Wednesday, April 15, 2026
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AcquisitionsIllinoisMidwestMultifamily

Waterton Acquires 346-Unit Apartment Complex in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Waterton has acquired the Alta Grand Central apartment community in Chicago’s South Loop for an undisclosed price. Completed in 2020, the property at 221 W. Harrison St. comprises 346 units across two 14-story buildings. Waterton plans to rebrand the asset as The Grand Central. According to Waterton, the community primarily attracts workforce residents in the healthcare, public service and consulting sectors. Units come in studios, one-, two- and three-bedroom floor plans. Amenities include coworking spaces, an indoor-outdoor rooftop lounge, yoga studio, bike storage, pool, rooftop spa and electric vehicle charging stations. The seller was a joint venture between Chicago-based D2 Realty and Atlanta-based Wood Partners, according to Crain’s Chicago Business.

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DevelopmentIndustrialMidwestMissouri

PARIC, Barton Malow to Build 1 MSF Expansion of Boeing Production Site Near St. Louis Airport

by Kristin Harlow

ST. LOUIS — Boeing has selected a joint venture between PARIC Corp. and Barton Malow to build a 1 million-square-foot expansion of its “Air Dominance” production site near the St. Louis Lambert International Airport. Construction of the various facilities is expected to employ 1,200 construction craft workers over the course of the program. Pre-construction planning efforts are underway, with initial construction estimated to begin in the first quarter of 2024. The project team also includes Arch Key/Sachs, icon Mechanical, Murphy Mechanical, PayneCrest Electric and Shannon & Wilson. Industrial Project Innovation is the owner’s representative, and Jacobs will provide engineering services.

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Leasing ActivityMidwestMinnesotaOffice

Alerus Financial Signs Two Office Leases Totaling Nearly 53,000 SF in Metro Twin Cities

by Kristin Harlow

SHOREVIEW AND MINNETONKA, MINN. — Alerus Financial, a diversified financial services company, has signed two office leases totaling nearly 53,000 square feet in metro Twin Cities. The company is relocating its Shoreview and Minnetonka offices. The new Shoreview office will be located at The Lex at 4100 Lexington Ave., while the new Minnetonka office will be located at Crescent Ridge II at 10900 Wayzata Blvd. Both offices will enable Alerus to install exterior top-of-building signage. Eddie Rymer and Alex Ach of JLL represented the tenant in both leases. Eagle Ridge Partners is the landlord for the Shoreview property, while Piedmont Office Realty Trust is the owner of the Minnetonka building. JLL project and development services teams are assisting both build-outs.

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DevelopmentIndianaMidwestMultifamily

The Life Properties Underway on $4M Capital Improvement Program at 248-Unit Multifamily Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $4 million capital improvement program at The Life at Belhaven Place in Indianapolis. The project is 71 percent complete, with completion slated for the second quarter of 2025. The 248-unit multifamily community is receiving select interior renovations to all units and upgrades to the office clubhouse. Exterior improvements include new paint and repairs to the roof, property signage, pool, parking lot, sidewalk, playground and dog park. There is also a new security camera system and landscaping improvements. Sustainable updates include low-flow plumbing retrofits and repairs to the LED lighting. Built in 2006, The Life at Belhaven Place features a mix of one-, two-, three- and four-bedroom units.

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DevelopmentIllinoisMidwestMultifamily

Partnership Opens 311-Unit Luxury Apartment Complex as Part of Mall Redevelopment in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — A partnership between Focus, Affinius Capital, Atlantic Residential and Centennial has opened The Domaine at Hawthorn Row in the Chicago suburb of Vernon Hills. The 311-unit luxury apartment complex is part of the redevelopment of Hawthorn Mall, a 50-year-old shopping center. The Domaine also features 54,000 square feet of retail space. Amenities include a lounge, dining room, game room, two-story gym, pet spa and outdoor terrace with a pool, sundeck and grilling stations. Units range in size from 600 to 1,330 square feet, while monthly rents start at $1,775. Residents can now earn one month of free rent on select lease terms, according to the property’s website.

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AcquisitionsMidwestMissouriMultifamily

Berkadia Brokers $7.5M Sale of Multifamily Property in St. Louis

by Kristin Harlow

ST. LOUIS — Berkadia has brokered the $7.5 million sale of Lynn Town Apartments in St. Louis. The 144-unit, garden-style multifamily property is located at 9675 Muriel Ave. The community was built in 1963. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, the original developer who had owned the property for 60 years. The buyer was undisclosed.

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IllinoisIndustrialLeasing ActivityMidwestOffice

Associated Signs Two Office, Industrial Leases Totaling 178,477 SF in Chicagoland

by Kristin Harlow

HANOVER PARK AND WARRENVILLE, ILL. — Associated, a storage and order fulfillment solutions company, has signed two office and industrial leases totaling 178,477 square feet in metro Chicago. The tenant signed a long-term lease to occupy the entire building at 6450 Muirfield Drive in Hanover Park. The property features 160,419 square feet of industrial space, inclusive of 10,000 square feet of office space. With this lease signing, Associated marks the establishment of a new operations facility and doubles its footprint in Chicagoland. The property will house the company’s warehouse operation as well as material handling equipment sales, service, parts and rental functions. In the second transaction, Associated signed a lease for a move-in ready office sublease at 4101 Winfield Road in Warrenville. The space totals 18,058 square feet. Corey Chase of Newmark represented Associated in both leases. Brian Colson and Brian Pomorski of Avison Young represented the landlord for the Hanover Park property, while Josh Feldman of Cushman & Wakefield represented the sublandlord in the Warrenville space.

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AcquisitionsIllinoisMidwestRestaurantRetail

SVN Chicago Commercial Brokers $1.8M Sale of Restaurant Property in South Loop

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has brokered the $1.8 million sale of a 4,800-square-foot restaurant condo in Chicago’s South Loop. The asset is located at 1307 S. Wabash Ave. Tim Rasmussen and Marcus Sullivan of SVN represented the undisclosed seller. David Wong of Century 21 Realty Associates represented the local buyer. The property sold for 95 percent of the asking price.

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John Ducey Walker & Dunlop agency financing affordable housing
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

How to Maximize Agency Financing for Affordable Housing

by Sarah Daniels

There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced  to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …

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