DEALTRACKER

CHICAGO—Chicago-based The Habitat Co., recently acquired and assumed property management of an affordable rental development in Chicago's Englewood neighborhood and also assumed management of two additional affordable housing communities in the Chicago area. The three properties, which total 500 residences in Chicago and suburban Chicago Ridge, will increase Habitat's affordable housing portfolio to more than 10,000 units. “Ensuring families have access to housing they can afford is as much a part of The Habitat Company's core business as its legacy,” says Matt Fiascone, president of the company. “The three new properties are: Eastwood Garden Apartments, 6531 S. Lowe Ave., 188 apartments in Englewood: Indian Trails Apartments, 251 E. 121st Pl., 221 E. 121st Pl. and 12141 S. Indiana Ave.,180 apartments in the Roseland area; Ridge Garden Apartments, 10010-10040 S. Sayre Ave., 132 apartments in Chicago Ridge.

CLEVELAND—KeyBank Real Estate Capital has arranged a total of $33.6 million in Freddie Mac financing for two multifamily properties in Indiana. A $22.5 million, first mortgage loan was secured for LaCabreah Apartments, located in Brownsburg, IN. The 240-unit, class A multifamily property was built in 2016. An $11.1 million, first mortgage loan was secured for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. The 176-unit, multifamily property was constructed between 2013 and 2015 on two separate parcels. Hayley Suminski of Key's commercial mortgage group arranged the financing with 10-year terms and 30-year amortization schedules. The loans were used to facilitate the acquisition of the properties.

BUILDING BLOCKS

PALATINE, IL—Draper and Kramer, Incorporated has just commenced an $8.25 million renovation of the Village Park of Palatine, a 448-unit apartment community in Palatine, IL. The company acquired it earlier this year. It has also rebranded the community The Clayson, a nod to the late George Clayson, an early Palatine resident and former village board member. Located at 852 W. Panorama Rd., off N. Quentin Rd. between Dundee Rd. and Northwest Hwy., The Clayson includes 15 two- and three-story buildings with a total of 448 rental units, including a mix of one-, two-, and three-bedroom apartments. The company is improving all units through a phased renovation, with leasing for the first offering of updated residences currently underway for immediate move-in. Rents for updated units range from $892 for a one-bedroom to $1,485 for a three-bedroom.

LOMBARD, IL—Greystar has just selected Rosemont, IL—based McShane Construction Co. to complete Elan Yorktown – a new luxury apartment community in the Chicago suburb of Lombard. The upscale multi-family property is under construction on a six-acre parcel at 50 Yorktown Shopping Center. This project represents McShane's second current assignment for Greystar. The firm is also constructing a 175-unit 55+ active adult residence nearby. The four-story development will incorporate wood frame construction finished in a combination of brick veneer, cast stone, fiber cement and longboard siding façade. McShane will strategically “wrap” an attached four-story, 336-car parking garage within the residential component to eliminate visibility and further enhance the contemporary architectural design. The community will have a total of 295 units in studio, one-, two- and three-bedroom configurations.

BUFFALO GROVE, IL—Morgan / Harbour Construction has just completed the construction of a new 41,100 square-foot headquarters facility for ThermFlo, Inc. and its sister company, Zonatherm Products, Inc. in Buffalo Grove, IL. ThermFlo is a 24-hour service and construction company with engineering design and CAD capabilities. It employs union pipe fitters, electricians, sheet metal workers, and riggers. Zonatherm is a dealer and manufacturer's representative of Generac Power Systems, Vertiv, and all the brands that fall under those companies' corporate umbrellas. ThermFlo, Inc. selected Morgan/ Harbour as their contractor to construct their new office and warehouse facility after out-growing its previous location in Wheeling. Situated on 4.3 acres and located at 875 Busch Pkwy. in the Corporate Grove Industrial Park, the facility features an open concept office with ergonomic workstations, private executive offices, conferencing spaces, seminar room, and a full-glass product showroom. The construction team was led by project executive Brian Smith, project manager Rich Cassidy, and project superintendent Scott Guerra. Ware Malcomb of Oak Brook, IL provided the architectural services.

BY THE NUMBERS

CHICAGO—The Chicago industrial market continues to expand. Developers delivered over 18.4 million square feet to the market in 2016 alone, according to a new report from Transwestern. An additional 10.8 million square feet has been delivered in the first half of 2017. Since 2015, total inventory has risen 2.73%, with some of the inventory addition negated by destructions of older functionally obsolete buildings. Furthermore, in the second quarter, there is more than 17.5 million square feet of inventory under construction. And vacancy remains tight at 6.2% overall. Total net absorption was positive in the second quarter with more than 2.7 million square feet occupied. Vacancy, however, did tip up from 6.1%, last quarter, due to new constructions that delivered with the majority of the buildings not 100% occupied.

NEWS & NOTABLES

CHICAGO—Midwest Industrial Funds has just launched its next investment Fund, MIF Value Fund II LP. The discretionary fund will allow the company to purchase more than $100 million worth of industrial properties over the next few years. It will target single, multi-tenant, value-add and stabilized industrial properties of 50,000 square feet and larger in the greater Chicagoland markets including southeastern WI and northern IN. Midwest Industrial's last fund acquired 14 separate investments of which three have already been resold by the brokers who originally sourced the opportunities. “We have been fortunate to acquire 14 quality investments in our last fund that are performing extremely well,” says Justin P. Fierz, a principal. That fund really propelled the growth of our company and has been an exciting time for our private investors we co-invest with as well as our employees.”

DEALTRACKER

CHICAGO—Chicago-based The Habitat Co., recently acquired and assumed property management of an affordable rental development in Chicago's Englewood neighborhood and also assumed management of two additional affordable housing communities in the Chicago area. The three properties, which total 500 residences in Chicago and suburban Chicago Ridge, will increase Habitat's affordable housing portfolio to more than 10,000 units. “Ensuring families have access to housing they can afford is as much a part of The Habitat Company's core business as its legacy,” says Matt Fiascone, president of the company. “The three new properties are: Eastwood Garden Apartments, 6531 S. Lowe Ave., 188 apartments in Englewood: Indian Trails Apartments, 251 E. 121st Pl., 221 E. 121st Pl. and 12141 S. Indiana Ave.,180 apartments in the Roseland area; Ridge Garden Apartments, 10010-10040 S. Sayre Ave., 132 apartments in Chicago Ridge.

CLEVELAND—KeyBank Real Estate Capital has arranged a total of $33.6 million in Freddie Mac financing for two multifamily properties in Indiana. A $22.5 million, first mortgage loan was secured for LaCabreah Apartments, located in Brownsburg, IN. The 240-unit, class A multifamily property was built in 2016. An $11.1 million, first mortgage loan was secured for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. The 176-unit, multifamily property was constructed between 2013 and 2015 on two separate parcels. Hayley Suminski of Key's commercial mortgage group arranged the financing with 10-year terms and 30-year amortization schedules. The loans were used to facilitate the acquisition of the properties.

BUILDING BLOCKS

PALATINE, IL—Draper and Kramer, Incorporated has just commenced an $8.25 million renovation of the Village Park of Palatine, a 448-unit apartment community in Palatine, IL. The company acquired it earlier this year. It has also rebranded the community The Clayson, a nod to the late George Clayson, an early Palatine resident and former village board member. Located at 852 W. Panorama Rd., off N. Quentin Rd. between Dundee Rd. and Northwest Hwy., The Clayson includes 15 two- and three-story buildings with a total of 448 rental units, including a mix of one-, two-, and three-bedroom apartments. The company is improving all units through a phased renovation, with leasing for the first offering of updated residences currently underway for immediate move-in. Rents for updated units range from $892 for a one-bedroom to $1,485 for a three-bedroom.

LOMBARD, IL—Greystar has just selected Rosemont, IL—based McShane Construction Co. to complete Elan Yorktown – a new luxury apartment community in the Chicago suburb of Lombard. The upscale multi-family property is under construction on a six-acre parcel at 50 Yorktown Shopping Center. This project represents McShane's second current assignment for Greystar. The firm is also constructing a 175-unit 55+ active adult residence nearby. The four-story development will incorporate wood frame construction finished in a combination of brick veneer, cast stone, fiber cement and longboard siding façade. McShane will strategically “wrap” an attached four-story, 336-car parking garage within the residential component to eliminate visibility and further enhance the contemporary architectural design. The community will have a total of 295 units in studio, one-, two- and three-bedroom configurations.

BUFFALO GROVE, IL—Morgan / Harbour Construction has just completed the construction of a new 41,100 square-foot headquarters facility for ThermFlo, Inc. and its sister company, Zonatherm Products, Inc. in Buffalo Grove, IL. ThermFlo is a 24-hour service and construction company with engineering design and CAD capabilities. It employs union pipe fitters, electricians, sheet metal workers, and riggers. Zonatherm is a dealer and manufacturer's representative of Generac Power Systems, Vertiv, and all the brands that fall under those companies' corporate umbrellas. ThermFlo, Inc. selected Morgan/ Harbour as their contractor to construct their new office and warehouse facility after out-growing its previous location in Wheeling. Situated on 4.3 acres and located at 875 Busch Pkwy. in the Corporate Grove Industrial Park, the facility features an open concept office with ergonomic workstations, private executive offices, conferencing spaces, seminar room, and a full-glass product showroom. The construction team was led by project executive Brian Smith, project manager Rich Cassidy, and project superintendent Scott Guerra. Ware Malcomb of Oak Brook, IL provided the architectural services.