OCVIBE Unveils First Autograph Collection Hotel in Anaheim, California

Abby Cox — Fri, 16 Oct 2026 11:50:00 +0000

ANAHEIM, CALIF. — The Samueli Family and Marriott International (NASDAQ: MAR) have unveiled the design for SENA, Anaheim’s first hotel in Marriott’s Autograph Collection portfolio. Set to open in 2029, the 300-room luxury hotel will serve as the hospitality anchor of OCVIBE, a $5 billion, 100-acre master-planned entertainment and mixed-use district surrounding the Honda Center, the home arena of the Ducks. The Samueli Family, owner of the Ducks, along with its affiliate OC Sports & Entertainment, is the master developer behind OCVIBE and SENA. The hotel’s project team also includes Wimberly Allison Tong & Goo (architecture and landscape architecture) and Rockwell Group (interior design), while Sage Hospitality Group will lead guest services. “SENA brings together world-class hospitality, culinary and design brands while creating something distinctly ‘Anaheim,’” says Mike Waterman, president and CEO of Visit Anaheim. “It reflects the continued evolution of Anaheim and the caliber of experiences taking shape across our destination.” At the center of the entrance to SENA, Rockwell Group is designing a circular indoor-outdoor lobby bar that will transition from bright colors during the day to warm, atmospheric colors at night. Meanwhile, the pool deck, pool bar and the indoor-outdoor lobby bar will overlook OCVIBE’s South Plaza…

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EQT to Acquire Investment Manager Stockbridge

Hayden Spiess — Thu, 15 Oct 2026 11:47:00 +0000

STOCKHOLM AND SAN FRANCISCO — Swedish private markets firm EQT AB has announced plans to acquire real estate investment manager Stockbridge for $375 million in cash with total deal value reaching up to $550 million. Under the deal, Stockbridge, which was founded in 2003, will become part of EQT Real Estate. Stockbridge has approximately 185 employees across six U.S. offices, with around 180 institutional clients. Headquartered in San Francisco, Stockbridge currently boasts a portfolio of roughly $16.5 billion in fee-generating assets under management and a total gross asset value of $27 billion in assets under management. The company’s commercial real estate portfolio spans 92.9 million square feet and nearly 20,000 residential units. Upon closing of the transaction, Stockbridge’s diversified strategies and alternative sectors business will operate as a dedicated line under EQT Real Estate, and industrial capabilities will be integrated into EQT Real Estate’s existing industrial platform. Existing leadership and teams at Stockbridge will largely remain in place, according to EQT. Terry Fancher, CEO of Stockbridge, will become vice chair of EQT Real Estate, with Stockbridge CFO Kristin Renaudin transitioning to global CFO of EQT Real Estate. Tuba Malinowski, executive managing director at Stockbridge, will become head of U.S. diversified…

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JLL Arranges $463M in Bridge Financing for Thompson Thrift’s Eight-Property Multifamily Portfolio

Kristin Harlow — Wed, 14 Oct 2026 12:00:00 +0000

CHICAGO — Chicago-based JLL Capital Markets has arranged $463 million in bridge financing for Thompson Thrift’s eight-property multifamily portfolio comprising 2,412 Class A apartment units across Florida, Georgia and Arizona. JLL secured the floating-rate construction take-out loan through Barings. The portfolio includes: Floor plans average 1,023 square feet. Unit interiors feature gourmet kitchens with stainless steel appliances, quartz or granite countertops, smart home technology, full-size washers and dryers, and private balconies or patios. Examples of amenities include fitness centers, resort-style pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and outdoor spaces. Danny Kaufman, Medina Spiodic, Mark Gibson and Matthew Lawton of JLL arranged the loan on behalf of Thompson Thrift. Daniel Hedgepeth of Barings originated the financing. With offices in Indianapolis and Terre Haute, Ind., Denver, Houston and Phoenix, Thompson Thrift develops, constructs, leases and manages multifamily communities. The firm has developed more than $7.9 billion in ground-up real estate projects across 25 states. — Kristin Harlow

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Anderson Real Estate Completes $550M Refinancing for Two Office Towers in Los Angeles

John Nelson — Tue, 13 Oct 2026 12:00:00 +0000

LOS ANGELES — Anderson Real Estate, a private, family-owned real estate development and management firm, has completed the $550 million refinancing of Anderson Towers, the company’s two-building office campus in Los Angeles’ Century City neighborhood. Eastdil Secured Savills arranged the financing on behalf of Anderson. Wells Fargo served as primary lender and servicer, while JPMorgan Chase was secondary lender in the refinancing. Legal counsel for the transaction included Allen Matkins for Anderson Real Estate and Hogan Lovells Cadwalader for the lenders. Since 2021, Anderson Real Estate has invested more than $300 million into renovations at Anderson Towers, which is located at 1800 and 1900 Avenue of the Stars. “We’ve invested in Anderson Towers because we believe deeply in the long-term strength of Century City and in creating office environments that will continue to attract leading companies to Los Angeles,” says Matt Lavin, executive chairman of Anderson Real Estate. “This financing represents another important milestone for Anderson Towers and underscores our long-term commitment to these properties and the broader Los Angeles community.” Anderson Real Estate completed its comprehensive renovations at Anderson Towers last year. David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture led the redesign, which included modernized…

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Partnership Receives $507M Construction Loan for Miami Beach Residential Tower

Taylor Williams — Mon, 12 Oct 2026 12:00:00 +0000

MIAMI BEACH, FLA. — A partnership between local developer Terra, RG Development Group, GV Development and LORE Development has received a $507 million construction loan for 1250 West Avenue, a new residential tower that will be located in Miami Beach. TYKO Capital provided the financing for the waterfront project, which will rise 28 stories along Biscayne Bay. The tower will offer 106 for-sale condos, including two penthouses, sales of which are expected to begin in 2027. The development will feature ground-level and rooftop pools, as well as a spa and a padel court. The development will also include underground parking, ground-floor retail space and tropical landscaping themes integrated throughout the property. Beyond the residential tower, the development team has proposed a series of public improvements designed to strengthen connections between the neighborhood and Biscayne Bay. “Securing this financing from TYKO is an important milestone for 1250 West Avenue and reflects the strength of the project and our long-term conviction in Miami Beach,” says David Martin, CEO of Terra. “This is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm.” “Miami Beach continues to be one of the most supply-constrained…

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Blue Origin to Invest $554M for 1.3 MSF Aerospace Manufacturing Facility in Central Texas, Create 2,000 Jobs

Abby Cox — Fri, 09 Oct 2026 11:29:00 +0000

HUTTO, TEXAS — Blue Origin Enterprises, a private American aerospace manufacturer, defense contractor and spaceflight services company founded by Amazon founder Jeff Bezos, will invest approximately $554 million to develop Constellation Park, a 1.3 million-square-foot satellite and communications manufacturing campus located in Hutto, about 35 miles northeast of Austin. The facility is expected to create more than 2,000 jobs over 10 years. Constellation Park will be situated in the Hutto Crossing development, a 118-acre, multi-phase industrial and commercial development owned by Dallas-based Velocis, Austin-based Ironwood Realty Partners LLC and California-based MBK Industrial Properties. This project marks the first time Blue Origin is receiving money from outside investors, as reported by multiple sources. The space company received an $18.2 million grant through the Texas Enterprise Fund from Texas Gov. Greg Abbott’s office. Williamson County also unanimously approved local tax breaks and economic development agreements for Blue Origin’s investment. According to the Austin Business Journal, Blue Origin has committed to working with the Williamson County school district to develop paid high school internships and support career and technical education programs to give students a pathway to careers in aerospace and advanced manufacturing. “With this investment by Blue Origin, along with recent expansions by…

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Amazon Acquires Chicago Distribution Facility from Logistics Property Co. for $195M

Hayden Spiess — Thu, 08 Oct 2026 11:03:00 +0000

CHICAGO — Logistics Property Co. has sold a distribution facility located at 1237 W. Division St. in Chicago for $195 million. Amazon (NASDAQ: AMZN) has been reported as the buyer by multiple media outlets. Situated near downtown Chicago and totaling 571,423 square feet, the property was the first multi-story logistics facility to be developed in the Midwest, according to JLL. The facility was purpose-built for distribution operations and features clear heights over 34 feet, 56 loading docks, 135-foot truck court depths, a dedicated second-floor truck ramp and 10,000 amps of power. Parking capacity at the facility includes a 292,500-square-foot rooftop parking deck and an adjacent five-level parking structure, which together accommodate up to 1,590 automobiles or 763 vans. According to JLL Capital Markets, which brokered the sale, more than 1 million residents live within a five-mile radius of the property, which is situated roughly three miles from Chicago’s central business district, with convenient access to Chicago O’Hare International and Chicago Midway International airports. Amazon plans to begin operations at the facility in late 2027 or early 2028 and use the property as a same-day delivery center, according to the Chicago Sun-Times. Logistics Property Co. completed the development in late 2024. In…

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Tishman Speyer Returns to Manhattan’s Chrysler Building With 150-Year Ground Lease, $235M Investment

John Nelson — Wed, 07 Oct 2026 12:00:00 +0000

NEW YORK CITY — Tishman Speyer has entered into a 150-year ground lease agreement for the Chrysler Building, with plans to invest $235 million in restorations to the landmark Manhattan office tower at 405 Lexington Ave. New York City-based Tishman Speyer is joined in the transaction by multiple global institutional partners, with the Public Sector Pension Investment Board (PSP Investments) serving as lead investor. Ground-rent fees, which have not been disclosed, will be paid to the landowner, The Cooper Union for the Advancement of Science and Art, a private college in New York’s East Village. Opening in 1930, the 1.3 million-square-foot, 77-story tower was built to house the Chrysler Corp. and features decorative elements inspired by automobile parts, including eagle gargoyles modeled after the hood ornament on the 1929 Plymouth. Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment. Plans call for new amenities on the 61st floor featuring a lounge with outdoor access and food-and-beverage offerings. Fitness, wellness and meeting spaces will be situated in the building’s underground arcade, which connects to Grand Central Terminal and Manhattan’s subway system. The renovation investment will also cover restoration of the façade and the…

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Anduril Industries to Invest $3.7B for 2 MSF Shipyard Facility in Maryland, Create 3,100 Jobs

John Nelson — Tue, 06 Oct 2026 11:57:00 +0000

SPARROWS POINT, MD. — American defense contractor Anduril Industries has selected the 3,300-acre Tradepoint Atlantic logistics and industrial park in Maryland’s Baltimore County for the site of a new $3.7 billion shipbuilding operation. Dubbed Arsenal-2, the 2 million-square-foot facility will be developed on the former Bethlehem Steel site in Sparrows Point and will expand the U.S. Navy’s submarine industrial base. The facility is expected to directly create 3,100 permanent jobs in Maryland and support more than 14,000 jobs overall. The project is estimated to generate more than $2 billion in annual economic output, including $312 million in wages. Arsenal-2 represents the largest single private investment in Maryland and the state’s largest job creator in over a decade, according to the State of Maryland. “With this facility, thousands of Marylanders will have new pathways to work, wages and wealth through advanced training and high-skilled maritime manufacturing jobs,” says Maryland Gov. Wes Moore. “We thank Anduril for choosing Maryland, and we’re ready to build the future of the aerospace and defense economy together.” “Sparrows Point helped build the fleet that won World War II,” adds Brian Schimpf, co-founder and CEO of Anduril. “With Arsenal-2, Anduril will return large-scale shipbuilding to a site…

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JLL Arranges $276M Refinancing for Southern California Seniors Housing Portfolio

Taylor Williams — Mon, 05 Oct 2026 11:49:00 +0000

NEWPORT BEACH, CALIF. — JLL has arranged two loans totaling $276 million for the refinancing of a two-property seniors housing portfolio in the Newport Beach area of Southern California. The portfolio totals 395 units. The borrower is an affiliate of owner-operator Nexus Development. The first piece of the transaction involves a $140 million loan for Vivante Newport Center, a six-story, luxury community that features 99 independent living, assisted living and memory care units. Vivante Newport Center also offers a theater, bowling alley and a golf simulator, in addition to multiple onsite food-and-beverage options. The second component of the deal features $136 million in agency financing for Vivante Newport Mesa, a 296-unit community that was built in phases between 2013 and 2020. Vivant Newport Mesa comprises two buildings on a 6.8-acre site that also offer independent living, assisted living and memory care services. An undisclosed national bank provided the loan for Vivante Newport Center, and the name of the agency that originated the financing for Vivante Newport Mesa was also not disclosed. Greg Brown and Aaron Rosenzweig of JLL acted as intermediaries on both deals.

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Federal Realty Acquires The Summit Shopping Center in Birmingham for $508M

Abby Cox — Fri, 02 Oct 2026 11:26:00 +0000

BIRMINGHAM, ALA. — Maryland-based Federal Realty Investment Trust (NYSE: FRT) has acquired The Summit, an 870,000-square-foot, open-air shopping center in Birmingham, for $508 million. Purchased from the original developer, locally based Bayer Properties, the 100-acre property is the most visited retail destination in Alabama, drawing nearly 9 million annual visits, according to Federal Realty. As reported by the Birmingham Business Journal, Bayer sold its property management and leasing portfolio to Dallas-based Centennial in 2022, though the company’s original underlying real estate assets were not part of that sale. The acquisition is expected to be funded on a long-term basis with a combination of net sale proceeds, free cash flow and funds from Federal Realty’s recently issued convertible notes. Situated at the intersection of I-459 and U.S. Highway 280, The Summit opened in 1997 with initial retailers like Barnes & Noble and Parisian (which later transitioned into a flagship store for Belk), expanding in phases through 2009. The Summit now features more than 110 tenants, including Apple, Trader Joe’s, RH, Nordstrom Rack, Alo Yoga, Sephora and North Italia, with over 30 tenants operating their only Alabama location at the center. At the time of sale, The Summit was 92 percent occupied. In…

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Citadel’s Ken Griffin to Gift $2B for Creation of Carnegie Mellon University Miami Campus

Hayden Spiess — Thu, 01 Oct 2026 11:26:00 +0000

MIAMI — Ken Griffin, founder and CEO of global alternative investment firm Citadel, has announced plans to gift $2 billion for the launch of Carnegie Mellon University Miami, a new campus of the Pittsburgh-based private research university. Upon completion, the Miami campus will support more than 3,500 undergraduate and graduate students, with roughly 300 faculty and 600 staff members. The project will be situated on more than 35 acres in the Wynwood neighborhood of Miami. Plans include dedicated space for research labs and venture studios. Construction is scheduled to begin in 2027, with the first students enrolling in 2028. According to local news outlets, the project site for the new campus was purchased from developer Moishe Mana. Griffin is also donating $1 billion to support Carnegie Mellon’s home Pittsburgh campus, including a $500 million investment in the School of Computer Science, which will be renamed the Kenneth C. Griffin School of Computer Science. Earlier this year, Griffin purchased 545 Wyn, an office building located in Miami’s Wynwood neighborhood, for $181 million, in partnership with Goldman Properties. In 2022, Citadel announced plans for a new global headquarters in the city’s Brickell financial district, moving from its longtime home in Chicago. Development plans…

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Morningstar to Relocate Headquarters to Chicago’s Thompson Center, Inks 275,000 SF Lease

Kristin Harlow — Wed, 30 Sep 2026 12:00:00 +0000

CHICAGO — Morningstar Inc. (NASDAQ: MORN), a provider of independent investment insights, has unveiled plans to relocate its global headquarters to the Thompson Center in Chicago’s Loop. Morningstar will co-anchor the building alongside owner Google and will occupy more than 275,000 square feet. The company plans to move to the property in late 2028. The lease marks Chicago’s largest downtown office transaction in 2026 to date, according to Morningstar, which has been headquartered in Chicago since its founding over 40 years ago. Morningstar currently employs over 1,500 people in Chicago. Located at 171 N. LaSalle St., the Thompson Center is one of the city’s highest-profile revitalization projects. Google announced plans to acquire the 1.2 million-square-foot property in 2022 and recently shared new design renderings for the renovation. The all-electric building will feature direct access to public transit, large floor plates, a 17-story atrium with food-and-beverage and retail offerings, as well as onsite employee amenities. Famed Chicago architect Helmut Jahn designed the Thompson Center, which opened in 1985 as the State of Illinois Center. The property was later renamed to honor Illinois Gov. James R. Thompson. Alongside its headquarters move, Morningstar plans to donate $5 million over the next five years…

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Mesabi Metallics to Build $15B Steel Mill in Southeast Iowa, Create 1,750 Jobs

John Nelson — Tue, 29 Sep 2026 12:00:00 +0000

LEE COUNTY, IOWA — Mesabi Metallics, a wholly owned subsidiary of India-based conglomerate Essar Group, plans to develop a new $15 billion steel mill in southeast Iowa’s Lee County. Rewant Ruia, chairman of Mesabi Metallics, made the announcement at The White House yesterday along with Iowa Gov. Kim Reynolds and President Donald Trump. The new plant is expected to create 6,000 temporary construction jobs. Once the facility is operational, which is expected by 2030, the mill will employ an estimated 1,750 full-time team members. Combined with the $3 billion that the company is using to complete its iron ore mine in Nashwauk, Minn., the investment by Mesabi represents the largest single investment made in a steel complex in American history, according to Mesabi. “Mesabi is building a world-class steel supply chain that is 100 percent American,” says Joe Broking, CEO of Mesabi Metallics. “Our investment will create high-paying jobs with competitive benefits in Iowa and Minnesota, generate tens of billions of dollars in U.S. economic activity and strengthen our domestic manufacturing base.” Mesabi will utilize pellets, dubbed Patriot Pellets, procured from iron ore at its Minnesota mine, which is the first new iron ore mine built in the United States…

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Brixmor, Everview Agree to Acquire Slate Grocery REIT for $2.3B, Including 115 Retail Properties

Taylor Williams — Mon, 28 Sep 2026 12:01:00 +0000

NEW YORK CITY — Two New York City-based firms, retail owner-operator Brixmor Property Group (NYSE: BRX) and Everview Partners, a private equity and investment management group, have entered into an agreement to acquire Toronto-based Slate Grocery REIT for approximately $2.3 billion. Under the terms of the transaction, Brixmor will acquire a portfolio of 23 grocery-anchored shopping centers totaling roughly 3 million square feet for $636 million. The newly formed joint venture between Brixmor and affiliates of Everview Partners will acquire Slate Grocery’s remaining 92 properties totaling approximately 12 million square feet for approximately $1.7 billion. The shopping center portfolio that comprises Brixmor’s lone ownership piece of the transaction is concentrated predominantly across Florida, Georgia and the Carolinas. Those properties currently have an aggregate occupancy rate of about 96 percent and are anchored by grocers such as Publix, Kroger and Harris Teeter. Brixmor will take full ownership of 22 of the centers and 50 percent ownership of a single center. Additionally, Brixmor has identified approximately $100 million of redevelopment and outparcel development opportunities within those centers, including several potential Publix redevelopment projects. Within the second component of the transaction, Brixmor will hold a 20 percent common equity interest and Everview will…

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JLL Arranges $406M in CMBS Financing for Trammell Crow Center in Dallas

Abby Cox — Fri, 25 Sep 2026 11:04:00 +0000

DALLAS — JLL Capital Markets has arranged $406 million in CMBS financing for Trammell Crow Center, a more than 1.2 million-square-foot trophy office tower located in the Arts District of downtown Dallas. Greg Napper, Jordan Buck and Rett Daugbjerg of JLL secured the five-year, fixed-rate, single-asset single-borrower (SASB) loan through Wells Fargo and Morgan Stanley on behalf of Regent Properties LLC. Delivered in 1985, Trammell Crow Center rises 50 stories and is 92 percent leased to a mix of major tenants such as Goldman Sachs, Baker & Botts LLP, Vinson & Elkins LLP, Orix and Prudential, among others. In 2019, the property underwent a $185 million redevelopment completed by the previous owner, JPMorgan Asset Management. Renovations included the construction of a new parking structure, a complete lobby overhaul and the addition of 27,000 square feet of ground-floor retail, as well as a full suite of amenities like the TCC Athletic Club, a conference center, an outdoor pavilion and on-site dining options. Regent Properties acquired Trammell Crow Center in March 2022 for an estimated $600 million, according to several media sources. The company has owned, operated or sponsored more than $4 billion in real estate transactions, spanning 12 million square feet of…

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Family Dollar Receives $455.7M in Financing for National Distribution Center Portfolio

Hayden Spiess — Thu, 24 Sep 2026 04:55:00 +0000

CHESAPEAKE, VA. — Family Dollar has received $455.7 million in financing for its national distribution center portfolio, which totals 7.1 million square feet across eight properties. Wells Fargo led the group that provided the floating-rate debt, which will be used to refinance existing loans. An entity doing business as 1959 RE Holdings LLC, which acquired Family Dollar from Dollar Tree Inc. in 2025, is the borrower. The organization is a Delaware limited liability company that is controlled and partially owned by affiliates of Brigade Capital Management and Macellum Capital Management, Virginia-based Family Dollar occupies the entirety of the portfolio on a long-term, triple-net master lease. The distribution network serves roughly 7,100 Family Dollar retail stores nationwide. Family Dollar has maintained operations at the properties for an average of 22 years. Built between 1997 and 2013, the facilities range in size from 832,000 to 907,000 square feet, with clear heights ranging from 30 to 42 feet. The portfolio benefits from access to major transportation corridors, and each distribution center is within reach of more than 123 million people within a 12-hour drive, on average. Christopher Peck, Christopher Pratt and Alex Staikos of JLL Capital Markets led the debt origination efforts on…

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Hunt Sports Development Plans Mixed-Use District at Toyota Stadium in Frisco, Texas

Kristin Harlow — Wed, 23 Sep 2026 12:00:00 +0000

FRISCO, TEXAS — Hunt Sports Development has formed a partnership with Peak Curated Development and Venu Holding Corp. (NYSE: VENU) to build a mixed-use district on the east side of Toyota Stadium and Soccer Center in Frisco, a suburb of Dallas in Collin County. The stadium serves as the home of Major League Soccer’s FC Dallas, which is owned by The Hunt Family. The partnership plans to transform the campus into a year-round destination for hospitality, business, dining and entertainment. Construction is expected to begin in 2027. Project costs were not released, but The Dallas Express reports that the city previously outlined a mixed-use development expected to generate more than $1 billion in private investment once fully developed. The first phase of the project will include a 290-room boutique hotel and more than 40,000 square feet of convention, meeting and event space. The hotel will include a full-service restaurant and bar, rooftop bar and lounge, spa and a fitness center. The flexible convention and event center will feature more than 25,000 square feet of dedicated meeting space, including a 15,000-square-foot ballroom, which will be divisible into smaller breakout rooms. The ballroom and event spaces can be configured for conferences and…

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Eli Lilly Breaks Ground on $6.5B GLP-1 Manufacturing Facility in Northeast Houston

John Nelson — Tue, 22 Sep 2026 12:00:00 +0000

HOUSTON — Global pharmaceutical giant Eli Lilly and Co. (NYSE: LLY) has officially broken ground on its $6.5 billion manufacturing facility in northeast Houston. The 1 million-square-foot project will serve as the newest active pharmaceutical ingredient (API) manufacturing facility, where the company will primarily produce Foundayo, Lilly’s first synthetic oral GLP-1 weight loss medicine. The site is located within Generation Park, a 4,300-acre master-planned development in Harris County. The master developer, locally based McCord Development, began pursuing life sciences users at the park in 2023 before securing Lilly last fall. Lilly expects to create 600 high-paying jobs at the new plant, including engineers, scientists and lab technicians who will implement technologies including machine learning, AI, digitally integrated systems and advanced data analytics. The project is also expected to create 4,000 temporary construction jobs during its development. Texas Gov. Greg Abbott attended the groundbreaking ceremony that took place yesterday. “Lilly’s $6.5 billion capital investment expands our healthcare dominance in the Lone Star State,” said Abbott. “Strategic investments like this one strengthen our global supply chain for healthcare and medicines right here in Texas.” The Generation Park facility is one of five domestic API manufacturing facilities announced by Lilly since 2020. Other API…

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JLL Arranges $113M in Financing for Office-to-Residential Conversion Project in Downtown Chicago

Taylor Williams — Mon, 21 Sep 2026 11:53:00 +0000

CHICAGO — JLL has arranged approximately $113 million in construction financing and joint venture equity for an office-to-residential conversion project located along downtown Chicago’s “Magnificent Mile” corridor. The sponsor, Commonwealth Development Partners, purchased the 25-story office building at 500 N. Michigan Ave. in August 2025 in partnership with Triangle Capital Group. That deal traded off-market and fetched a sales price of $5 million. Commonwealth is now in the process of converting the building into a 320-unit apartment community. Construction on the redevelopment began in May and is slated for a spring 2028 completion. The financing package consists of a $71.5 million nonrecourse construction loan from Santander Bank and $41.8 million in joint venture equity that was provided by Washington Capital Management on behalf of one of its institutional clients. Chris Knight, Ryan Planek and Annie Thomas of JLL secured both components of the package on behalf of Commonwealth. Upon completion, the adaptive reuse project will feature studio, one- and two-bedroom units, 64 of which will be designated as affordable housing. The development will offer amenities such as a rooftop pool, fitness center with a yoga room, coworking space, a multi-sport simulator, theater and concierge services. Residents at 500 N. Michigan…

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