Midwest

Rock-Run-Residences-Joliet
IllinoisLeasing & MarketingMidwestNews

Marcus & Millichap Brokers Sale of Rock Run Residences in Joliet, Illinois

by Lynn Peisner

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 …

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Warner-Swasey-Cleveland
Affordable HousingDevelopmentMidwestNewsOhio

Pennrose Breaks Ground on $64M Adaptive Reuse Project in Cleveland

by Lynn Peisner

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 …

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20West-Mount-Prospect
IllinoisInvestment SalesMidwest

Wingspan Development Sells 20West in Metro Chicago for $23M

by Lynn Peisner

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 …

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Fox-Hills-Dubuque
IowaMidwestNewsOperations

DMG Selected as Property Manager for Fox Hills Apartments in Dubuque, Iowa

by Lynn Peisner

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.

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Affordable HousingDevelopmentFinanceMidwestOhio

Lument Secures $28M HUD Loan for Ohio Affordable Housing Redevelopment

by Lynn Peisner

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. …

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East-Peoria-Redevelopment
DevelopmentFinanceIllinoisInvestment SalesMidwestNews

Eastern Union Arranges $15.9M Loan for Adaptive Reuse Project in East Peoria, Illinois

by Lynn Peisner

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 …

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Wolf-Point-West-Chicago
FinanceIllinoisMidwestNews

JLL Arranges $141.8M Refinancing for Wolf Point West in Chicago

by Lynn Peisner

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 …

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The-Elex-Fort-Wayne
Affordable HousingDevelopmentFinanceIndianaMidwestNews

Merchants Capital Provides $99M for General Electric Adaptive Reuse Project in Fort Wayne, Indiana

by Lynn Peisner

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 …

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The-Pavilion-Chicago
IllinoisMidwestNewsOperations

Marquette Management Tapped to Manage 1,115-Unit The Pavilion in Chicago

by Lynn Peisner

CHICAGO — Marquette Management has been selected as property manager for The Pavilion, a 1,115-unit community in Chicago, about four miles east of Chicago O’Hare International Airport. R.I.G. Capital is the owner. The Pavilion offers studio to four-bedroom units across two towers. Amenities include indoor and outdoor pools, a volleyball court with adjacent seating areas, a fitness center, yoga studio, racquetball court, resident lounge, sauna, business center, garage parking and on-site retail.

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Affordable HousingDevelopmentMidwestNewsOhio

City of Cleveland and Partners Open Woodhill Station East

by Lynn Peisner

CLEVELAND — The City of Cleveland, Cuyahoga Metropolitan Housing Authority and The Community Builders have opened Woodhill Station East in Cleveland. The 64-unit development marks the third phase of the Buckeye-Woodhill Choice Transformation, the formal name given to a multi-phase effort to redevelop the former Woodhill Homes public housing site into new mixed-income housing with neighborhood amenities. Woodhill Station East’s affordable units are offered at 30 or 80 percent of area median income, and some units are rented at market rates. Amenities at Woodhill Station East include a community room, …

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