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.
ST. CHARLES, ILL. — Eastham Capital, along with operating partner Bender Cos., has acquired Fox Run Apartments, a 220-unit property in St. Charles, 40 miles west of Chicago. Birmingham, Michigan-based real estate investment firm M Group, in partnership with Chicago-based RUME Capital, sold the asset for approximately $32.4 million. Fox Run Apartments was built in 1973 and is a four-building community made up of one-, two- and three-bedroom units along with a pool, picnic and grilling areas, package lockers, laundry facilities and off-street parking. Monthly asking rents currently average $1,703, …
CHICAGO — Cross Street and Mavrek have begun preleasing at Belmora, a 46-unit community at 919 W. Belmont Ave. in Chicago’s Lakeview neighborhood that includes 5,700 square feet of ground-floor retail space anchored by Studio Three, a locally based fitness company. A second building at 917 W. Belmont Ave., will be completed later this year and will include an additional 46 apartments and 5,3000 square feet of ground-floor retail space, anchored by Foxtrot Café & Market. The community offers studios through two-bedrooms with monthly asking rents ranging from $2,095 to $4,875. …
CHICAGO — Thesis Investment Group has sold 1515 N. Fremont Street in Chicago’s Lincoln Park neighborhood to Beal Properties for $20.4 million. Marcus & Millichap’s Kyle Stengle represented the seller and procured the buyer. The 98-unit property, built in 2016, includes approximately 4,000 square feet of commercial space and features a lounge, barbecue and picnic areas, indoor bike storage, package lockers and controlled access.
OSWEGO, Ill. — JVM Realty Corp. has acquired Springs at Oswego, a 280-unit luxury community in Oswego, 48 miles west of Chicago. The asset was purchased from Continental Properties and brokered by Cushman & Wakefield. JVM Realty has rebranded the property from Springs at Oswego to Trillium at Oswego. The purchase price was not disclosed. Located at 801 Fifth Street, the gated community was completed in 2019 and features townhome-style design across two-story residential buildings. The property offers studio, one-, two- and three-bedroom floor plans. Amenities include a heated pool, …
FOX LAKE, ILL. — Daniel Management Group (DMG), a Chicago-based multifamily investment and property management firm, has been selected by Sterling Hall Capital to manage The Quarry, a 154-unit community under construction in Fox Lake, 54 miles north of Chicago. The first units will be complete later this year.
CHICAGO — Tree Street Group, along with partners Magellan Development Group and Mark Goodman & Associates, have begun construction of 410 N. Elizabeth, a two-tower high-rise community in Chicago’s Fulton Market neighborhood. The project includes 383 units, 77 of which will be designated as affordable housing. Rent restrictions were not disclosed. The 33-story tower represents the first phase of the development. Upon full buildout, the community will comprise 724 total units with 146 earmarked as affordable. Development details of Phase II were not released. The project will feature geothermal design, …
CHICAGO — Related Midwest has begun leasing the north tower of 400 Lake Shore Drive, a 72-story community in Chicago’s Streeterville neighborhood. Full completion is slated for March 2027. The 635-unit north tower is the first phase of a planned two-tower development. Details on development of the second tower have not been disclosed. The building offers two clusters of apartments. One is called The Collection, which spans floors three through 43, and the other is referred to as The Residences, which occupies floors 46 through 70. Each will feature its …
CHICAGO — Associated Bank has provided a $29.4 million loan to a joint venture of North Park Ventures and SNS Realty Group for the development of a transit-oriented project at 3233-47 N. Sheffield Ave. in Chicago. The loan includes funds for the acquisition of the former Tortenson Glass Co., which includes approximately 30,000 square feet. Tortenson operated at the site from 1910 to 2024. The five-story, 99-unit apartment building will offer 84 market-rate units and 15 affordable-housing units. Floor plans will consist of studios, one- and two-bedrooms. Amenities will feature …
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 …
