CHICAGO—Irvine Company Office Properties has just appointed Chicago-native Emily Kream as director of construction for its Chicago portfolio, which includes the trophy skyscrapers One North Wacker, 300 North LaSalle and 71 South Wacker (pictured). Kream came from the Chicago project management team of Tishman Speyer. At Irvine, she will handle all aspects of construction and design management. She joins a local in-house Chicago team of industry experts, including Gregory Tait, senior leasing director, Pamela Van Nort, regional vice president of portfolio operations, and Beau Rawi, the company's regional vice president. Irvine entered the Chicago market in 2010, when it acquired the 48-story, 1.5-million square foot 71 South Wacker. Kream will carry out continual reinvestment across the Chicago portfolio, especially with 71 South Wacker. “We have an incredible opportunity to reimagine and reposition 71 South Wacker and I'm looking forward to being a part of Irvine Company, a company that has defined and continually innovates the workplace experience,” she says.

DEALTRACKER

CINCINNATI—CBRE Group, Inc., through its FHA lending platform, has successfully refinanced The Reserve at 4^th and Race, a mixed-use, market-rate apartment community of 88 units located in Cincinnati. The $13.6 million loan was funded through HUD's FHA Section 223(a)(7) mortgage insurance program, providing a 40-year, fully-amortizing, fixed-rate and non-recourse loan. The community's owner will save a substantial amount on mortgage payments due to a reduced interest rate, as well as a mortgage insurance premium reduction through HUD's program for green and energy efficient housing. Now LEED- and Energy Star-certified, the 1927 building was originally the Historic Federal Reserve Bank of Cleveland. In 2012, it was converted to multifamily housing and office space through HUD's FHA Section 221(d)(4) substantial rehabilitation program. The financing was originated by Mark Tran, senior vice president in CBRE's Columbus office.

MINNEAPOLIS—Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that Cathy Bronkema, managing director in the Grand Rapids office, has secured a $15.35 million bridge loan for the acquisition of the Minneapolis Grand Apartments. The Minneapolis property features 112 and was 97% occupied at time of close. Bronkema secured the financing with a New York-based private real estate investment fund. Trillium Investments, a longtime Cohen client and highly Grand Rapids-based multifamily owner/operator, is the borrower. The loan closed on March 1. “We secured the short-term bridge loan for Trillium to execute their business plan to enhance Minneapolis Grand's value through upgrading the apartment units, thus enhancing overall value and returns,” says Bronkema.

CHICAGO—Kiser Group, a Chicago-based mid-market multifamily brokerage firm, recently brokered The Maynard, a $9 million transaction at 4875 N. Magnolia Ave. in the city's Uptown neighborhood. The 74-unit property was brokered by Kiser's Rick Ofman in partnership with Lee Kiser, principal and managing broker. Becovic Management purchased The Maynard from CLK Properties. The majority of the units are micro-unit studios, some as small as 218 square feet. The asset was originally built in 1925. Cedar Street Companies gut renovated the property in 2014 and sold it as part of a six-asset portfolio to CLK Properties in 2016. “While the majority of investment in Uptown has typically been value-add acquisitions, Becovic's purchase of The Maynard demonstrates that acquiring stabilized assets is also lucrative,” says Ofman. “Despite a transaction price of nearly $400 per net rentable square foot, the investment cap rate is higher than many other areas of the city, further demonstrating the solid economics of investment in Uptown.”