BLOOMINGTON AND NORMAL, ILL. — Churchill Living has selected RMK Management Corp. to manage Elm Point Apartments in Bloomington and Oak Point Apartments in Normal. Elm Point comprises 104 units. Apartments range from 900 to 1,165 square feet in size. Monthly rents range from $1,190 to $3,800 per month. Oak Point offers 144 units ranging from 696 to 1,560 square feet in size. Monthly rents range from $1,050 to $2,150. RMK Management is headquartered in Chicago and manages approximately 8,800 apartment units across 38 properties in Chicago, Indiana, Wisconsin and Minnesota.
Illinois
CHICAGO — Colliers Mortgage has closed a $7.8 million Fannie Mae loan for the refinance of Southeast Englewood and South Wabash in Chicago. The loan features a 120-month term and was arranged through a partnership with LSG Lending Advisors. Les Hardin of Colliers Mortgage brokered the transaction. Southeast Englewood and South Wabash offers 72 units. The scattered site property comprises six apartment buildings with garden level basements. The property is restricted to low-income tenants by a HUD Section 8 HAP contract. Income restrictions were not disclosed.
CHICAGO — Peak Realty, a Chicago-based firm that specializes in multifamily leasing and investment, has rebranded to Cross Street. The firm expanded to Denver last year with the opening of a second office. According to the company, the name “Cross Street” represents the important connections and intersecting parts of life and business. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. Cross Street plans to expand to more markets, particularly urban areas.
CHICAGO — JLL Capital Markets has added Rasto Gallo and Mike Klaskin as senior directors with the firm’s national affordable housing investment sales advisory team. Gallo and Klaskin will be based out of the firm’s Chicago office. They will report to Senior Managing Directors Danny Kauffman and Jaime Fink, who co-lead the office, as well as Senior Managing Director Doug Childers, who serves as the affordable housing investment sales advisory group leader. Additionally, they will work alongside Managing Director Michael Fox and Director Melissa Bloem on the affordable housing investment sales …
Chicago can’t match the number of construction cranes crowding the skylines in high-growth markets such as Nashville, Austin or Atlanta. But now there’s at least one high-profile symbol of growth in downtown Chicago as construction gets under way at 400 Lake Shore, a massive two-tower apartment development. Developer Related Midwest recently secured more than $500 million in construction financing for the project located on the last vacant waterfront site where the Chicago River meets Lake Michigan. The first phase, already under construction, includes a 72-story building with 635 new apartments, …
URBANA, ILL. — Berkadia has brokered the sale of Town & Country, a 662-unit property in Urbana. MF Capital purchased the asset from Monarch Investment and Management Group for $38 million. Town & Country was built in phases between 1970 and 2007 and is located at 1032 E. Kerr Avenue. The garden-style community was 98 percent occupied at the time of sale. The transaction also included an adjacent 52-unit self-storage facility.
CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …
CHICAGO — Essex Realty Group Inc. has arranged the sales of two buildings totaling 35 units in Chicago. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each deal. The first building offers 16 units and is located on South Indiana Avenue in Chicago’s Chatham neighborhood. The second asset comprises 19 units and is situated on South Drexel Avenue in the Greater Grand Crossing neighborhood.
CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …
OSWEGO, ILL. — Marcus & Millichap has negotiated the sale of Light Road Apartments, a 168-unit community in the Chicago suburb of Oswego. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller in the deal. Engle and Angelov, in conjunction with Zack Mahoney, also procured the buyer. Both the buyer and the seller were private investors. Light Road Apartments was built in 1972 on 10 acres. The property offers 98 one-bedroom units and 70 two-bedroom units. Amenities include a clubhouse, pool, off-street parking and …