Midwest

Citiwalk-Rochester
DevelopmentMidwestMinnesotaNews

Inland, RWD Break Ground on $139M Project in Rochester, Minnesota

by Lynn Peisner

ROCHESTER, MINN. — Inland National Development Co. and Reuter Walton Development (RWD) have broken ground on Citiwalk Apartments, a 342-unit project in downtown Rochester across the street from the Mayo Clinic. The Minneapolis/St. Paul Business Journal reports the land was assembled and purchased for $20 million in April and that the total project cost is $139 million. The community will contain apartments as well as 90 short-term stay units intended to support patients and caregivers who travel to Rochester for treatment. Located at 201 6th Ave., Citiwalk Apartments will feature …

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NEMA-Chicago
FinanceIllinoisMidwestNews

JLL Arranges $332M for Chicago Luxury Tower Refinancing

by Lynn Peisner

CHICAGO — JLL has arranged a $275 million loan and $57 million in mezzanine financing for NEMA Chicago, a 76-story luxury tower at 1210 South Indiana Ave. in Chicago. The property was developed in 2019 by Miami-based Crescent Heights, which is the borrower. The five-year, fixed-rate loan was provided by New York Life Insurance Co., while the mezzanine loan was sourced through PGIM’s real estate business. NEMA Chicago features 70,000 square feet of amenities spanning indoor and outdoor pools, a full-size basketball court, squash court, boxing ring, golf simulator, movie …

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Floret-Hill-Lawrence
Affordable HousingDevelopmentFinanceKansasMidwestNews

Wheatland Investments Group Obtains $10.8M Loan for Affordable Housing Development in Lawrence, Kansas

by Lynn Peisner

LAWRENCE, KAN. — Merchants Capital has secured a $10.8 million Freddie Mac loan for Floret Hill, a 121-unit affordable housing development in Lawrence. The developer, Gardner, Kansas-based Wheatland Investments Group, also has obtained federal and state Low-Income Housing Tax Credit equity, while the City of Lawrence donated 12 acres of land and committed approximately $1 million to the project. Floret Hill will offer one-, two- and three-bedroom apartments across 11 residential buildings, with 37 units restricted to residents earning up to 40 percent of area median income (AMI) and 84 …

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Vivo-Madison
FinanceMidwestNewsWisconsin

Priority Capital Advisory Arranges $11.5M Refinancing of Former Hotel in Madison, Wisconsin

by Lynn Peisner

MADISON, WIS. — Priority Capital Advisory has arranged an $11.5 million loan for the refinancing of Vivo Madison, a 153-unit property at 517 Grand Canyon Drive in Madison. The borrower is a joint venture between REALM and OTR Real Estate. The partners acquired Vivo in April 2023, at which time the property was a Radisson Hotel. OTR specializes in the conversion of hospitality assets to multifamily. Since 2023, the owners have added kitchenettes to all the units and built out the amenity spaces. Vivo received its certificate of occupancy in …

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Linwood-and-Troost-Kansas-City
Affordable HousingDevelopmentMidwestMissouriNews

Milhaus to Develop 194-Unit LIHTC Project in Kansas City

by Lynn Peisner

KANSAS CITY, MO. — Milhaus will develop Linwood & Troost, a 194-unit affordable housing community in Kansas City. Construction is slated to begin at the end of 2026, with completion anticipated by 2028. The Missouri Housing Development Commission (MHDC) awarded 4 percent federal Low-Income Housing Tax Credits for the project. In addition to the tax credits, funding sources include a tax abatement from Kansas City’s Planned Industrial Expansion Authority and $1.5 million awarded from the Kansas City Housing Trust Fund. The total project cost was not disclosed. Indianapolis-based Milhaus will …

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Bayside-Kenosha
Build-to-RentInvestment SalesMidwestNewsWisconsin

CBRE Arranges $7.1M Sale of Bayside Townhomes in Kenosha, Wisconsin

by Lynn Peisner

KENOSHA, WIS. — CBRE has arranged the $7.1 million sale of Bayside Townhomes, a 32-unit community in Kenosha. Campbell Creek Communities LLC was the buyer, and Bayside Townhomes LLC was the seller. CBRE’s Matson Holbrook, Gretchen Richards and Sean Beuche represented the seller in the transaction. Bayside Townhomes is located at 1523 Sheridan Road. The property features three-bedroom floor plans averaging 1,500 square feet. Unit amenities include private entrances, attached garages, patios and balconies and in-unit washers and dryers. The property was 100 percent occupied at the time of sale. …

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The-Alan-Muncie
Affordable HousingDevelopmentIndianaMidwestNews

Affordable Housing Redevelopment The Alan Opens in Muncie, Indiana

by Lynn Peisner

MUNCIE, IND. — Indianapolis-based developer TWG has opened The Alan, a 120-unit affordable housing community in Muncie. Denver-based STUDIO Architecture designed the property. Located at 2430 W. Kilgore Ave. along the White River, The Alan is a redevelopment of the former Endzone Bar & Grill site. Units are reserved for tenants earning up to 50 to 60 percent of the area median income. The community includes a mix of one-, two- and three-bedroom units. The Alan includes a leasing office, fitness room, community room, bike storage, playground, dog park, garden …

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1880-Milwaukee-Chicago
DevelopmentIllinoisLeasing & MarketingMidwestNews

Peerless Development Begins Lease-Up at 1880 Milwaukee, a 44-Unit Property in Chicago

by Lynn Peisner

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, …

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Indian-Lake-Village-Lake-Orion
BerkadiaFinanceMichiganMidwestNews

Berkadia Arranges $35.2M ReFi for Indian Lake Village Apartments North of Detroit

by Lynn Peisner

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 …

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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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