CHICAGO—Following a successful spring fundraising effort, Chicago-based Related Realty teamed up with Habitat for Humanity Chicago last month to help build a single-family home in Chicago's historic Pullman neighborhood. The June event marked the residential brokerage's second home build through its partnership with Giveback Homes, a CA-based company that connects real estate professionals and nonprofits to construct residences and organize fundraisers for families in need. “As Chicago-based brokers and engaged citizens, we have a responsibility to positively contribute to our city and the individual neighborhoods that make Chicago such an exciting place to live,” says Patrick Ryan, senior vice president and managing broker at Related Realty. “We are proud to use our time, talents and resources to transform lives and improve communities.” Related earned the opportunity to participate in Related Realty ranks second in the nation for total fundraising efforts among Giveback Homes' brokerage clients.

BIRMINGHAM, MI—Q10 | Lutz Financial Services, a full service mortgage banking firm, has just promoted Matthew Shane to managing director. Shane has completed 250 transactions worth in excess of $1.2 billion in his 15-year career with Q10|Lutz. The closed transactions include most real estate asset classes including multi-family, office, industrial, retail, hotels, and medical office buildings. He also specializes in arranging loans on single tenant transactions. Shane's clients include local and national developers as well as family trusts, who are either acquiring or refinancing properties both in and outside the state of MI. He previously worked as an investment analyst for CBRE.

DEALTRACKER

CHICAGO—Cohen Financial, a division of SunTrust Bank, recently arranged for $20.7 million in construction financing for a $36 million multifamily property development located in Chicago. Cohen secured the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust, to develop the property in the Logan Square neighborhood. The property will feature 138 apartments, 9,300 square feet of retail and 44 parking spaces and sits within walking distance of Chicago's Blue Line stop on N. California Ave. Michael Hart, managing director in Cohen's Chicago office, arranged the construction financing. Cohen also advised the Chicago-based developer, Savoy Development LLC, on the co-development agreement with a family office investor. The transaction closed on June 26.

INDIANAPOLIS—HSA Commercial Real Estate recently executed a long-term lease with global logistics provider Kuehne + Nagel for 55,500 square feet in its new distribution center at 845 S. Columbia Rd. within the Gateway Business Park in Plainfield, IN, a southwest suburb of Indianapolis. The Switzerland-based logistics provider has more than 1,000 offices and distribution centers worldwide, and already leases 160,230 square feet in a separate building at Gateway Business Park. Construction was completed in early July on the new 151,220-square-foot distribution center – called Gateway Industrial IV – the fifth and final building developed by HSA Commercial in partnership with Boston-based Washington Capital Management at the 40-acre Gateway Business Park. “Since Gateway Industrial IV was developed on a speculative basis, we anticipated a much longer initial lease-up,” says Robert Smietana, vice chairman and chief executive officer of HSA. “Having the building one-third leased before the landscaping can even be planted is really indicative of the level of activity in the Indianapolis industrial market and of the quality of our project's design and location.”

OMAHA, NE—Holliday Fenoglio Fowler, LP announced today that it has arranged $26.5 million in financing for Whispering Hills, a 446-unit, class A, garden-style apartment community in Omaha. HFF worked exclusively on behalf of the borrower, NewStreet Properties, LLC, to place the 10-year, fixed-rate loan with Allianz Real Estate of America, LLC. The borrower purchased the asset on an all-cash basis in a separately closed transaction. Loan proceeds were used to partially defray the cost of the acquisition and to fund property upgrades and common area amenities. Built in four phases from 2004 to 2016, Whispering Hills is located seven miles northwest of downtown Omaha at 2510 N. 109th Plaza. The HFF debt placement team representing the borrower was led by managing director Timothy Joyce.

BUILDING BLOCKS

BLOOMINGTON, IN—CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, and Regency Consolidated Residential, have started construction on Evolve Bloomington, a mixed-use residential and retail complex at 1425 Dunn St. in Bloomington. Located across the street from Indiana University's Memorial Stadium, the 751-bed community will include 8,200 square feet of retail and the partners expect to finish by summer 2018. Pre-leasing will begin in fall 2017. “Evolve Bloomington will completely transform this near-campus stadium neighborhood by replacing outdated low-rise apartments with a contemporary mixed-use community,” says JJ Smith, president of CA Student Living. “The development's mix of modern apartments, on-site retail and abundant amenities, including a full-sized indoor basketball court, will establish Evolve Bloomington as an upscale neighborhood-within-a-neighborhood, within walking distance of the IU campus and popular attractions nearby.” Atlanta-based Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project's general contractor.

BY THE NUMBERS

LOUISVILLE—Demand continues to drive up asking lease rates in the Louisville industrial market. In the second quarter rates rose $0.07 per square foot to $3.51, according to CBRE's latest Industrial Marketview. However, even with a positive absorption of 655,428 square feet, vacancy rose in the region to 7.7% as developers delivered 1.5 million square feet of speculative construction. Users want new, class A space, and developers expect to deliver another 1.3 million square feet of speculative construction in the second half of this year. “There is strong demand for new product and we expect this new space to be absorbed quickly,” says Tom Sims, senior vice president in CBRE's Louisville office. “The fundamentals are very strong right now in the Louisville market and developers are attempting to capitalize on this.”

NEWS & NOTABLES

CHICAGO—Following a successful spring fundraising effort, Chicago-based Related Realty teamed up with Habitat for Humanity Chicago last month to help build a single-family home in Chicago's historic Pullman neighborhood. The June event marked the residential brokerage's second home build through its partnership with Giveback Homes, a CA-based company that connects real estate professionals and nonprofits to construct residences and organize fundraisers for families in need. “As Chicago-based brokers and engaged citizens, we have a responsibility to positively contribute to our city and the individual neighborhoods that make Chicago such an exciting place to live,” says Patrick Ryan, senior vice president and managing broker at Related Realty. “We are proud to use our time, talents and resources to transform lives and improve communities.” Related earned the opportunity to participate in Related Realty ranks second in the nation for total fundraising efforts among Giveback Homes' brokerage clients.

BIRMINGHAM, MI—Q10 | Lutz Financial Services, a full service mortgage banking firm, has just promoted Matthew Shane to managing director. Shane has completed 250 transactions worth in excess of $1.2 billion in his 15-year career with Q10|Lutz. The closed transactions include most real estate asset classes including multi-family, office, industrial, retail, hotels, and medical office buildings. He also specializes in arranging loans on single tenant transactions. Shane's clients include local and national developers as well as family trusts, who are either acquiring or refinancing properties both in and outside the state of MI. He previously worked as an investment analyst for CBRE.

DEALTRACKER

CHICAGO—Cohen Financial, a division of SunTrust Bank, recently arranged for $20.7 million in construction financing for a $36 million multifamily property development located in Chicago. Cohen secured the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust, to develop the property in the Logan Square neighborhood. The property will feature 138 apartments, 9,300 square feet of retail and 44 parking spaces and sits within walking distance of Chicago's Blue Line stop on N. California Ave. Michael Hart, managing director in Cohen's Chicago office, arranged the construction financing. Cohen also advised the Chicago-based developer, Savoy Development LLC, on the co-development agreement with a family office investor. The transaction closed on June 26.

INDIANAPOLIS—HSA Commercial Real Estate recently executed a long-term lease with global logistics provider Kuehne + Nagel for 55,500 square feet in its new distribution center at 845 S. Columbia Rd. within the Gateway Business Park in Plainfield, IN, a southwest suburb of Indianapolis. The Switzerland-based logistics provider has more than 1,000 offices and distribution centers worldwide, and already leases 160,230 square feet in a separate building at Gateway Business Park. Construction was completed in early July on the new 151,220-square-foot distribution center – called Gateway Industrial IV – the fifth and final building developed by HSA Commercial in partnership with Boston-based Washington Capital Management at the 40-acre Gateway Business Park. “Since Gateway Industrial IV was developed on a speculative basis, we anticipated a much longer initial lease-up,” says Robert Smietana, vice chairman and chief executive officer of HSA. “Having the building one-third leased before the landscaping can even be planted is really indicative of the level of activity in the Indianapolis industrial market and of the quality of our project's design and location.”

OMAHA, NE—Holliday Fenoglio Fowler, LP announced today that it has arranged $26.5 million in financing for Whispering Hills, a 446-unit, class A, garden-style apartment community in Omaha. HFF worked exclusively on behalf of the borrower, NewStreet Properties, LLC, to place the 10-year, fixed-rate loan with Allianz Real Estate of America, LLC. The borrower purchased the asset on an all-cash basis in a separately closed transaction. Loan proceeds were used to partially defray the cost of the acquisition and to fund property upgrades and common area amenities. Built in four phases from 2004 to 2016, Whispering Hills is located seven miles northwest of downtown Omaha at 2510 N. 109th Plaza. The HFF debt placement team representing the borrower was led by managing director Timothy Joyce.

BUILDING BLOCKS

BLOOMINGTON, IN—CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, and Regency Consolidated Residential, have started construction on Evolve Bloomington, a mixed-use residential and retail complex at 1425 Dunn St. in Bloomington. Located across the street from Indiana University's Memorial Stadium, the 751-bed community will include 8,200 square feet of retail and the partners expect to finish by summer 2018. Pre-leasing will begin in fall 2017. “Evolve Bloomington will completely transform this near-campus stadium neighborhood by replacing outdated low-rise apartments with a contemporary mixed-use community,” says JJ Smith, president of CA Student Living. “The development's mix of modern apartments, on-site retail and abundant amenities, including a full-sized indoor basketball court, will establish Evolve Bloomington as an upscale neighborhood-within-a-neighborhood, within walking distance of the IU campus and popular attractions nearby.” Atlanta-based Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project's general contractor.