CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided a $12 million construction loan and invested $16.1 million in Low-Income Housing Tax Credit equity for the construction of Churchill Gateway II, a 70-unit affordable housing project in Cleveland. KeyBank Commercial Mortgage Group (CMG) also arranged a $5.6 million Freddie Mac permanent loan for the project, which will be built at 10526 Churchill Ave. and received an additional $1.7 million in funding from the Ohio Housing Finance Agency. Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. The project will consist of a four-story building with one-, two- and three-bedroom units for residents earning 30 to 60 percent of the area median income and will contain 19 units supported by project-based subsidies. The NRP Group is the developer. The May Dugan Center will provide supportive services. Seaver Rickert and Ryan Olman of KeyBank CDLI structure the financing, while Robbie Lynn of KeyBank CMG arranged the permanent loan.
BENSENVILLE, ILL. — Axis Warehouse & Logistics has signed a 300,960-square-foot industrial lease renewal at 500 Country Club Drive in the Chicago suburb of Bensenville. The transaction represents the largest lease renewal in the O’Hare industrial market in the first half of 2025, according to Lee & Associates of Illinois. Jeff Galante of Lee & Associates represented the tenant, which is a third-party logistics provider that offers large-scale warehousing, transportation and global logistics services. The company occupies the entire property. Dominic Carbonari of JLL represented the owner, Link Logistics.
ROCHESTER HILLS AND LAKE ORION, MICH. — NAI Farbman has completed the lease-up of a 24,379-square-foot office building at 251 Diversion St. in Rochester Hills. Additionally, the brokerage firm has secured eight new retail leases or renewals at the 50,755-square-foot Orion Marketplace shopping center in Lake Orion. Brandon Ben-Ezra and Gavin Mills of NAI Farbman secured three leases to reach full occupancy at the four-story office building. Signed tenants include Rochester Robotic Therapy, Carnaghi Structural Consulting and Amy Elizabeth Designs. Signed tenants at the shopping center include Soul of India, SSWEET Bakery, D1 Training, Black Cat Beanery, Tropical Smoothie Café, Games 4 Life, Parlor Donuts and New Wave Church. The leases bring the property from 50 percent occupancy to 94 percent leased.
ANN ARBOR, MICH. — CRG and co-developer Shapack Partners have closed on the site and secured full construction financing for Chapter Ann Arbor, a 19-story student housing tower located one block from the University of Michigan’s Central Campus in Ann Arbor. The property will feature 625 beds across 183 units. Construction is slated to begin in August, with completion anticipated in time for the 2027-2028 academic year. Located at the northeast corner of South University Avenue and Church Street in Ann Arbor’s South University District, the project will offer fully furnished apartments across studio through five-bedroom layouts. Amenities will include a fitness center, study lounges, a library and rooftop patio. Lamar Johnson Collaborative, a subsidiary of CRG’s parent company Clayco, designed the development. Findorff, a Madison, Wis.-based construction company, will serve as general contractor.
NORMAL, ILL. — JLL Capital Markets has arranged the sale of The Flats at ISU, a 447-bed student housing community serving students at Illinois State University in Normal. Completed between 2011 and 2014, The Flats at ISU features 155 units in studio through four-bedroom layouts. Amenities include a fitness center, study spaces, tenant lounges and outdoor grilling areas. At 99 percent occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years, according to JLL. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, a joint venture between Campus Advantage and Heitman. Jackson Dearborn Partners was the buyer.
LINCOLN, NEB. — Spartan Investment Group, a Colorado-based real estate investment firm specializing in the self-storage industry, has acquired two self-storage facilities in Lincoln totaling 78,402 net rentable square feet and 665 units. The acquisitions mark the first Nebraska properties in the firm’s portfolio. The properties include a 386-unit facility at 1909 N. 1st St. and a 279-unit asset at 700 N. Cotner Blvd. The facilities were built in 2001 and 2012, respectively. Spartan will invest $250,000 in upgrades and expand amenities at both locations to improve curb appeal and modernize security.
CHICAGO — Breneman Capital has acquired a 48-unit apartment building to be rebranded as The Aura in Chicago’s Lakeview neighborhood. The purchase price was undisclosed. Base3 Development sold the property, which is located at 3821 N. Ashland Ave. Built in 2023 by Base3, the asset features a mix of one-, two- and three-bedroom floor plans.
CHICAGO — Greenstone Partners has brokered the $4.3 million sale of a newly constructed multifamily property in Chicago’s River West neighborhood. Located at 693 N. Peoria St., the building features nine units in two- and three-bedroom layouts. The asset features private balconies, onsite parking, in-unit laundry and separated HVAC systems. Some units feature private rooftop access. Jordan Multack of Greenstone represented the seller and sourced a local 1031 exchange buyer.
OVERLAND PARK, KAN. — Ryan Cos. US Inc. and EPC Real Estate Group have opened The Oslo, a 413-unit luxury apartment community in the Kansas City suburb of Overland Park. Featuring Scandinavian-inspired design, The Oslo rises four stories at the intersection of 135th Street and Antioch Road. Amenities include a resort-style pool, fitness center, spa and sauna room, yoga studio, golf simulator, podcast studio and clubhouse. There are also dedicated coworking spaces, green spaces, a dog park and walking trails. Smart technology is fully integrated throughout the community, enabling residents to control access to their units, adjust thermostats and receive package notifications via a mobile app. Electric vehicle charging stations are also available at the property. Ryan served as the developer, builder and capital markets partner for the project, working alongside EPC. NSPJ Architects led the design, Olsson provided civil engineering, Lankford & Associates handled mechanical, electrical and plumbing engineering, and Bob D. Campbell oversaw structural engineering. Monthly rents start at $1,685, according to the property’s website.
CORCORAN, MINN. — Hempel Real Estate and its institutional joint venture partner TPG Angelo Gordon have broken ground on Brockton Business Park in Corcoran, about 22 miles northwest of Minneapolis. The groundbreaking represents the first deployment of capital under a new $300 million programmatic joint venture between the two firms aimed at building and acquiring industrial assets across the Midwest over the next five years. The project’s first phase includes a 286,120-square-foot industrial facility on a 20-acre parcel. The site will feature ample trailer and auto parking, direct access to County Road 101 and convenient connections to I-94 via Dayton Parkway and the future Highway 610 extension. Plans for Phase II include an additional 252,120 square feet of industrial space. RJ Ryan Construction is the general contractor, with architecture and site design by Lampert Architects and Kimley-Horn. Shell completion is slated for the second quarter of 2026. Chris Garcia, Dan Larew and Eric Batiza of JLL will market the project for lease. Bridgewater Bank provided the construction mortgage.