JPMorgan Pulls New CRE Exec From Bank Of America Ranks: The Chicago Deal Sheet
JPMorgan Chase tapped Karen Purcell as its new head of community development banking, bringing her in from a competitor in the finance space.
Purcell will lead a team that provides financing for the creation and preservation of affordable and workforce housing, Community Development Financial Institutions, and tax credit equity investments. She will be based in Chicago and report to Michelle Herrick, head of commercial real estate at the bank.
Most recently, Purcell led the community development banking originations and asset management teams at Bank of America. She has over 25 years of CRE banking experience, including sales, credit, tax credit investment, asset management, strategic planning and community development.
PEOPLE
Henricksen appointed Gina Parker as director of healthcare strategy. Parker brings over 15 years of combined experience across healthcare interiors, project management and strategic market development. She will help the firm’s healthcare vertical grow and strengthen partnerships with health systems across the country.
SALES
A private buyer paid $2.7M for the two-building, 16-unit 1860-1900 N. Parkside Drive in Park Ridge. The property was built in 1966. Interra Realty's Patrick Kennelly, Paul Waterloo and Nathan Zito represented both the buyer and seller in the deal.
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An undisclosed investor bought the 12-unit multifamily building at 8544-8548 W. Gregory St. for $1.9M. The building was constructed in 1972 and was fully occupied when it was sold. Interra Realty's Patrick Kennelly, Paul Waterloo and Nathan Zito represented the seller in the deal, while Komar Real Estate's Oleg Komarnytskyy represented the buyer.
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Ashkenazy Acquisition Corp. paid $60M in an all-cash deal for the 600K SF Orland Park Place as a part of its strategy to deploy $750M for top assets throughout the country. PMAT Cos. was the seller in the new transaction, and Webster Bank was the lender. Mid-America Real Estate Corp.'s Ben Wineman, Joe Girardi, Rick Drogosz and Patrick Corrigan brokered the deal on behalf of the seller.
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Logistics Property Co. closed on a 10-acre site at 424 Howard Ave. in Des Plaines for an undisclosed price. Construction is expected to begin this month, and when complete, the 172K SF building will include 35 docks and 136 parking spaces. The property is expected to deliver in late summer 2026.
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A 1031 exchange buyer bought a 16K SF retail strip property at 11229 W. 143rd St. in Orland Park for $2M. The property is anchored by Rocco Vino’s Italian Restaurant and is 48% vacant. Marcus & Millichap's Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller and procured the buyer.
CONSTRUCTION AND DEVELOPMENT
McHugh Construction and joint venture partner Nacional Group broke ground on the new Joanne B. Wagner Community Center, an $85M project that will replace the former Wagner Community Center with a 127K SF, two-story facility at 615 N. West Ave. in Elmhurst. The companies recently began demolition, and a grand opening is planned for fall 2027.
FINANCING
Draper and Kramer's Mark Perkowski arranged a $54M loan on behalf of Vinayaka Hospitality for its acquisition of the Westin Michigan Avenue, a 752-key, full-service hotel at 909 N. Michigan Ave. in Chicago. Vinayaka Hospitality purchased the property for $72M from a venture of Pebblebrook Hotel Trust. The acquisition loan was provided by a life insurance company sourced by Perkowski.
