CHICAGO — Draper and Kramer’s Commercial Finance Group (CFG) has arranged a $93.5 million loan on behalf of Chicago-based Sterling Bay and Denver-based Ascentris for a refinancing of The Elizabeth. The 28-story, 350-unit tower at 225 N. Elizabeth St. in Chicago’s Fulton Market was completed in 2024 and includes 10,000 square feet of street-level retail space. The architect was Hartshorne Plunkard Architecture. CFG senior vice presidents Bill Barry and Bill Stewart arranged the loan.
MAPLE GROVE, MINN. — Gantry has arranged a $48.3 million construction takeout loan for The Edison at Maple Grove, a 248-unit community in the northwest Minneapolis suburb of Maple Grove. Gantry did not disclose the identity of the borrower. The property was developed by Missouri-based JPL Development and opened in 2025. Gantry’s Joe Monteleone and Bonnie Monteleone arranged the 10-year, fixed-rate Freddie Mac loan. The Edison at Maple Grove is located at 9820 Garland Lane North and consists of one-, two- and three-bedroom floor plans and a resort-style pool with …
CLEVELAND — ErieView Development, led by Cleveland’s Kassouf family, is redeveloping the 40-story Erieview Tower into a 210-room W Cleveland hotel, 215 W-branded rental apartments and renovated office space. Brown Gibbons Lang & Co. served as financial adviser and arranged roughly $217.6 million in financing for the residential and hotel phases. The hotel and apartments are slated to open in late 2027. In 2018, The Kassouf family acquired the largely vacant office tower, built in 1964. The conversion will introduce both Ohio’s first W Hotel and the W brand’s first …
ST. CHARLES, ILL. — Eastham Capital, along with operating partner Bender Cos., has acquired Fox Run Apartments, a 220-unit property in St. Charles, 40 miles west of Chicago. Birmingham, Michigan-based real estate investment firm M Group, in partnership with Chicago-based RUME Capital, sold the asset for approximately $32.4 million. Fox Run Apartments was built in 1973 and is a four-building community made up of one-, two- and three-bedroom units along with a pool, picnic and grilling areas, package lockers, laundry facilities and off-street parking. Monthly asking rents currently average $1,703, …
WEST ST. PAUL, MINN. — Greco and Swervo Management have obtained $76.3 million in financing to develop Thompson Oaks, a 291-unit project in West. St. Paul. Thompson Oaks is the first phase of a larger redevelopment of the former West St. Paul YMCA and adjacent city-owned land, which has sat largely vacant since Hy-Vee demolished the YMCA in 2020 and later abandoned plans for a grocery store. The financing package includes a $63 million, four-year, floating-rate loan through First International Bank & Trust and $13.3 million in equity from WhiteStar …
CUDAHY WIS. — Greysteel has arranged the $18.1 million sale of Cudahy Commons, a 142-unit property at 2810 E. Edgerton Ave. in Cudahy, 7 miles south of Milwaukee. Greysteel represented the seller, an unnamed private investor. Peak Capital acquired the asset. Greysteel’s team was comprised of BJ Connolly, Doug Banerjee and Ryan Carter. Amenities include a pool, fitness center, clubhouse and dog park. According to Apartments.com, the community offers one- and two-bedroom units and was developed in 1978.
ROCHESTER, MINN. — Cushman & Wakefield has arranged the $7.3 million sale of Cascade Apartments in Rochester. Patina Management was the seller, and Black Swan Living was the buyer. Cushman & Wakefield’s Chris Collins, Lance Steiger, Evan Miller and Erin Salway represented Patina in the transaction. Located at 957 Pendant Lane NW, Cascade Apartments was developed in 2016 and is comprised of studios, one- and two-bedroom units. The property, about 4 miles northwest of the Mayo Clinic, features in-unit washers and dryers, electric vehicle charging stations and outdoor gathering spaces. …
CHICAGO — Cross Street and Mavrek have begun preleasing at Belmora, a 46-unit community at 919 W. Belmont Ave. in Chicago’s Lakeview neighborhood that includes 5,700 square feet of ground-floor retail space anchored by Studio Three, a locally based fitness company. A second building at 917 W. Belmont Ave., will be completed later this year and will include an additional 46 apartments and 5,3000 square feet of ground-floor retail space, anchored by Foxtrot Café & Market. The community offers studios through two-bedrooms with monthly asking rents ranging from $2,095 to $4,875. …
CHICAGO — Thesis Investment Group has sold 1515 N. Fremont Street in Chicago’s Lincoln Park neighborhood to Beal Properties for $20.4 million. Marcus & Millichap’s Kyle Stengle represented the seller and procured the buyer. The 98-unit property, built in 2016, includes approximately 4,000 square feet of commercial space and features a lounge, barbecue and picnic areas, indoor bike storage, package lockers and controlled access.
OSWEGO, Ill. — JVM Realty Corp. has acquired Springs at Oswego, a 280-unit luxury community in Oswego, 48 miles west of Chicago. The asset was purchased from Continental Properties and brokered by Cushman & Wakefield. JVM Realty has rebranded the property from Springs at Oswego to Trillium at Oswego. The purchase price was not disclosed. Located at 801 Fifth Street, the gated community was completed in 2019 and features townhome-style design across two-story residential buildings. The property offers studio, one-, two- and three-bedroom floor plans. Amenities include a heated pool, …
