Midwest

Arbor-South-Ann-Arbor
Affordable HousingDevelopmentMichiganMidwestNews

Michigan Approves $651M Ann Arbor Mixed-Income Project

by Lynn Peisner

ANN ARBOR, MICH. — Oxford Cos. and Crawford Hoying have received final state approval for Arbor South, a mixed-use redevelopment project covering approximately 20 acres on the south side of Ann Arbor. The project cost is estimated at $651 million. Arbor South, a brownfield development, is expected to include 1,069 residential units and encompass more than 2.2 million square feet. Plans call for predominantly rental apartments as well as a small for-sale component. Detailed city plans include 30 condominium units and 209 permanently affordable apartments to be developed in partnership …

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Greenline-Monona
DevelopmentMidwestNewsWisconsin

Galway Cos. Starts Construction of The Greenline in Wisconsin

by Lynn Peisner

MONONA, WIS. — Galway Cos. has broken ground on The Greenline, a 357-unit community with 16,000 square feet of ground-floor retail space in the Madison, Wisconsin, suburb of Monona. The Greenline is part of a broader redevelopment effort along Monona’s Broadway corridor that is being led by locally based Galway Cos. in partnership with the City of Monona and the Monona Community Development Authority. The corridor is a two-mile stretch along the southern border of the city where officials are hoping to develop future transit-oriented projects. The developer also will …

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1000-W-Jackson-Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Affinius Originates $130.4M Construction Loan for Aldi-Anchored Chicago Project

by Lynn Peisner

CHICAGO — Affinius Capital has originated a $130.4 million construction loan to finance 1000 W. Jackson, a 25-story development in Chicago’s West Loop submarket. The developer is a joint venture between Chicago-based Mavrek Development and Toronto-based Fengate Asset Management, a North American alternative investment manager. John Parrett of CBRE arranged the financing. The project will include 21,500 square feet of retail pre-leased to Aldi and 380 apartments, including 76 units set aside as affordable. Rent restrictions were not disclosed. Floor plans range from studios to three-bedroom units complemented by amenities …

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High Park-New-Albany
IndianaInvestment SalesMidwestNews

Highgates Sells High Park in Indiana for $6.6M

by Lynn Peisner

NEW ALBANY, IND. — Highgates, a Louisville, Kentucky-based multifamily developer and operator, has sold High Park Apartments in New Albany, about 5 miles northwest of Louisville, for $9.5 million. Highgates acquired High Park in July 2019 for approximately $6.6 million and owned and operated the property through its in-house management for seven years. During that period, the firm invested about $500,000 in capital improvements, which covered roofing, HVAC systems and unit-interior upgrades. The property was financed at acquisition with a 10-year, fixed-rate Freddie Mac loan, which remained in place for …

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St-James-Milwaukee
Affordable HousingInvestment SalesMidwestNewsWisconsin

Weidner Sells Two-Asset Milwaukee Portfolio for $60M

by Lynn Peisner

MILWAUKEE — Weidner Apartment Homes has sold a two-property portfolio in Milwaukee’s Calumet Farms neighborhood for $60 million. Beverly Hills, California-based Bedford Affordable Housing Foundation, in partnership with Post Real Estate Group, acquired the 374-unit St. James Place and Arbor Ridge. The properties are less than a quarter mile apart. The new owners plan to convert the market-rate properties to affordable housing with rents restricted to 60 and 80 percent of area median income. Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented the seller in the transaction. Jim …

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500-North-Michigan-Chicago
DevelopmentIllinoisMidwestNews

Commonwealth Development Partners Obtains Financing, Breaks Ground on Chicago Office-to-Residential Conversion

by Lynn Peisner

CHICAGO — Commonwealth Development Partners has broken ground on the $162 million redevelopment of 500 North Michigan Ave. in Chicago. JLL arranged a $71.5 million construction loan through Santander Bank and $41.8 million in equity from Washington Capital Management. The project will convert a 25-story office tower, built in 1968, to a 320-unit luxury apartment community in Chicago’s Magnificent Mile district. Twenty percent of units will be designated affordable, rent restricted to 40 to 80 percent of area median income. Connecticut-based Commonwealth Development and partner Triangle Capital Group acquired the …

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Dakota-Pointe-South-Sioux-City
Investment SalesMidwestNebraskaNews

Greysteel Brokers $15.3M Trade in Nebraska

by Lynn Peisner

SOUTH SIOUX CITY, NEB. — Greysteel has arranged the $15.3 million sale of Dakota Pointe, a 143-unit community in South Sioux City, which is directly across the Missouri River from Sioux City, Iowa. The buyer and seller were undisclosed local investors. Greysteel represented the seller. At closing, Dakota Pointe was fully occupied. It features a mix of one-, two- and three-bedroom units. The property was built in 1994. Amenities include a fitness center, pool, clubhouse and parking. Greysteel covers Nebraska, Iowa and surrounding states from its Omaha, Nebraska, and West …

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Elizabeth-Chicago
FinanceIllinoisMidwestNews

Draper and Kramer Commercial Finance Group Arranges $93.5M for The Elizabeth in Chicago

by Lynn Peisner

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.

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The-Edison-Maple-Grove
FinanceMidwestMinnesotaNews

Gantry Arranges $48.3M Construction Takeout Loan for Twin Cities Development

by Lynn Peisner

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 …

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W-Lobby-Cleveland
DevelopmentFinanceMidwestNewsOhio

ErieView Secures $217.6M in Construction Financing for Cleveland Tower Redevelopment

by Lynn Peisner

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 …

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