CHICAGO — Wells Fargo’s Multifamily Capital group has brokered $145 million in construction take-out financing for Porte Apartments, a 586-unit complex in Chicago’s West Loop. The loan features a five-year term at a fixed interest rate. Intercontinental Real Estate Corp. was the borrower. Porte Apartments was built in 2020 at 845 W. Madison St. The community offers units ranging from 557 to 1,396 square feet in size. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming spaces. Ten percent of the units are …
CHICAGO — McHugh Construction has topped out 1000M, a 73-story tower at the western edge of Chicago’s Grant Park. 1000M will offer 738 apartments in studio to four-bedroom layouts. The community’s 80,000 square feet of indoor and outdoor amenity space will include an observation deck on the 73rd floor. The high-rise was designed by the late German Architect Helmut Jahn and his company, Jahn. McHugh Construction is the general contractor for the project. Kara Mann designed the unit and amenity interiors. Cullen Construction Management is the owner’s representative. The community’s first units …
CHICAGO — Evergreen Real Estate Group has added Jewell Walton to the newly created position of vice president of public partnerships. In this role, Walton will focus on diversifying the firm’s affordable housing portfolio by partnering with public housing agencies to convert assistance for existing public housing communities to long-term, project-based Section 8 contracts under the Rental Assistance Demonstration (RAD) program. Prior to joining Evergreen Real Estate Group, Walton served as deputy chief of RAD programming with the Chicago Housing Authority and as a project manager for S.B. Friedman & …
ADDISON, ILL. — Marcus & Millichap has brokered $1.1 million sale of a property located at 41 E. Blecke Ave. in the western Chicago suburb of Addison. Christopher Malay and Eric Bell represented the seller, a limited liability company. Ryan Engle and Andrean Angelov secured and represented the buyer, a private investor in a 1031 exchange. The property comprises 12 units in studio and one-bedroom floor plans.
CHICAGO — Preservation of Affordable Housing has broken ground on Fifth City Commons, a new affordable housing and retail development on Chicago’s West Side. Fifth City Commons will offer 43 residential units across three stories. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning between 30 and 80 percent of the area median income. Amenities will include community rooms, a resident terrace and a fitness room. Details regarding the retail component of the project were not disclosed. The city of Chicago provided …
CHICAGO — The Community Builders has broken ground on 4715 N Western, a 63-unit mixed-income community in Chicago’s Lincoln Square neighborhood. The building will rise six stories and offer studio, one- and two-bedroom floor plants. Amenities include a lounge, terrace, bike storage, package room and resident parking. The property will also include 5,500 square feet of ground floor commercial space and 18 public parking spaces on the second floor. 4715 N Western will be affordable to households earning between 30 and 80 percent of the area median income. The City of …
CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar Group. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community is situated above the Loews Chicago Hotel, which was not included in the sale, and offers studio, one-, two- and three-bedroom floor plans. John Jaeger and Justin Puppi of CBRE represented the seller. …
CHICAGO — Bill Baumann has joined JLL Capital Markets as a Managing Director in the firm’s Chicago office. In this role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing owners and developers. He will report to Senior Managing Directors Danny Kaufman and Jaime Fink. Prior to joining JLL, Baumann served as as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016. He earned his bachelor’s degree from Yale University and his MBA from …
CHICAGO — Tributes highlighting the life and legacy of billionaire real estate investor Sam Zell, the charismatic founder and chairman of Chicago-based Equity Residential (NYSE: EQR) who died May 18 at the age of 81, have continued to pour in following his passing. “Sam Zell was one of the most influential individuals, not just in commercial real estate, but in American business writ large. He was a great friend and an advocate on behalf of the multifamily industry,” said former National Multifamily Housing Council Chair David Schwartz in a statement from …
CHICAGO — KCB Real Estate has acquired a 26-unit community in Chicago for an undisclosed price. Built at 914 W. Hubbard St. in 2006, the asset offers a mix of one- to five-bedroom floorplans. Units feature washers and dryers, dishwashers, walk in closets, and patios or balconies. The property is located two blocks from Chicago’s Fulton Market District and approximately two minutes from Google’s Chicago headquarters. The Pasadena, California-based KCB Real Estate plans to renovate the building façades and units, beginning with improvements to the sidewalls and the lobby.