CHICAGO — Peerless Development has begun pre-leasing at 1880 Milwaukee, a 44-unit property in Chicago’s Bucktown neighborhood. First resident move-ins at the five-story mid-rise are slated for August 2026. Units are offered in one- and two-bedroom floor plans ranging from 534 to approximately 950 square feet, some with private balconies. Asking rents start at $2,325 per month for one-bedroom apartments and $3,645 per month for two-bedroom residences. Amenities include a rooftop deck with grilling stations, reserved garage parking for 22 vehicles with electric vehicle charging capability and bicycle storage. The property, …
Midwest
LAKE ORION, MICH. — Berkadia has arranged a $35.2 million refinancing loan through Freddie Mac for Indian Lake Village Apartments, a 394-unit community in Lake Orion, a village approximately 38 miles north of Detroit. Fenton Management Co. out of Farmington Hills, Michigan, is the owner/borrower. Wesley Moczul of Berkadia Orlando led the transaction, with support from Mitch Sinberg, Scott Wadler, Matt Robbins and Brad Williamson of Berkadia Boca Raton. Located at 3001 Lake Village Blvd., Indian Lake Village Apartments is situated on approximately 58 acres and was constructed between 1995 …
JOLIET, ILL. — Marcus & Millichap has brokered the sale of Rock Run Residences, a 128-unit property in Joliet. The asset traded between two private investors for an undisclosed sum. Rock Run Residences is situated on approximately 15 acres at 1524 Richard T. Rivera Way. Built in 2002 and renovated between 2021 and 2024, the property consists of seven buildings totaling 81,960 rentable square feet, with 12 studios, 96 two-bedroom, four three-bedroom and 16 four-bedroom units. Amenities include a clubhouse, fitness center, community kitchen, pool, picnic area, sand volleyball court …
CLEVELAND — Pennrose and nonprofit partner MidTown Cleveland have broken ground on the $64 million redevelopment of the former Warner & Swasey factory in Cleveland. In October 2025, Pennrose acquired the building at 5701 Carnegie Ave. from the City of Cleveland. The development team, working on this project since 2017, drew on 24 capital sources to bring the plans to fruition, including contributions from the City of Cleveland, Cuyahoga County and the Cleveland Foundation, among other public and private partners. Constructed in the early 1900s, the 194,000 square-foot, five story …
MOUNT PROSPECT, ILL. — Interra Realty has arranged the sale of 20West, a six-story, 71-unit community at 20 W. Northwest Highway in Mount Prospect. Locally based Wingspan Development, which opened the property in 2019, sold the asset for $23 million to Wheeling, Illinois-based Anemone Real Estate. Interra represented both buyer and seller. The property, made up of studios and one- and two-bedroom floor plans, was 94 percent occupied at the time of the sale. Amenities at 20West include a fitness center, yoga studio, lounge, demonstration kitchen and a two-story restaurant …
DUBUQUE, IOWA — Daniel Management Group, a Chicago-based property management and investment firm, has been selected by Talon Development to manage and lease up Fox Hills Apartments. The community will open its first 210 units for move-ins this August. More development phases are planned for future dates. Fox Hills features studios through three-bedroom layouts and amenities such as a fitness center, dog park, clubhouse and a walking trail. High-speed Wi-Fi and trash, water, sewer and natural gas are included with rents.
LORAIN, OHIO — Lument has secured a $28 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) loan to assist TFG Housing Resources and Raise Up with the rehabilitation of Western Horizon. Upon completion of the redevelopment, all 353 units of the affordable housing community in Lorain will be offered at rents capped at 60 percent of area median income. Lument’s Joey Hague led the transaction. TFG Housing Resources is a Columbus, Ohio-based real estate developer focused on the new construction and rehabilitation of affordable housing properties. …
Eastern Union Arranges $15.9M Loan for Adaptive Reuse Project in East Peoria, Illinois
EAST PEORIA, ILL. — Eastern Union has arranged a $15.9 million acquisition and construction loan for the conversion of a former assisted living facility into a 246-unit multifamily property located at 500 Centennial Drive in East Peoria. The financing was arranged by Joe Siegfried of Eastern Union. The borrower was The H&A Group of South Bend, Indiana, a real estate investment and development company focused on value-add and adaptive reuse projects across multiple asset classes. The loan was provided by Genesis Capital, which is based in Sherman Oaks, California. Originally …
CHICAGO — JLL has arranged a $141.8 million refinancing loan for Wolf Point West, a 509-unit, 48-story tower in Chicago’s River North neighborhood. The borrower/owner is Hines in partnership with AFL-CIO Building Investment Trust, Magellan Development Group and the Joseph P. Kennedy Trust. New York Life Insurance Co. was the lender for the three-year, floating-rate loan. JLL’s team was led by Danny Kaufman, Medina Spiodic, Rebecca Brielmaier and Youngsoo Yang. Wolf Point West opened in 2016 and is a LEED Silver-certified building with 24-hour door staff, an outdoor pool with …
Merchants Capital Provides $99M for General Electric Adaptive Reuse Project in Fort Wayne, Indiana
FORT WAYNE, IND. — Merchants Capital has secured a Freddie Mac loan and provided equity totaling approximately $99 million for The Elex, a 296-unit mixed-use, mixed-income community now leasing in Fort Wayne. The Elex is part of Electric Works, the multiphase redevelopment of Fort Wayne’s former General Electric industrial campus. The 296-unit residential phase opened in April. The Elex was developed by Biggs Group in partnership with Ancora, the master developer of Electric Works; Weigand Construction; the project’s construction partner; and MSquared, a development partner focused on mixed-income and affordable …