Cinnaire Enters Illinois With Multifamily Purchase

Cinnaire Solutions has acquired Grove at Main, a 165-unit property in Bloomington, Ill. Pensam Capital sold the asset with the assistance of Northmarq.

The deal marks Cinnaire’s first Illinois purchase, according to Yardi Matrix information. The garden-style community had previously changed hands for $9.5 million or $57,273 per unit in 2021.

The same year, the property became subject to a $7 million CMBS note issued by Berkadia, the data provider indicates. Pensam also took out a $3 million Freddie Mac loan from the same lender in 2024. Berkadia occupies the fourth position in MHN‘s top multifamily lenders, with $25.8 billion in originations.

Developed in several phases between 1979 and 2003, Grove at Main occupies a 7-acre site at 102 Donnie Drive. The 16-building property includes one- and two-bedroom floorplans averaging 918 square feet.

Most of the apartments—approximately 96 percent—have undergone interior renovations since 2021. All units have microwaves and some comprise in-unit washers and dryers and dishwashers, as well as private balconies or patios.

The pet-friendly community also features five common laundry facilities, as well as 165 ground-level parking spaces. Multiple dining options are within walking distance of the property, while downtown Bloomington is 2 miles north.

Northmarq Senior Vice President Alex Malzone and Associate Jake Lamb, together with Managing Directors Parker Stewart and Dominic Martinez, negotiated on behalf of Pensam.