DETROIT—Broder & Sachse Real Estate, a Birmingham, MI-based development company, has just promoted its longtime team member Lee Hurwitz to president. He has been with the company for more than 20 years, most recently serving as the chief investment officer. Hurwitz helped oversee the firm's new real estate acquisitions and developments, including The Scott at Brush Park, which opened in December 2016. In his new role as president, Hurwitz will take on an increased role in implementing strategic goals and objectives as Broder & Sachse embraces its new business model, focusing specifically on commercial real estate development. Hurwitz joined Broder & Sachse in 1996 as an assistant property manager. He was a property manager from 1997-2000, as well as the company's director of property management from 2000-03.

COLUMBUS—Thomas Drought Jr. has joined Columbus-based Steiner + Associates as executive vice president, advisory services. Drought leads the company's growing third party leasing and management services business. “His track record for strategy development, creativity and value creation is outstanding,” says chairman and chief executive officer Yaromir Steiner. “We saw his experience and expertise as invaluable as we continue to grow our comprehensive third party business and national relationships.” Drought will complement the company's executive team and lead the advisory and client oversight of retail, residential, office and mixed-use environments. Steiner + Associates has developed some of the most notable mixed-use developments in the Midwest. It recently opened the Liberty Center, for example, a Cincinnati project that includes more than 800,000 square feet of retail, restaurants and entertainment, 75,000 square feet of office and 240 luxury apartments.

CHICAGO—Three components of Chicago-based Structured Development's NEWCITY retail and residential complex have been awarded LEED Gold certification by the US Green Building Council. Building A, whose tenants include Dick's Sporting Goods, Capital One and Earls Kitchen + Bar, the property's parking garage, along with the retail portion of Building B – home to Z Gallerie and Saks Fifth Avenue OFF 5^TH – all earned the designation. “Sustainability was a guiding principle throughout our development of NEWCITY and is reflected in everything from our ecologically responsible construction methods to our use of locally sourced, environmentally friendly building materials and systems,” says Mike Drew, founding principal of Structured Development. NEWCITY is one of only a handful of mixed-use developments in the region to have attained this level of certification. In early 2016, The Residences at NEWCITY, a 199-unit residential tower connected to Building B, also achieved LEED Gold status.

DEALTRACKER

FT. WAYNE, IN—This city has just seen its biggest industry undergo a revival. As a consequence, more investors are giving it a look. Hunt Mortgage Group, a New York-based company, recently arranged a Freddie Mac small balance loan in the amount of $4.8 million to enable Bloomfield Hills, MI-based ROCO Real Estate to acquire Winchester Woods, a 168-unit garden and townhome style apartment complex located in Fort Wayne. “ROCO is a young company specializing in the acquisition and development of much needed workforce housing in various markets in the Midwest,” says Josh Messier, director, Hunt Mortgage Group. “The Freddie Mac small balance program offers interest-only which enables the sponsors to maximize property cash flow and reinvest in capital projects at the property.”

BY THE NUMBERS

CHICAGO—The Chicago area housing market began 2017 much as it ended 2016, with a limited inventory contributing to a steady rise in the median sales price, according to RE/MAX. January saw 6,127 homes sales completed in the seven-county metro area, 1.8% more than the same month of 2016 and the most in January since 2006. The median sales price gained 10% to $210,000. Average market time needed to sell those homes was 99 days, eight days less than in January 2016. The inventory of homes listed for sale at the end of January was 26,636 units, 12.4% less than one year earlier. “Having the inventory down 12.4% isn't ideal,” says Jack Kreider, executive vice president and regional director of the RE/MAX Northern Illinois network. “I'd like to see inventory at least at last year's levels if not higher by April so we have a more balanced market.”

NEWS & NOTABLES

DETROIT—Broder & Sachse Real Estate, a Birmingham, MI-based development company, has just promoted its longtime team member Lee Hurwitz to president. He has been with the company for more than 20 years, most recently serving as the chief investment officer. Hurwitz helped oversee the firm's new real estate acquisitions and developments, including The Scott at Brush Park, which opened in December 2016. In his new role as president, Hurwitz will take on an increased role in implementing strategic goals and objectives as Broder & Sachse embraces its new business model, focusing specifically on commercial real estate development. Hurwitz joined Broder & Sachse in 1996 as an assistant property manager. He was a property manager from 1997-2000, as well as the company's director of property management from 2000-03.

COLUMBUS—Thomas Drought Jr. has joined Columbus-based Steiner + Associates as executive vice president, advisory services. Drought leads the company's growing third party leasing and management services business. “His track record for strategy development, creativity and value creation is outstanding,” says chairman and chief executive officer Yaromir Steiner. “We saw his experience and expertise as invaluable as we continue to grow our comprehensive third party business and national relationships.” Drought will complement the company's executive team and lead the advisory and client oversight of retail, residential, office and mixed-use environments. Steiner + Associates has developed some of the most notable mixed-use developments in the Midwest. It recently opened the Liberty Center, for example, a Cincinnati project that includes more than 800,000 square feet of retail, restaurants and entertainment, 75,000 square feet of office and 240 luxury apartments.

CHICAGO—Three components of Chicago-based Structured Development's NEWCITY retail and residential complex have been awarded LEED Gold certification by the US Green Building Council. Building A, whose tenants include Dick's Sporting Goods, Capital One and Earls Kitchen + Bar, the property's parking garage, along with the retail portion of Building B – home to Z Gallerie and Saks Fifth Avenue OFF 5^TH – all earned the designation. “Sustainability was a guiding principle throughout our development of NEWCITY and is reflected in everything from our ecologically responsible construction methods to our use of locally sourced, environmentally friendly building materials and systems,” says Mike Drew, founding principal of Structured Development. NEWCITY is one of only a handful of mixed-use developments in the region to have attained this level of certification. In early 2016, The Residences at NEWCITY, a 199-unit residential tower connected to Building B, also achieved LEED Gold status.

DEALTRACKER

FT. WAYNE, IN—This city has just seen its biggest industry undergo a revival. As a consequence, more investors are giving it a look. Hunt Mortgage Group, a New York-based company, recently arranged a Freddie Mac small balance loan in the amount of $4.8 million to enable Bloomfield Hills, MI-based ROCO Real Estate to acquire Winchester Woods, a 168-unit garden and townhome style apartment complex located in Fort Wayne. “ROCO is a young company specializing in the acquisition and development of much needed workforce housing in various markets in the Midwest,” says Josh Messier, director, Hunt Mortgage Group. “The Freddie Mac small balance program offers interest-only which enables the sponsors to maximize property cash flow and reinvest in capital projects at the property.”