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21 Kristen Apartments in Schaumburg, Illinois
FinanceIllinoisMidwestNews

Bayshore Properties Secures $61.6 Million Refinancing for 21 Kristen Apartments in Chicago Suburb

by Channing Hamilton

SCHAUMBURG, ILL. — Bayshore Properties has secured $61.6 million for the refinancing of 21 Kristen Apartments, a 357-unit property in Schaumburg, roughly 30 miles west of Chicago. Greystone provided a $55.6 million Freddie Mac loan with a five-year term. 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing. 21 Kristen Apartments is a condo deconversion that Bayshore acquired in 2022. Bayshore has since invested more than $2.5 million in capital expenditures at the property. Of the total units, 30 percent are …

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Authentix South Elgin in South Elgin, Illinois
DevelopmentIllinoisMidwestNews

Continental Properties Breaks Ground on 336-Unit Community in South Elgin, Illinois

by Channing Hamilton

SOUTH ELGIN, ILL. — Continental Properties has begun development of Authentix South Elgin, a 336-unit property in South Elgin, about 40 miles west of Chicago. The garden-style community will offer studio, one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor grill area, clubhouse, fitness center and dog park. Pre-leasing is expected to begin in spring 2025, with move-ins slated for late summer 2025. Authentix Apartments, owned and operated by Continental Properties, is a national brand of residential communities offering garden-style apartments. Continental Properties is based in Menomonee Falls, …

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Daniel Berlind, CEO, Snappt
FeaturesMidwestNortheastOperationsSoutheastTechnologyTexasWestern

How Multifamily Owners Can Guard Against Renter Fraud

by Channing Hamilton

Scammers lurk in the background of virtually every industry, and the multifamily sector is no exception. Some renters will leap at the chance to exploit loopholes in the system and take advantage of unprepared landlords. “As a baseline definition, we classify rent fraud as any act of intentional deception by a renter to deceive the property owners to gain financial or personal benefit,” says Josh Albrechtsen, senior vice president and general manager of front office solutions at RealPage. “Fraud is evolving constantly. This is not a one-and-done problem solve. The …

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FinanceIllinoisInvestment SalesMidwestNews

Greystone Provides $18.2 Million Acquisition Loan for Cornelia-Stratford in Chicago

by Channing Hamilton

CHICAGO — Greystone has provided an $18.2 million Fannie Mae Delegated Underwriting & Servicing loan for the acquisition of Cornelia-Stratford, a 139-unit community in Chicago. Originally built in 1927, Cornelia-Stratford offers studio, one-, two-, three- and four-bedroom units. The mid-rise community features amenities such as bike storage, laundry facilities and tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the financing. The non-recourse, fixed-rate loan features a 15-year term, with interest-only payments for the first five years of the term. The borrower was not disclosed.

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Union at A2 in Ann Arbor, Michigan
DevelopmentMichiganMidwestNews

The Annex Group to Build $82 Million Affordable Housing Community in Ann Arbor, Michigan

by Channing Hamilton

ANN ARBOR, MICH. — The Annex Group plans to build Union at A2, an $82 million affordable housing community in Ann Arbor. The 250-unit development will offer one-, two- and three-bedroom floor plans. Union at A2 will be available to residents earning at or below 70 percent of the area median income. Planned amenities include a community center, bike storage, fitness center, outdoor picnic area and playground. Partners on the project include BKV Group, Midwestern Consulting and the City of Ann Arbor. Michigan State Housing Development Authority provided $35 million …

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DevelopmentMidwestNewsOhio

Vista Residential Partners Breaks Ground on 308-Unit Trailhead Vista in Newark, Ohio

by Channing Hamilton

NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit development in Newark, about 40 miles east of Columbus. The garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Planned amenities include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista is situated on 15.6 acres along the Thornwood Corridor Employment Hub, which is comprised of five industrial parks totaling more than 1,600 acres. The property will also offer access to the TJ Evans Trail, a …

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Investment SalesMidwestNewsOhioPeople News

Cushman & Wakefield Grows Multifamily Investment Sales Team in Cincinnati With Four New Hires

by Channing Hamilton

CINCINNATI — Cushman & Wakefield has added a team of four multifamily investment sales professionals to the company’s office in Cincinnati. The team consists of Stash Geleszinski (managing director); Nathan Murphy (director); Sherief Gouda (director); and William Thurner (senior associate). The team joins Cushman & Wakefield from Capstone Cos., an investment sales company based in Charlotte, North Carolina. “These four professionals are a great addition to our Cincinnati team and the broader Capital Markets platform,” said Kevin Hughes, Cushman & Wakefield’s regional managing principal. “They are proven leaders in multifamily …

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Marlowe Opus Station in Minnetonka, Minnesota
DevelopmentMidwestMinnesotaNews

Associated Bank Provides $55 Million Construction Loan for 269-Unit Project in Minneapolis Suburb

by Channing Hamilton

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for Marlowe Opus Station, a 269-unit development located at 10702 Red Circle Drive in Minnetonka, approximately 13 miles west of Minneapolis. Greystar is the developer of the project. Edward Notz of Associated Bank originated the loan. Demolition is currently underway on the vacant office building on the site. A at Marlowe Opus Station will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. …

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OC Living in Chicago
DevelopmentIllinoisMidwestNews

Habitat Breaks Ground on Next Phase of OC Living at $200 Million Mixed-Use Development in Chicago

by Channing Hamilton

CHICAGO — Habitat, a locally based developer and property manager, has broken ground on OC Living Phase A2, the second residential building to be built at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Phase A2 of OC Living will feature 75 units, 82 percent of which will be set aside as affordable housing. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 apartments will have market-rate rents. Units will come in studio, one- and two-bedroom floor plans. The building will rise …

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DevelopmentMidwestMissouriNews

Brinkmann Constructors, EPC Real Estate Group Break Ground on 74 Broadway Apartment Complex in Kansas City 

by Channing Hamilton

KANSAS CITY, MO. — A partnership between Brinkmann Constructors and EPC Real Estate Group has broken ground on 74 Broadway, a 440,000-square-foot development in the Waldo neighborhood of Kansas City. The community will offer 280 apartments, as well as a clubhouse, six-story parking garage and ground-floor retail space. BRR Architecture is the project architect. A construction timeline for the project was not provided.

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