Midwest

Pure-St-Peters
BerkadiaFinanceMidwestMissouriNews

Berkadia Arranges $15.4 Million ReFi for Metro St. Louis Community

by Lynn Peisner

ST. PETERS, MO. — Berkadia has arranged a $15.4 million Freddie Mac refinancing loan for Pure St. Peters, a 143-unit community in the northwest St. Louis suburb of St. Peters. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor, Tilden Legacy Pure St. Peters Apartments LLC. The property was 94 percent occupied at the time of the loan closing. Located at 2100 Pure St., the three-story community was built in 2019 and offers one- and two-bedroom apartments with open-concept layouts. Amenities at …

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6705-6737-N-California-Ave-Chicago-IL
IllinoisInvestment SalesMidwestNews

Pegasus Arranges $10.8 Million Sale in Chicago

by Lynn Peisner

CHICAGO — Pegasus, a Los Angeles-based real estate advisory firm, has arranged the $10.8 million sale of an eight-building, 94-unit portfolio in Chicago’s Rogers Park neighborhood. The seller was a California-based family office that inherited the property in 2024. The buyer was an undisclosed local multifamily operator completing a 1031-exchange transaction. The buildings are located at 6705 to 6737 N. California Ave. The unit mix includes 36 studios, 55 one-bedrooms and three two-bedrooms. They buyer is planning to self-manage the property and complete renovations.

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Magnolia_Ridge
DevelopmentMidwestMissouriNews

Albion Breaks Ground on Magnolia Ridge in Greater St. Louis

by Lynn Peisner

DES PERES, MO. — Chicago-based Albion Residential along with project partners Koplar Properties and Theis Group have broken ground on Magnolia Ridge in Des Peres, 15 miles west of St. Louis. Brinkmann Constructors is the general contractor, and construction financing was provided by Old National Bank. Completion is slated for spring 2027. The community will be a five-story, 182-unit property located at 13431 Manchester Road. Amenities will include a fitness center with a sauna and yoga room, a private dining room, a game lounge, a speakeasy with wine lockers, a …

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Lofts-at-40-Long-Columbus
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Merchants Capital Provides $35.1 Million in Tax Credit Equity for Ohio Affordable Housing Adaptive Reuse Project

by Lynn Peisner

COLUMBUS, OHIO — Merchants Capital has secured $35.1 million in tax credit equity on behalf of Woda Cooper Cos. and IMPACT Community Action. The co-developers will use the equity to fund an adaptive reuse project in Columbus called Lofts at 40 Long. The city identified the project in its 2022 plan. Developers will convert a vacant YMCA building into 121 apartments reserved for families earning between 30 and 80 percent of area median income. Merchants Capital secured $18.5 million in 4 percent Low-Income Housing Tax Credit equity (LIHTC), $11.4 million …

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Harmony-at-Clear-Creek-Shawnee
Build-to-RentDevelopmentFinanceKansasMidwestNews

MCP, Bluerock Break Ground on Kansas City BTR Development

by Lynn Peisner

SHAWNEE, KAN. — Material Capital Partners (MCP) has secured $77.8 million in financing and begun construction on Harmony at Clear Creek, a 188-unit build-to-rent (BTR) community in Shawnee, 12 miles southwest of Kansas City, Kansas. Bluerock is MCP’s financial partner on the project. Bank OZK provided the construction loan, and Winchester Commercial Group is the general contractor. In addition to the loan, MCP is using equity from its BTR Development Fund I, which also is a funding source for two other BTR projects in the pipeline: Indigo Cove, an 83-unit …

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The-Conway-at-Huxley-Yards-Madison
Affordable HousingDevelopmentMidwestNewsWisconsin

McShane Breaks Ground on Madison Affordable Housing Development

by Lynn Peisner

MADISON, WIS. — McShane Construction Co. has broken ground on The Conway at Huxley Yards, a 50-unit affordable housing community in Madison. It is the third phase of Lincoln Avenue Communities’ Huxley Yards development, which is set on the site of a former Oscar Mayer processing plant. The Conway is situated on a 1.7-acre site at 1846 Commercial Ave. It was designed by Knothe & Bruce Architects and is expected to be completed in the third quarter of 2026. The first two phases, The Victoria and The View, also will …

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The-Collins-Cleveland
DevelopmentMidwestOhio

The NRP Group Completes The Collins in Cleveland

by Lynn Peisner

CLEVELAND — Locally based The NRP Group has opened The Collins, a 316-unit luxury community on Cleveland’s Scranton Peninsula, a strip of land surrounded by the Cuyahoga River that was home to industrial businesses from the late 1800s through much of the 20th century. BKV Group was the architect, Dollar Bank served as the construction lender, and the Ohio Department of Development provided funds through its Brownfield Remediation and state Opportunity Zone programs. The Ohio Water Development Authority provided gap financing, and the City of Cleveland provided tax abatement and …

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Union-at-Rose-Park-Milwaukee
Affordable HousingDevelopmentMidwestNewsWisconsin

The Annex Group Breaks Ground on $25.8 Million Affordable Community in Milwaukee

by Lynn Peisner

MILWAUKEE — The Annex Group has begun construction of Union at Rose Park, an affordable housing development in the Harambee neighborhood of Milwaukee. The 75-unit community is The Annex Group’s first development in Wisconsin. A number of city, state and federal funding sources, including 4 percent low-income housing tax credits, contributed to the $25.8 million project cost. Leases will be available with a variety of income caps that range from 30 percent of area median income to market-rate rents. The Annex Group will give preference to veteran renters for nine …

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65-E-Wacker
DevelopmentFinanceIllinoisMidwestNews

JV Closes Financing for Historic Redevelopment in Chicago Loop

by Lynn Peisner

CHICAGO — Chicago-based developer Mavrek along with capital partner ACRES Commercial Realty Corp. have secured the financing needed to begin redevelopment of the Millinery Mart at 65 E. Wacker Place. The building opened in 1928 and, as its first use, served as centralized operations for the city’s hatmakers. In recent years, the 24-story Art Deco building has been occupied primarily by offices with ground-floor retail and restaurant space. Mavrek will redevelop the historic property into a 252-unit luxury apartment complex called Wacker Place. The contractor is McHugh Construction, and the …

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Canvas-at-Woodbury
Build-to-RentInvestment SalesMidwestMinnesota

Watermark, PCCP Sell Two BTR Properties in Minneapolis Metro

by Lynn Peisner

WOODBURY, MINN. — A joint venture between Watermark and PCCP has sold two build-to-rent communities in Woodbury, 23 miles east of Minneapolis. The sales price and the identity of the buyer were not disclosed. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the sellers, who are the properties’ original developers, in the transaction. Canvas at St. Croix is located at 11483 Crestbury Drive. Completed in 2024, the 89 units feature attached garages, and amenities include a clubhouse, multipurpose room and a resort-style pool. The 81-unit Canvas at Woodbury, located …

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