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Aries Capital VP Eric Jones completed a $2.4M Fannie Mae loan for the apartment building (five units with ground-level retail) at 854 W Armitage in Lincoln Park. The 10-year, non-recourse loan features a 4.23% interest rate and a 30-year amortization, representing 115% of the total cost basis. The group of borrowers includes Douglas Crocker II, former CEO of Equity Residential.
CONSTRUCTION & DEVELOPMENT
A JV between Boston-based Cabot Properties and Chicago-based Seefried Industrial Properties closed late last month on the purchase of an 11.2-acre site at 5600-5700 W Jarvis Ave in Niles. The JV will demolish two buildings before starting construction on a new 217k SF spec warehouse. It will be the third new industrial development in the North Cook submarket in the last decade. JLL’s Steve Trapp, Kurt Sarbaugh and Robin Stolberg repped the JV in the acquisition and are marketing the new development. The property has been approved for 6b Cook County property tax status by the Village of Niles.
HSA PrimeCare completed the development of a 30k SF business center (above) at Silver Cross Hospital in New Lenox. On the east side of campus, the two story administrative building (housing business offices, hospital support departments, EMS training and IT) was completed within a five-month period. With this completion, HSA PrimeCare has developed three medical buildings on the Silver Cross campus totaling more than 100k SF.
Geneva’s 25N Coworking space, founded by Mara Hauser, is set to open in late January at 25 N Third St. St Charles resident Meagan Schoenrock, a graduate of Northern Illinois University with a background in graphic design, will serve as the space’s community manager.
Avison Young hired Mike Hull as principal, specializing in office tenant rep. He was most recently an SVP at MB Real Estate. The 25-year industry vet has completed more than $3B in transactions for clients including AT&T, Komatsu and Motorola. In 2001, he founded The Mike Hull Co, a local corporate services real estate firm. Mike has a BA from Loyola.
JLL tapped Sundee Wislow to lead the firm’s development, acquisition and roll-out of sustainability offerings for real estate investors and corporate owners. Sundee previously founded the sustainability practice at US Equities. She was one of the first real estate professionals to offer sustainability services in South America and an early leader in designing portfolio-wide sustainability programs for investor-owned assets. Sundee holds an MBA from Kellogg and graduated cum laude from Bates College.
Inland Real Estate Brokerage appointed Richard Artman to president and managing broker, leading Inland’s newest brokerage office location in Yorkville. Richard has been with Inland since 1985 and has held positions spanning from property management to land development and real estate brokerage. Since 2003, he’s completed over $75M in sales. Inland Real Estate Brokerage also promoted Heather Devermann to VP and senior executive broker, assisting in overseeing the new Yorkville office. In the business for 17 years, Heather received her undergrad degree from St Olaf College and her graduate degree from the University of Georgia.