Wednesday, February 11, 2026
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Midwest

IndianaLoansMidwestMultifamily

Greystone Provides $44M Loan for Acquisition of Indiana Apartment Complex

by Kristin Harlow

CROWN POINT, IND. — Greystone has provided a $44 million bridge loan for the acquisition of Hidden Creek Apartments in Northwest Indiana’s Crown Point. The 432-unit apartment complex was built in 1976 and renovated in 2006. The garden-style community is comprised of 12 three-story buildings along with a clubhouse. Amenities include a pool, fitness center, playground, banquet room, lounge and tennis courts. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 24-month term and two six-month extension options. Greystone intends to transition the bridge loan secured by the property to permanent HUD-insured financing. Bayshore Properties was the borrower.

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AcquisitionsIndianaIndustrialMidwest

Holladay Properties Sells 97,412 SF Industrial Building in Elkhart, Indiana

by Kristin Harlow

ELKHART, IND. — Holladay Properties has sold a 97,412-square-foot industrial building in Elkhart for an undisclosed price. The property, which is located at 2810 Bridger Court and built in 1999, is fully leased to All-State Industries and Midwest Sales and Service. Holladay acquired the asset from All-State Industries in 2020. Holladay’s Paul Phair coordinated the sale, while Ryan White of Pinnacle Properties represented the undisclosed buyer.

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IllinoisLoansMidwestMultifamily

Ready Capital Closes $10.7M Acquisition Loan for Multifamily Property in Suburban Chicago

by Kristin Harlow

DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.

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AcquisitionsIllinoisMidwestRetail

SVN | Chicago Commercial Brokers $2.7M Sale of Retail Strip Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — SVN | Chicago Commercial has brokered the sale of McLean Square in Elgin for $2.7 million. The 23,405-square-foot retail strip center is situated on 2.5 acres along McLean Boulevard. Dollar Tree is the anchor tenant. David Coupe of SVN worked alongside Lee Kotler of Konnect Real Estate to reposition and lease up the asset, which had fallen into receivership. Buyer and seller information was not provided.

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IllinoisLoansMidwestMultifamily

Dwight Capital Provides $55M HUD-Insured Loan for Refinancing of Apartment Complex in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Dwight Capital has provided a $55 million HUD 223(a)(7) loan for the refinancing of Mallard Lake Apartments in the Chicago suburb of Wheeling. The 481-unit apartment complex consists of 52 buildings. Amenities include a fitness center, community room, tennis court and pool. Keith Hoffman of Dwight originated the loan, which represented the largest HUD 223(a)(7) refinance in the state of Illinois, according to Dwight. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.

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IllinoisLoansMidwestMultifamily

Ready Capital Closes $12M Acquisition Loan for Condo Deconversion in Metro Chicago

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsMidwestMultifamilyWisconsin

Berkadia Arranges $10.5M Sale of Multifamily Property in Menomonee Falls, Wisconsin

by Kristin Harlow

MENOMONEE FALLS, WIS. — Berkadia has arranged the $10.5 million sale of Shady Lane Apartments in Menomonee Falls, a northwest suburb of Milwaukee. The garden-style property, which consists of 56 units across seven buildings, was 98 percent occupied at the time of sale. Richard Evans, Ralph DePasquale, Pete Evans and Jack Maloney of Berkadia represented the seller, Wisconsin-based Hilgart Property Group. RMJ Acquisitions LLC was the buyer.

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Leasing ActivityMidwestMissouriRetail

St. Louis Funny Bone Comedy Club Opens at Streets of St. Charles

by Kristin Harlow

ST. CHARLES, MO. — St. Louis Funny Bone Comedy Club has opened a new location at the Streets of St. Charles, a 27-acre mixed-use development in suburban St. Louis. The family-owned comedy club has operated in St. Louis for more than 30 years. The club hosts talent from the St. Louis area as well as nationally touring comedians, and hosts a weekly open mic night on Tuesdays. Jerry Kubach is the club’s owner. Cullinan Properties Ltd., the owner of Streets of St. Charles, also unveiled new tenants at the property such as The Socialite and Hot Box Cookies.

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AcquisitionsIowaMidwestRetail

NAI Legacy Acquires Retail Property Occupied by Hy-Vee in Iowa for $6.8M

by Kristin Harlow

AMES, IOWA — NAI Legacy has acquired a newly built, 27,490-square-foot retail property occupied by Hy-Vee just outside of Ames for $6.8 million. The Hy-Vee | Dollar Fresh store serves as one of the grocer’s new concepts, which offers discounted products, perishable goods, meats and a pharmacy. This store concept is being developed in more rural Iowa locations, according to NAI Legacy, which acquired the asset from the developer, Texas-based Embree Group.

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IllinoisLeasing ActivityMidwestOffice

BDO Digital Inks Lease, Becomes First Major Corporate Tenant at Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Accounting and advisory firm BDO USA LLP has signed a lease for 28,000 square feet of Class A office space in Oak Brook for the headquarters of its subsidiary, BDO Digital LLC. The company is the first major corporate tenant at Oak Brook Reserve, the redevelopment of the former McDonald’s campus. The firm expects to take occupancy in the fourth quarter of 2022. Oak Brook Reserve offers more than 400,000 square feet of office space and 2.5 miles of walking and biking trails. Amenities include a conference room, tenant lounge, café, concierge services and transportation shuttles. Jeff Shay and Jack Connors of JLL represented ownership, JPD Oak Brook Holdings, in the lease transaction. Larry Serota, Cece Conway and Daye Williams of Transwestern represented BDO Digital.

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