Chicago
Chicago Apartment Market Podcast
Pierce Eislen’s Ron Brock Sr. and Jack Kern discuss Chicago apartment market fundamentals in this edition of our market research podcast hosted by Mike Ratliff.
TODAY’S DEALS: Kislak Completes $136M Multifamily Property Sale–Largest in New Jersey Since ‘11
The Kislak Co. Inc. announced the $136 million sale of Rachel Gardens, a 764-unit apartment community on more than 98 acres in the Pine Brook section of Montville, N.J.; and NorthMarq Capital supplies a $10.6 million refinance for a Chicago redevelopment.
TODAY’S DEALS: Meridian Arranges $24.8M in Acquisition Financing for Chicago Portfolio
Meridian Capital Group arranges $24.8 million in acquisition financing for an eight-property multifamily portfolio; and Oak Grove Capital provides $11.1 million in FHA refinancing and obtains a waiver to three-year rule.
Funding in Place for Monastery to Seniors Conversion in Chicago
Senior Lifestyle Corp. has obtained funding for the redevelopment of a monastery on the Northwest Side of Chicago. The Low Income Housing Tax Credits were provided by Boston Capital.
Village Green Buys Streeterville Apartments, Plans Improvements
Village Green has acquired a 21-story, 147-apartment community in the Streeterville neighborhood of Chicago. Plans call for a repositioning and rebranding.
TODAY’S DEALS: Cohen Financial Arranges $9,89M+ in Fannie Mae, CMBS financing
Cohen Financial’s Dan Rosenberg secured a total of $9.894 million to refinance two multifamily properties; and Marcus & Millichap brokers a seniors housing sale for $33 million.
Inland American Real Estate Trust Inc. Acquires Hotel Monaco Chicago;
Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., recently announced the acquisition of three luxury boutique hotels from Kimpton’s Hotel Monaco collection. The three hotels, acquired for a purchase price of $189 million include the Hotel Monaco Chicago, Hotel Monaco Denver and the Hotel Monaco Salt Lake City.
Chicago Becomes First Top Tier City to Earn Certification as Sustainable Destination for Meetings and Events
The City of Chicago has become one of the first cities in the world and the only top-tier convention destination to-date to achieve certification as a sustainable destination for meetings and events. The announcement was made by Mayor Rahm Emanuel and Choose Chicago.
BEMT Invests in 24-Story Mixed-Use Luxury Rental Community
Bluerock Enhanced Multifamily Trust has recently announced its investment in MDA City Apartments, a mixed-use luxury rental community in downtown Chicago. The New York-based non-traded real estate investment trust has partnered with Village Green, the owner of the 24-story building. Village Green is an owner / operator with a portfolio of around 40,000 units in 13 states.
ST Residential LLC Puts 326-unit Lex up for Sale
Chicago-based ST Residential LLC has hired brokers Holliday Fenoglio Fowler and Eastdil Secured to manage the sale of a 13-property portfolio, with an estimated value of close to $1 billion.