Condo Deconversion Sale in Chicago

by Kristin Harlow

CHICAGO — Kiser Group has brokered a Section 15 condominium deconversion sale of The Granville Tower Condominium Associated for $31.5 million. Situated immediately south of the Loyola campus, the property is located at 6166 N. Sheridan Road. Granville Tower was converted from apartments to condominiums in 1981. There are 154 units. Andy Friedman and Jake Parker of Kiser brokered the sale. Becovic Management Group was the buyer. With high dues and upcoming maintenance needs, properties like Granville Tower have faced challenges in resale, making a deconversion sale an attractive option, says Parker.

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IndianaMarket ReportsMidwestMidwest Market ReportsMixed-Use

Greater Lafayette, Indiana Is No Longer in the Shadows

by Kristin Harlow

By Jim Pitoukkas, Coldwell Banker Commercial Shook Outside of recognition related to Purdue University, the Greater Lafayette region (consisting of West Lafayette, Lafayette and surrounding towns in Tippecanoe County), has been in the shadows of the Indianapolis MSA to the south and Chicago MSA to the north. This is changing, though. Growth over the last decade has pushed Greater Lafayette into the national spotlight as an emerging hub for innovation in advanced manufacturing in industries including medical, aerospace and defense, agriculture and nanotechnology, and a burgeoning housing market. For three quarters straight, The Wall Street Journal and Realtor.com have ranked Greater Lafayette the No. 1 Emerging Housing Market in America based on comparatively affordable housing, a skilled technology-based workforce, and a strong growing local economy. Additionally, current and to-be residents benefit from consistent public investments in quality-of-life infrastructure that continue to attract new residents across a range of ages and backgrounds. Quality of life Greater Lafayette has invested in excess of $889 million in public investment since 2015. These investments have ranged from new utility infrastructure, a new minor league ball field, parks, county-wide trails, public facilities like the West Lafayette Wellness Center and the Lafayette Public Safety Center, and …

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High Tech Solutions Lenders Bill Hyman Lument quote
Content PartnerFeaturesLoansLumentMidwestMultifamilyNortheastSoutheastTexasVideoWestern

How One Lender Is Finding High-Tech Solutions to Complicated Application Processes

by Sarah Daniels

  Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …

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CivicDevelopmentMichiganMidwestRetail

Detroit Music Hall Unveils Plans for $122M Expansion

by Kristin Harlow

DETROIT — Detroit Music Hall has unveiled plans for a $122 million expansion project designed by Tod Williams Billie Tsien Architects. At seven stories and 100,000 square feet, the expansion is the culmination of an extensive 2023 feasibility study. The multipurpose music center will occupy the lot adjacent to the classic 1928 Music Hall, a landmarked facility in the heart of downtown Detroit at the corner of Brush and Madison streets. The new facility will feature a state-of-the-art 24,000-square-foot concert hall, 1,800-square-foot recital hall, recording and practice studios, leasable office space for industry professionals and a public welcome center offering box office access to arts and cultural programming across the city. The project is slated to open in fall 2026. Enclosed aerial walkways will bridge the gap between the historic Music Hall and the new Music Hall Center. The 4,000-square-foot alley between the two buildings will feature outdoor seating, areas for public performances and art installations, and spaces for the community to gather. The new Music Hall Center will house a music academy for students as well as a rooftop restaurant. Funding for the project is built on a base of $80 million in tax-exempt 501(c)3 bonds, issued by the …

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