This Week's Chicago Deal Sheet: 550-Unit Multifamily Building Changes Hands For $75.8M
Eastham Capital and Bender Cos. partnered to acquire a 550-unit residential community in Hoffman Estates for $75.8M.
The apartment community at 725 W. Bode Circle is currently 96% occupied, and the acquisition includes a renovation budget of $6.5M. Eastham Capital obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, while Bender Cos. will oversee the day-to-day management.
“This deal is our ninth, and largest, acquisition with Bender Companies,” said Matthew Rosenthal, founder and managing partner of Eastham Capital, in a press release. “Bender consistently outperforms its projections, and we are thrilled to partner with them once again.”
Haven Hoffman Estates will be renamed Hoffman Hills Apartments as part of the property upgrade program.
PEOPLE
Project Management Advisors hired Trina Sandschafer as the firm’s new vice president and managing director in Chicago. She joins PMA after previous stints at Kahler Slater and Booth Hansen.
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Uncommon Capital Group appointed Danny Dlugie as vice president to strengthen the firm’s expertise in sourcing and evaluating opportunities for its private investor community. Dlugie comes to Uncommon from GCM Grosvenor, where he sourced private offerings and executed investments for the $80B asset manager.
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NAI Hiffman appointed Paul Grusecki as managing director, head of advisory services. Grusecki will be based in Hiffman’s headquarters in Oakbrook Terrace and lead the firm’s advisory services group.
SALES
An undisclosed local investor purchased the 18-unit Liberty Square Flats in Wheaton for $8.4M. The building, at 302 W. Liberty Drive, was constructed in 2024. Interra Realty's Nathan Zito, Patrick Kennelly and Paul Waterloo represented both parties in the deal.
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An undisclosed buyer scooped up the 44-unit Lorraine Court Apartments at 1110-1140 S. Lorraine Road in Wheaton for about $7M. Interra Realty's Nathan Zito, Patrick Kennelly and Paul Waterloo also represented both parties in the deal.
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Westmount Realty Capital acquired a portfolio of nine light industrial properties located across the Chicago metro area for an undisclosed price. The portfolio, comprising over 390K SF of industrial assets, is 91% leased to 37 tenants. The tenants span 28 industries, including office, medical and automotive suppliers, as well as home restoration.
LEASES
Cyclopure leased about 18K SF of lab-ready space on the third floor at Evanston Labs from Trammell Crow Co. The company will operate its headquarters and water treatment business out of the building at 710 Clark St. in Evanston. Cushman & Wakefield's Jonathan Metzl and Jack Deroche represented Cyclopure in its lease, while CBRE's Dan Lyne and Brandon Green represented TCC.
CONSTRUCTION AND DEVELOPMENT
Skender completed construction on the interior build-out of the 19K SF Materials Discovery Research Institute lab for UL Research Institutes. The new lab is within the Illinois Science + Technology Park, a research and development community at 8045 Lamon Ave. in Skokie.
FINANCING
Habitat refinanced Columbus Plaza, a 47-story, 534-unit apartment high-rise in downtown Chicago. Habitat and its partners secured a new $72.9M Freddie Mac loan arranged by Northmarq plus an additional $29.5M in new equity from Torchlight Investors, which joins Habitat as an equity partner in the property at 233 E. Wacker Drive. The refinance replaces a $93M loan from 2017 that matured in November.
THIS AND THAT
Mesirow launched its single-asset, single-borrower platform, completing two transactions in 2024. Mesirow’s SASB platform caters to transactions starting at $50M. It is designed to address the evolving needs of sponsors in the challenging debt capital markets environment, the company said in a release.
