Illinois

Rock-Run
DevelopmentIllinoisMidwestNews

Cullinan Breaks Ground on Multifamily Portion of Chicago Mixed-Use Project Rock Run Collection

by Lynn Peisner

JOLIET, ILL. — Cullinan Properties has broken ground on the first phase of The View at Rock Run, a 573-unit apartment community set on 30 acres within the larger 310-acre Rock Run Collection mixed-use development in Joliet. PREMIER Design + Build Group and Humphreys & Partners Architects are, respectively, constructing and designing the community that will consist of fourteen three-story, garden-style apartment buildings. Amenities will include a pool, volleyball and bocce ball courts and a fitness center with a separate yoga area. Phase I of The View includes three residential …

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Emblem-Oswego
IllinoisMidwestNewsOperations

Marquette Tapped to Manage Suburban Chicago Property

by Lynn Peisner

OSWEGO, Ill. — Marquette Management, a division of Naperville, Illinois-based Marquette Cos., has been selected as property manager for Emblem Oswego, a 312-unit community in Oswego, 46 miles west of Chicago. Quarterra Group, whose parent company is Lennar, developed the property in 2024. Emblem Oswego offers one- and two-bedroom floor plans with in-unit features such as quartz countertops, stainless steel appliances and private patios or balconies. Residents also have access to a pool and sundeck, fitness center, lounge, entertainment kitchen and electric vehicle charging stations. Marquette Management provides property management …

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Max-Grossman
Affordable HousingFinanceIllinoisIndustry VoicesInvestment SalesMidwestMinnesota

How Affordable Housing Investors Can Benefit From Property Tax Programs

by Lynn Peisner

By Max Grossman Many cities across the U.S. are grappling with two persistent challenges: a lack of affordable housing and high property taxes. While these issues may seem separate, some policymakers have implemented programs that can address both at the same time. Chicago’s affordable housing supply is short by approximately 120,000 homes and 240,000 rental units, according to the Illinois Policy Institute. Additionally, nearly one-third of Illinois residents commit more than 30 percent of their income toward housing, the most of any state in the Midwest. The city is also …

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The-Saint-Grand
FinanceIllinoisMidwestNews

Canyon Street Partners Provides $106.3 Million to ReFi Chicago High-Rise

by Lynn Peisner

CHICAGO — Canyon Street Partners has funded a $106.3 million loan, arranged by JLL Capital Markets, for a joint venture led by Mavrek Development. Mavrek will use the loan to refinance existing debt on The Saint Grand, a 248-unit, 21-story mixed-use tower in Chicago’s Streeterville submarket. The joint venture partners broke ground on the asset in 2023 and opened it in 2024. In addition to the 248 apartments, The Saint Grand has a 103-space parking garage and about 47,000 square feet of retail space, currently leased to Club Studio Fitness, …

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Westhaven-Park
Affordable HousingDevelopmentIllinoisMidwestNews

Development Team Completes Westhaven Park Station in Chicago

by Lynn Peisner

CHICAGO — McShane Construction Co. and partner Ashlar Construction have completed the development of Westhaven Park Station in Chicago. Developers on the 96-unit, mixed-income project were Brinshore Development and The Michaels Organization. The 12-story building marks the final phase of redevelopment of the former Henry Horner Homes complex, which was a cluster of several public-housing buildings originally developed in the 1950s and 1960s in the Near West Side area. The concrete building offers a total of 121,800 square feet with three retail spaces on the ground floor and residential units on …

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The-Faywell-Wheaton
DevelopmentIllinoisMidwestNews

Banner Real Estate Secures $124 Million in Debt and Equity for Suburban Chicago Project

by Lynn Peisner

WHEATON, Ill. — Banner Real Estate Group has secured $124 million in debt and equity and broken ground on The Faywell in Wheaton, 30 miles west of Chicago. The financing includes an $84 million construction loan from PNC Bank and approximately $40 million in joint venture equity, according to Crain’s Chicago Business. The 2.6-acre development site is an assemblage of 13 parcels and involved seven separate sellers. The deal took about five years to put together. The site is adjacent to the Metra Union Pacific West station with service to downtown …

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Jigzibik-Rendering
Affordable HousingDevelopmentIllinoisMidwestNews

Skender, Full Circle Break Ground on Native American-Focused Affordable Housing Project in Chicago

by Lynn Peisner

CHICAGO — Full Circle Communities, in partnership with Native American-led nonprofit organization Visionary Ventures, is developing Jigzibik, an affordable housing development in Chicago. Skender, the general contractor on the project, broke ground on July 11. The 62,000-square-foot, seven-story mixed-use development will serve Native American communities. Jigzibik’s 45 units will be reserved for residents earning between 15 and 60 of area median income. Canopy Architecture + Design is the architect. The building will feature ground-floor office space for Native American-serving nonprofits, spaces for artists and makers, a computer lab and library …

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River-West-Chicago
IllinoisInvestment SalesMidwestNews

Greenstone Partners Brokers Chicago Sale

by Lynn Peisner

CHICAGO — Greenstone Partners has arranged the sale of 693 North Peoria St., a nine-unit property located in the River West neighborhood of Chicago. The property sold for approximately $4.3 million. Senior Director Jordan Multack represented the undisclosed seller and sourced a local 1031 exchange buyer. Units have washers, dryers and balconies.

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Affordable HousingFinanceIllinoisMidwestNews

Lument Closes $90.6 Million in Fannie Mae Loans to Refinance Chicago Portfolio

by Lynn Peisner

CHICAGO — Lument has provided $90.6 million in Fannie Mae loans to refinance four Chicago properties with a total of 654 units. All the communities are located in the Lakeview neighborhood on the city’s North Side and were constructed in the 1920s.  Lument, a Fannie Mae lender approved to originate and service loans under the agency’s Delegated Underwriting and Servicing (DUS) program, secured the debt on behalf of BJB Properties. The loans replace existing life company debt for BJB, a Chicago-based operator focused on long-term holds. Evan Hom, a senior …

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