DETROIT — Bedrock has completed City Modern, a concentration of 20 newly constructed buildings, three rehabbed historic mansions, neighborhood amenities and 31,000 square feet of retail space in Detroit’s Brush Park neighborhood. The new 8-acre neighborhood includes 450 residences in a mix of apartments, townhomes, carriage homes and condominiums. The Detroit-based master developer began the project in 2015. Six architects worked on City Modern: Hamilton Anderson Associates, Merge Architects, Lorcan O’Herlihy Architects, Studio Dwell, McIntosh Poris Architects and Christian Hurttienne. Housing includes The Residences at City Modern, which offers 286 …
Midwest
O’Brien, Lighthouse Break Ground on Affordable Projects in Unity Park Neighborhood of Pontiac Michigan
PONTIAC, MICH. — O’Brien Construction and Lighthouse, an affordable housing developer, have broken ground on Auburn Place and Beacon Place, two affordable housing developments that will consist of 94 units. The project includes both new construction and rehabilitation. Auburn Place is a new 54-unit, five-story development. Beacon Place is adjacent to Auburn Place and is a redevelopment that include 40 apartments and townhomes. Construction timelines and rent restrictions were not disclosed.
CHICAGO — Canyon Street Partners has funded a $106.3 million loan, arranged by JLL Capital Markets, for a joint venture led by Mavrek Development. Mavrek will use the loan to refinance existing debt on The Saint Grand, a 248-unit, 21-story mixed-use tower in Chicago’s Streeterville submarket. The joint venture partners broke ground on the asset in 2023 and opened it in 2024. In addition to the 248 apartments, The Saint Grand has a 103-space parking garage and about 47,000 square feet of retail space, currently leased to Club Studio Fitness, …
CHICAGO — McShane Construction Co. and partner Ashlar Construction have completed the development of Westhaven Park Station in Chicago. Developers on the 96-unit, mixed-income project were Brinshore Development and The Michaels Organization. The 12-story building marks the final phase of redevelopment of the former Henry Horner Homes complex, which was a cluster of several public-housing buildings originally developed in the 1950s and 1960s in the Near West Side area. The concrete building offers a total of 121,800 square feet with three retail spaces on the ground floor and residential units on …
INDIANAPOLIS — Indianapolis-based investor Buckingham Cos. has received a $330 million loan to refinance seven properties in five states. The New York-based CBRE Debt & Structured Finance team of Shawn Rosenthal, Jason Gaccione, Tom Traynor, Tom Rugg, Jake Salkovitz, Henry Fenmore, Lauren Weinstein and Justin Helbling arranged the floating-rate loan funded by Goldman Sachs and Atlas SP Partners. Buckingham’s portfolio comprises 2,381 units. The firm began acquiring the properties, which were constructed between 1982 to 2021, seven years ago and has invested approximately $45 million in capital improvements since then, …
MINNEAPOLIS — Waterton has acquired 365 Nicollet, a 370-unit, 30-story property in Minneapolis from joint venture owners Opus Development Co. and Corebridge Real Estate Investors. The sales price was $111.5 million, according to the Minneapolis/St. Paul Business Journal. Constructed, designed and developed by Opus in 2018, 365 Nicollet’s unit mix includes studios and one-, two- and three-bedroom apartments as well as 50 penthouse units with a higher-end appliance package and hardwood floors. Amenities at 365 Nicollet include a fitness center and yoga studio, a sauna, an outdoor pool with a …
Banner Real Estate Secures $124 Million in Debt and Equity for Suburban Chicago Project
WHEATON, Ill. — Banner Real Estate Group has secured $124 million in debt and equity and broken ground on The Faywell in Wheaton, 30 miles west of Chicago. The financing includes an $84 million construction loan from PNC Bank and approximately $40 million in joint venture equity, according to Crain’s Chicago Business. The 2.6-acre development site is an assemblage of 13 parcels and involved seven separate sellers. The deal took about five years to put together. The site is adjacent to the Metra Union Pacific West station with service to downtown …
OLATHE, KAN. — PeakMade Real Estate and Blue Vista Capital Management have broken ground on Olathe Commons, a build-to-rent (BTR) community in the Kansas City suburb of Olathe. Developers anticipate leasing will begin in August 2026 with a final project completion date slated for September 2027. Construction financing was provided by Old National Bank, and Open House Group is a joint venture limited partner for the project. Olathe Commons will be comprised of 60 single-family cottages and 154 townhomes. Units will feature two- to four-bedroom layouts with select floorplans offering …
Skender, Full Circle Break Ground on Native American-Focused Affordable Housing Project in Chicago
CHICAGO — Full Circle Communities, in partnership with Native American-led nonprofit organization Visionary Ventures, is developing Jigzibik, an affordable housing development in Chicago. Skender, the general contractor on the project, broke ground on July 11. The 62,000-square-foot, seven-story mixed-use development will serve Native American communities. Jigzibik’s 45 units will be reserved for residents earning between 15 and 60 of area median income. Canopy Architecture + Design is the architect. The building will feature ground-floor office space for Native American-serving nonprofits, spaces for artists and makers, a computer lab and library …
McShane Selected as Contractor for Madison, Wisconsin, Affordable Housing Development
MADISON, WIS. — Volker Development, based in Fond du Lac, Wisconsin, has selected McShane Construction Co. to build Kelly Station, a 76-unit affordable housing project in Madison. Specifics about government subsidy financing or rent restrictions were not released, but local news sources report the Dane County Board of Supervisors approved $4 million in funding toward the project. According to a press release, the development partners include the county as well as the City of Madison, the Dane Workforce Housing Fund II and the Wisconsin Housing and Economic Development Authority. Kelly …