Illinois

410-N-Elizabeth-Chicago
DevelopmentFinanceIllinoisMidwestNews

Joint Venture Closes on Financing for Two-Tower Mixed-Income Development in Chicago

by Lynn Peisner

CHICAGO — Tree Street Group, along with development partners Magellan Development Group and Mark Goodman & Associates, has closed on an undisclosed amount of construction financing obtained through Bank OZK, Beach Point Capital and Circle Property Partners for 410 N. Elizabeth, a 33-story high-rise in Chicago’s Fulton Market neighborhood. It will be the first phase of a two-tower, mixed-use development. 410 N. Elizabeth will include 383 units, with 77 apartments set aside as affordable. Rent restrictions were not disclosed. Upon completion of both phases, the development will comprise about 724 …

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Dan-Jutzi-Cullinan
Company NewsIllinoisMidwestNewsPeople News

Cullinan Properties Hires Dan Jutzi as Vice President of Development, Construction

by Lynn Peisner

OAK BROOK, ILL. — Cullinan Properties has hired Dan Jutzi as executive vice president of development and construction. In his new role, Jutzi will provide strategic leadership for Cullinan Properties’ development and construction department, oversee third-party construction resources and direct all construction activities across the company’s existing portfolio as well as current and future development projects. Most recently, Jutzi served as senior director of construction management at Transformco Properties, where he was responsible for all phases of construction and development projects, including design, budgeting, scheduling, execution, financial performance, forecasting and …

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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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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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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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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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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-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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Manors-Matteson
IllinoisMidwestNewsOperations

Haven Realty Sells Manors at Brookmere in Metro Chicago for $26.4M

by Lynn Peisner

MATTESON, ILL. — Haven Realty Capital has sold The Manors at Brookmere in Matteson to Haven Realty Capital for $26.4 million. Cushman & Wakefield’s Brad Smith, Jack Maloney and Anna Lovell represented Haven in the transaction. Haven subsequently tapped Daniel Management Group (DMG) to manage the property. The Manors at Brookmere is a 108-unit build-to-rent townhome community in Matteson, 31 miles south of Chicago. Units are offered in two- and three-bedroom layouts and include one- or two-car garage options and full-sized washers and dryers. The community, built in 2021 by …

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