CHICAGO—This week, the Rev. Jesse L. Jackson and Rainbow PUSH Coalition honored Don Biernacki, senior vice president of construction at Related Midwest, as the 2017 Distinguished Labor Leader of the Year. The award, announced at the annual Rainbow PUSH Coalition International Convention, celebrates those who display an exemplary commitment to supporting communities in Chicago by providing local residents with valuable and sustainable job training and career opportunities. “I was raised to always have an open heart, an eye for fairness, and a drive for equality,” says Biernacki. “At Related Midwest, it's a privilege, and my purpose, to support local businesses and create real and sustainable job opportunities for residents so our communities can succeed.” At Marshall Field Garden Apartment Homes, a 628-unit affordable housing community in Chicago's Old Town neighborhood that recently completed a major redevelopment, over 25% of the full- and part-time positions were filled by local residents, including six apprenticeships with the Chicago Regional Council of Carpenters and International Brotherhood of Electrical Workers Local 134.

CLEVELAND—KeyBank Real Estate Capital has provided a total of $142.4 million to Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the US, for a six-property affordable housing portfolio. Cleveland-based Key provided a total of $115.7 million through a Fannie Mae credit facility for Limestone Canyon, a 260-unit, garden-style apartment complex and Parkside Crossing, a 218-unit, garden-style apartment complex, both located in Austin, TX; Sendero Ridge, a 384-unit, garden-style apartment complex located in San Antonio, TX; Arcade Apartments, a 75-unit complex located in Racine, WI; and Pasco Woods, a 200-unit, garden-style affordable housing complex located in Wesley Chapel, FL. All properties reserve at least 50% of units for tenants making 60% of the Area Median Income. An additional $14.8 million bridge-to-HUD loan was arranged for Lakestone Apartments, located in Ann Arbor, MI. The 144-unit, garden-style property consists of one-, two- and three-bedroom units designated for those earning 50% and 60% AMI.

WEST BLOOFIELD, MI—Greystone, a New York-based commercial real estate lending, investment and advisory company, recently formed a joint venture with Commercial Property Advisors of West Bloomfield, MI. The new venture, Greystone Bel Real Estate Advisors, focuses on providing multifamily advisory services to clients in MI for both market-rate and affordable housing properties, capitalizing on Greystone's financial platform and Commercial Property Advisors' local sales expertise. The latter group has handled over 275 transactions with an aggregate value of more than $650 million. Cary Belovicz, chief executive officer and founder of Commercial Property Advisors, will lead the new regional team as an executive managing director.

CHICAGO—John Meyer has joined Chicago-based 33 Realty as a managing director responsible for multi-family investment sales of properties ranging from 10 to 250 units in suburban Chicago. He will be based in the firm's downtown office. “John has an excellent track record and we're excited he's joined our team,” says 33 principal Eric Weber. “With a wealth of market knowledge, he is well positioned to help grow our business.” Meyer joins 33 from Kiser Group where as a senior director he specialized in the acquisition and disposition of suburban class B and C apartment buildings. During his tenure, he represented a variety of owners throughout the greater Chicagoland area successfully completing the sale of more than 1,400 units since 2013.

DEALTRACKER

CHICAGO—Officials from Chicago-based Evergreen Real Estate Group, a developer and manager of both affordable and market-rate multifamily housing, say they have been retained to manage 11 affordable housing communities comprising 1,436 units in IL, WI, and PA. The assignments include a mix of affordable housing units for families and seniors, bringing Evergreen's national management portfolio to nearly 7,000 units across the country. “Evergreen is committed to creating quality affordable housing that improves lives and promotes economic diversity in neighborhoods that might otherwise be out of reach to individuals and families facing financial hardship,” says Steve Rappin, president of Evergreen.

BUILDING BLOCKS

MILWAUKEE—The Davis Cos. and Milhaus Development, LLC, have broken ground on Vim + Vigor, a new multifamily development at 926 W. Juneau Ave. and 1003 W. Winnebago St. in Milwaukee, WI. The project is part of the redevelopment of Pabst's former brewery, a 21-acre site now dubbed “The Brewery.” The two-building, 199,475-square-foot property will offer 274 residences, including a mix of studios, one, two, and three-bedroom apartments, modern amenities such as a fitness center, and 7,000-square-feet of ground-floor retail. Nearby attractions include the new Historic Pabst Brewery, the Brewhouse Inn & Suites and numerous restaurants, as well as Marquette University, the BMO Harris Bradley Center, UW-Milwaukee Panther Arena, Aurora Sinai Medical Center and the Wisconsin Entertainment and Sports Center, a mixed-use sports and entertainment venue currently under construction in downtown Milwaukee. The development will deliver in two phases. Construction is underway on the first phase, which is slated for completion in the third quarter of 2018. The second phase is scheduled for delivery in the second quarter of 2019.

KANSAS CITY—The 29-acre Barry Towne Center retail shopping center in Kansas City's Northland area was reintroduced this week by its new owners in a “re-ground breaking” at the center. Earlier this year, a partnership between United Development Co. of Southlake, TX and Falcon Realty Advisors of Dallas, TX purchased the retail center from the Morgan and Davis families of Kansas City for an undisclosed amount. UDC officials say they are committing $15 million in upgrades to the 16-acre retail center currently anchored by Target, Kohl's, Babies “R” Us. New national retailers will be announced. The company will also expand the center by investing $30 million in developing the remaining 13 acres on its east side that fronts Madison Ave. In connection with the makeover, UDC has renamed the shopping center Twin Creeks Center.

BY THE NUMBERS

CHICAGO—The overall direct vacancy rate in the CBD increased in the second quarter, despite positive absorption, due to the increase in total inventory, according to a new report from MBRE. There was a 41 bps increase from 11.14% at the end of the first quarter of 2017 to 11.55% at the end of the second quarter. The class A vacancy rate increased by 21 bps from the first quarter to 10.12% by the end of the second quarter. The class B vacancy rate increased by 44 bps by the end of the second quarter, bringing the rate to 13.01%. The class C vacancy rate is 11.9%, a 75 bps increase. Chicago's CBD sublease market decreased by 364,833 square feet in the second quarter of 2017, bringing the total amount of available sublease space down to 3,579,244 square feet. “This is the third quarter in a row that the sublease market inventory has contracted after reaching a seven-year high in the third quarter of 2016,” MBRE notes.

NEWS & NOTABLES

CHICAGO—This week, the Rev. Jesse L. Jackson and Rainbow PUSH Coalition honored Don Biernacki, senior vice president of construction at Related Midwest, as the 2017 Distinguished Labor Leader of the Year. The award, announced at the annual Rainbow PUSH Coalition International Convention, celebrates those who display an exemplary commitment to supporting communities in Chicago by providing local residents with valuable and sustainable job training and career opportunities. “I was raised to always have an open heart, an eye for fairness, and a drive for equality,” says Biernacki. “At Related Midwest, it's a privilege, and my purpose, to support local businesses and create real and sustainable job opportunities for residents so our communities can succeed.” At Marshall Field Garden Apartment Homes, a 628-unit affordable housing community in Chicago's Old Town neighborhood that recently completed a major redevelopment, over 25% of the full- and part-time positions were filled by local residents, including six apprenticeships with the Chicago Regional Council of Carpenters and International Brotherhood of Electrical Workers Local 134.

CLEVELAND—KeyBank Real Estate Capital has provided a total of $142.4 million to Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the US, for a six-property affordable housing portfolio. Cleveland-based Key provided a total of $115.7 million through a Fannie Mae credit facility for Limestone Canyon, a 260-unit, garden-style apartment complex and Parkside Crossing, a 218-unit, garden-style apartment complex, both located in Austin, TX; Sendero Ridge, a 384-unit, garden-style apartment complex located in San Antonio, TX; Arcade Apartments, a 75-unit complex located in Racine, WI; and Pasco Woods, a 200-unit, garden-style affordable housing complex located in Wesley Chapel, FL. All properties reserve at least 50% of units for tenants making 60% of the Area Median Income. An additional $14.8 million bridge-to-HUD loan was arranged for Lakestone Apartments, located in Ann Arbor, MI. The 144-unit, garden-style property consists of one-, two- and three-bedroom units designated for those earning 50% and 60% AMI.

WEST BLOOFIELD, MI—Greystone, a New York-based commercial real estate lending, investment and advisory company, recently formed a joint venture with Commercial Property Advisors of West Bloomfield, MI. The new venture, Greystone Bel Real Estate Advisors, focuses on providing multifamily advisory services to clients in MI for both market-rate and affordable housing properties, capitalizing on Greystone's financial platform and Commercial Property Advisors' local sales expertise. The latter group has handled over 275 transactions with an aggregate value of more than $650 million. Cary Belovicz, chief executive officer and founder of Commercial Property Advisors, will lead the new regional team as an executive managing director.

CHICAGO—John Meyer has joined Chicago-based 33 Realty as a managing director responsible for multi-family investment sales of properties ranging from 10 to 250 units in suburban Chicago. He will be based in the firm's downtown office. “John has an excellent track record and we're excited he's joined our team,” says 33 principal Eric Weber. “With a wealth of market knowledge, he is well positioned to help grow our business.” Meyer joins 33 from Kiser Group where as a senior director he specialized in the acquisition and disposition of suburban class B and C apartment buildings. During his tenure, he represented a variety of owners throughout the greater Chicagoland area successfully completing the sale of more than 1,400 units since 2013.

DEALTRACKER

CHICAGO—Officials from Chicago-based Evergreen Real Estate Group, a developer and manager of both affordable and market-rate multifamily housing, say they have been retained to manage 11 affordable housing communities comprising 1,436 units in IL, WI, and PA. The assignments include a mix of affordable housing units for families and seniors, bringing Evergreen's national management portfolio to nearly 7,000 units across the country. “Evergreen is committed to creating quality affordable housing that improves lives and promotes economic diversity in neighborhoods that might otherwise be out of reach to individuals and families facing financial hardship,” says Steve Rappin, president of Evergreen.

BUILDING BLOCKS

MILWAUKEE—The Davis Cos. and Milhaus Development, LLC, have broken ground on Vim + Vigor, a new multifamily development at 926 W. Juneau Ave. and 1003 W. Winnebago St. in Milwaukee, WI. The project is part of the redevelopment of Pabst's former brewery, a 21-acre site now dubbed “The Brewery.” The two-building, 199,475-square-foot property will offer 274 residences, including a mix of studios, one, two, and three-bedroom apartments, modern amenities such as a fitness center, and 7,000-square-feet of ground-floor retail. Nearby attractions include the new Historic Pabst Brewery, the Brewhouse Inn & Suites and numerous restaurants, as well as Marquette University, the BMO Harris Bradley Center, UW-Milwaukee Panther Arena, Aurora Sinai Medical Center and the Wisconsin Entertainment and Sports Center, a mixed-use sports and entertainment venue currently under construction in downtown Milwaukee. The development will deliver in two phases. Construction is underway on the first phase, which is slated for completion in the third quarter of 2018. The second phase is scheduled for delivery in the second quarter of 2019.

KANSAS CITY—The 29-acre Barry Towne Center retail shopping center in Kansas City's Northland area was reintroduced this week by its new owners in a “re-ground breaking” at the center. Earlier this year, a partnership between United Development Co. of Southlake, TX and Falcon Realty Advisors of Dallas, TX purchased the retail center from the Morgan and Davis families of Kansas City for an undisclosed amount. UDC officials say they are committing $15 million in upgrades to the 16-acre retail center currently anchored by Target, Kohl's, Babies “R” Us. New national retailers will be announced. The company will also expand the center by investing $30 million in developing the remaining 13 acres on its east side that fronts Madison Ave. In connection with the makeover, UDC has renamed the shopping center Twin Creeks Center.