Midwest

WildHorse Creek in Chesterfield, Missouri
DevelopmentFinanceIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Five Hurdles General Contractors Face in Today’s Dynamic Multifamily Arena

by Channing Hamilton

— By Erick Hartzell, project director, Brinkmann Constructors — As the housing market generated uncertainty in a pandemic-driven economy, many individuals gravitated toward the stability and convenience of multifamily housing communities. Amid the rising demand, shifting consumer priorities urged developers and contractors to refocus on this subsector, allowing multifamily construction to boom.  Regardless of the steady influx of multifamily developments, demand remains prominent. As contractors work to meet the demand, there are several significant challenges to be aware of, including a lack of qualified labor, a rise in material prices, …

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Marlowe in St. Louis
FinanceMidwestMissouriNews

JLL Arranges $47 Million Refinance for Marlowe in St. Louis

by Channing Hamilton

ST. LOUIS — JLL Capital Markets arranged a $47 million loan to refinance Marlowe, a 205-unit asset in the Central West End neighborhood of St. Louis. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier worked on behalf of the borrower, Keeley Properties, to secure the four-year, fixed-rate loan through an insurance company. Sound Mark Partners provided preferred equity for the deal. Marlowe was completed in 2022. The community offers studio, one- and two-bedroom units. Amenities include a pool and sundeck, lawn with putting green, 1,600-square-foot pet park, flex workspaces and …

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Affordable HousingCompany NewsIllinoisMidwestNewsPeople News

Evergreen Real Estate Group Adds Jewell Walton as Vice President of Public Partnerships

by Channing Hamilton

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 & …

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IllinoisInvestment SalesMidwestNews

Marcus & Millichap Arranges $1.1 Million Sale of 12-Unit Property in Addison, Illinois

by Channing Hamilton

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.

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DevelopmentMidwestMissouriNews

Brinkmann Constructors Breaks Ground on Old Hickory Village in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit complex in the northwest St. Louis suburb of St. Peters. Tegethoff Development is the developer. TRi Architects is designing the property. Old Hickory Village will comprise two buildings and a parking garage. Amenities include a pool, fitness center, pickleball courts and three courtyards. According to TRi Architects, units will come in one- and two-bedroom floor plans.

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FinanceIndianaInvestment SalesMidwestNews

KeyBank Arranges $74.6 Million Acquisition Loan for Lakes at 8201 in Merrillville, Indiana

by Channing Hamilton

MERRILLVILLE, IND. — KeyBank Real Estate Capital has brokered a $74.6 million loan through Freddie Mac for the acquisition of Lakes at 8201 in Merrillville, a town in Indiana’s Lake County. John Ward and Joseph Tinti arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Terms for the loan were not disclosed. Lakes at 8201 comprises 628 units across 20 buildings, as well as an office and clubhouse. The garden-style community was built between 1992 and 1993.

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Kristi Nootens, managing director and co-head at CP Capital US
Industry VoicesMidwestNortheastOperationsPeople NewsSoutheastTexasWestern

Q&A with Kristi Nootens: Women Can Break Down Barriers in the Industry

by Channing Hamilton

Kristi Nootens, managing director and co-head at CP Capital US, a real estate manager specializing in multifamily investments, sat down with Multifamily Affordable Housing Business (MAHB) to discuss the role of women in the industry and how the market may develop as we progress into the second half of 2023. On Women in Real Estate MAHB: Tell us about yourself and your journey. Nootens: My journey to commercial real estate started in large part because both of my parents worked in the industry. My dad was a mechanical engineer who spent a lot …

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Affordable HousingDevelopmentIllinoisMidwestNews

Preservation of Affordable Housing Breaks Ground on Affordable Fifth City Commons in Chicago

by Channing Hamilton

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 …

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Savor Apartments in West St. Paul, Minnesota
FinanceMidwestMinnesotaNews

Roers Cos. Secures $34.6 Million to Refinance Savor Apartments in West St. Paul, Minnesota

by Channing Hamilton

WEST ST. PAUL, MINN. — Roers Cos. has secured $34.6 million to refinance Savor Apartments, a high-rise community in West St. Paul. Scott Streiff and Scott Loving of JLL Capital Markets arranged the fixed-rate, interest-only loan through Fannie Mae. The loan features a ten-year term and will be serviced by JLL Real Estate Capital. Savor Apartments was built in 2022. The community features 200 one- and two-bedroom units. Amenities include an entertainment suite, a community room, game room, work-from-home suites, coffee bar, rooftop lounge, rooftop deck and a fitness center.

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Sherman Forbes Housing in St. Paul, Minnesota
FinanceMidwestMinnesotaNews

Colliers Brokers $18.3 Million to Rehabilitate Sherman Forbes Housing in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Sherman Forbes Housing Partners, an affiliate of Vitus Group LLC, has secured a $18.3 million HUD loan to facilitate the renovation of Sherman Forbes Housing in St. Paul, Minnesota. The loan carries a 40-year term and amortization. Sherman Forbes Housing offers 104 units in one- and two-bedroom floor plans. Amenities include on-site laundry, off-street parking, a community playground and a community patio. The project will also utilize four percent Low Income Housing Tax Credits and Tax-Exempt Bonds. The Bonds were underwritten by Colliers Securities LLC. Income restrictions …

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