CARY, ILL. — Premier Commercial Realty has negotiated the $1.8 million sale of a multi-tenant office building in Cary, a far northwest suburb of Chicago. The 18,434-square-foot property is located at 2615 Three Oaks Road. Heather Schweitzer and Bruce Kaplan of Premier represented the seller. Rick Ofman of Essex Realty Group represented the buyer, a local investor.
ORION TOWNSHIP, MICH. — Pita Way has leased space to open a 1,550-square-foot restaurant at the Shops at Baldwin Village in Orion Township, a far northern suburb of Detroit. The new retail development is located at the northwest corner of Baldwin and Morgan roads and is part of a proposed master plan that would include 215 condo units and 264 apartment units. Michael Murphy of Gerdom Realty & Investment represented the tenant. The landlord was undisclosed.
JOLIET, ILL. — PENN Entertainment has unveiled plans to open the new land-based Hollywood Casino Joliet on Monday, Aug. 11. The casino in Illinois is scheduled to open nearly six months ahead of the company’s originally scheduled construction timeline. The entertainment facility will anchor Rock Run Collection, a mixed-use development from Cullinan Properties located adjacent to the I-80 and I-55 interchange. The casino will feature 1,000 slots and 43 live table games, including a baccarat room, retail ESPN BET sportsbook, 10,000-square-foot event center and 1,330 parking spaces. Hollywood Casino Joliet will also include several dining experiences. PENN has partnered with celebrity chef Giada De Laurentiis to debut Sorellina by Giada, which will offer 170 seats for dining and a contemporary bar with a comprehensive wine selection. PENN has also partnered with McClain Camarota Hospitality to bring prominent Chicago chefs and restaurants to the casino. Through this partnership, the property will feature the Boulevard Food & Drink Hall, a dining experience that will include Lucky Goat, Antique Taco, Pretty Cool Ice Cream and Five50 Pizza. PENN is expected to work with the Illinois Gaming Board on the transfer of operations from the existing Hollywood Casino Joliet, which is located on the …
ELMHURST, ILL. — Elmhurst-based DarwinPW Realty/CORFAC International has arranged a $100 million loan for the refinancing of a 2.2 million-square-foot portfolio for Darwin Investment Group in metro Chicago. Wells Fargo provided the loan for the 40-building portfolio. The new loan structure and 50 percent loan-to-value ratio enables Darwin to acquire new buildings to add to the portfolio, according to Matthew Lewandowski, principal of DarwinPW Realty. Darwin Investment Group is a privately held real estate investment company that focuses on commercial real estate investments throughout Chicagoland. The firm last refinanced its portfolio in December 2015 when it was made up of 1.4 million square feet across 27 buildings. The current portfolio is home to more than 225 tenants across buildings from the south suburbs of Chicago to Southeast Wisconsin. Lewandowski, George Cibula, Erin Cibula and Patricia Liston of DarwinPW Realty worked on the transaction.
ST. PETERS, MO. — CBRE has negotiated the sale of The Station St. Peters, a 180-unit multifamily community in the western St. Louis suburb of St. Peters. Built in 2024, the property features a range of one- and two-bedroom floor plans averaging 870 square feet. Amenities include a pool, fitness center, clubhouse, coffee bar and outdoor grilling area. Matt Bukhshtaber of CBRE represented the seller, Mia Rose Holdings LLC. Nick Santangelo, Bruce Francis, Shaun Moothart, Bob Ybarra, Doug Birrell, Anna Britt and Amber Coleman of CBRE arranged a $21.7 million acquisition loan on behalf of the buyer, Oregon-based Bonaventure. The 10-year loan features a fixed interest rate and interest-only payments for the full term.
MARYSVILLE, OHIO — PMZ Realty Capital LLC has arranged a $5.3 million loan for the acquisition of a Hampton Inn hotel in Marysville, a suburb of Columbus. A debt fund provided the loan, which features interest-only payments for the full five-year term. The loan proceeds provided capital for the new ownership to acquire the property and implement a change-of-ownership property improvement plan. The buyer, a Canadian hotel investor, completed the acquisition as its first hotel investment in the U.S. The 83-room hotel features complimentary breakfast, a fitness center, indoor pool and two meeting rooms.
MILFORD, OHIO — Marcus & Millichap has brokered the $2.6 million sale of a fully occupied retail property in Milford, a suburb of Cincinnati. The eight-suite center is home to tenants such as Papa John’s, CheckSmart and Q-Nail. Ashley Riegert, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a Cincinnati-based ownership group. Buyer information was not provided.
By Ethan Elser, PACE Equity In today’s turbulent commercial real estate landscape, developers and property owners face challenges to secure sufficient competitively priced capital. High interest rates, compressed valuations and a low leverage lending environment have complicated funding strategies and eroded traditional capital stack assumptions. More and more, property owners and developers are turning to Commercial Property Assessed Clean Energy (C-PACE) financing due to its core attributes: low cost, nonrecourse, long-term and fixed-rate capital. With amortization periods of up to 30 years, owners and developers recognize that C-PACE terms are virtually unmatched in the private debt markets. As an assessment tied to the property rather than the borrower, C-PACE funding is being leveraged more than ever to support creative solutions in today’s marketplace. C-PACE has evolved into a dynamic financial tool used across the lifecycle of a building — from new construction to recapitalizations to retrofits. C-PACE is used by savvy commercial real estate professionals to optimize their capital structure and boost their internal rate of return (IRR). Identifying the financial utility of C-PACE in a shifting market C-PACE is growing in popularity as an alternative to mezzanine debt, preferred equity and other high-cost financing. In today’s environment, C-PACE is …
LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …
TOLEDO, OHIO — Toledo-based Eidi Properties has acquired 39 shopping centers totaling 650,257 square feet across Illinois, Florida, Virginia, Michigan, North Carolina and Indiana. The transaction, which features a mix of power centers, grocery-anchored plazas and community hubs, brings Eidi’s portfolio to nearly 80 retail properties totaling more than 1.5 million square feet. Dembs-Roth Development was the seller. Joel Jerger of WesBanco, Andy Maher and Brian White of Waterford Bank NA, as well as John Skeldon and Joe Bajas of Cooperative Business Services, all based in Toledo, arranged acquisition financing for the deal. Anthony Calamunci and Gordon Thomas of FisherBroyles served as legal counsel on behalf of Eidi, and Brian Raznick of Taft Law represented the seller.