CHICAGO—On July 19, Baker Development Corp. will celebrate the grand opening of ELEVATE Lincoln Park, its new 11-story, 191-unit mixed-use development at 930 W. Altgeld St. in the heart of Lincoln Park. The developer's aim was to bring hotel-inspired style and amenities to renters in one of Chicago's most desirable neighborhoods. Baker will hold the event on ELEVATE's penthouse-level amenity space, which includes a plunge pool surrounded by lounge seating, a grill and fire pit; indoor community space and demonstration kitchen with seating areas and multiple large-screen TVs; and a 24-hour fitness center with a yoga room and adjacent outdoor wellness area. In addition to the community's amenity spaces, guests will have the opportunity to tour three model units by Devon Grace Interiors.

DEALTRACKER

CLEVELAND—BGL Real Estate Advisors has just helped complete the financial closing of the sale-leaseback of a 571,500 square foot triple-net leased furniture headquarters, manufacturing, and warehousing facility. Albany Industries, Inc., a value-oriented stationary upholstery furniture manufacturer, owns the project and was acquired by Standard Furniture, an affiliate of Aterian Investment Partners II, LP. Aterian sought to immediately de-leverage their acquisition by bringing on BGLREA to secure a sale-leaseback deal to close simultaneous with the operating company acquisition. Aterian, a private equity fund that invests in industry leading, middle market businesses, purchased Albany and all of its assets. New Albany, MS-based Albany and Standard “will benefit from each company's manufacturing and design capabilities, extensive supply chains and top-notch sales and marketing teams in their continued pursuit of sustainable growth,” says Michael Fieldstone, partner at Aterian.

CHICAGO—Capital One  served as administrative agent, sole lead arranger, and sole bookrunner for a $142.5 million senior secured term loan. The sponsor, a joint venture partnership between Taurus Investment Holdings and Venture One Real Estate, used the funding to acquire a portfolio of 51 class B properties spread across Chicago submarkets in IL and IN. Venture One, which previously owned the portfolio, will continue to manage the properties. The facility consists of an initial advance of $129.4 million and $13.1 million in capital expenditure and TI/LC holdbacks. The adjustable-rate loan has a term of 60 months. “The extensive experience of the sponsorship team and the overall quality of these assets made for a compelling investment thesis,” says Lisa Greeley, senior vice president in Capital One's Commercial Real Estate Group. “This transaction highlights our ability to commit at a sizeable balance sheet level and to follow our sponsors outside of our footprint.” The portfolio of infill properties located in business parks totals more than 2.9 million square feet, averaging 57,000 square feet per building. The properties have more than 180 tenants and an occupancy rate of 92.7%.

BUILDING BLOCKS

ORLAND PARK, IL—McShane Construction Co., has just completed its second assisted living and memory care residence for Caddis Partners. Heartis Village of Orland Park is a 97-unit facility located on a three-acre parcel at 7420 W. 159th St. in Orland Park, IL. The single-story memory care wing and three-story assisted living wing total 89,950 gross square feet. The residence features 73 assisted living apartment units and 24 memory care units. It offers a number of amenities under the Heartis brand including large secured courtyards, outdoor walking paths, game and activity rooms, a beauty and barber shop and relaxing common areas. “Our goal was to provide the residents at Heartis Village of Orland Park with a first-class property that they could call home,” says Jeffrey A. Raday, president of McShane Construction. “After months of construction and collaboration, we are proud to have achieved the goals of another senior living client.” TX-based Katus was the architect of record.

CHICAGO—On July 25, Brennan Investment Group and Greenfield Partners will break ground on their Elk Grove Technology Park at 955 E. Higgins Rd. in Elk Grove Village. The project, one of the largest its kind in the country, will offer 1.2 million square feet of high-image, state-of-the-art industrial and data center space. The partners worked closely with the municipality over the past several years to obtain approval for the development, which will replace the 85-acre Busse Farm, the largest unimproved site in the submarket. The event will begin at 2:00 PM.