Structured Development announced Tuesday that it completed construction and opened a model unit at the new all-affordable condo building The Seng in Chicago’s Lincoln Park neighborhood.
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Located at 869 West Blackhawk St., the 34-unit affordable condo building is offering two-, three- and four-bedroom units reserved for people earning up to 120% of the area median income.
Buyers need to be preapproved for traditional, Federal Housing Administration or Veterans Affairs loans and be certified through a homeownership program administered by the Chicago Housing Trust. CHT is accepting applications starting Feb. 27.
“The Seng is an example of the city’s leadership in addressing a broad range of affordable and workforce housing needs, including a lack of quality, entry-level homes for those who would otherwise be priced out of many neighborhoods,” Mike Drew, co-founding principal of Structured Development, said in a press release.
“Faced with rising home prices and interest rates, many working individuals and families have given up on homeownership in Chicago. But inclusionary options like The Seng allow them to purchase a newly constructed condominium well below market rates while ensuring those homes remain affordable should buyers ever decide to move.”
PEOPLE
Transwestern Real Estate Services hired Caitlin Ritter as research director for its Chicago and Rosemont offices. She will oversee research initiatives with Market Research Manager Tanita Bradley, who joined Transwestern in the recent MB Real Estate acquisition.
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Cushman & Wakefield promoted Executive Managing Director Jonathan Metzl to lead its office tenant representation brokerage in the Chicago region.
SALES
Marcus & Millichap announced the sale of a Starbucks in Batavia, Illinois, for $2.05M. The 2,230 SF net-leased property was built in 2022 and features a drive-thru and outdoor seating area.
LEASES
Logistics company Spot is opening a Chicago office at 24 East Washington St. this October. This will be the company’s sixth U.S. office. The lease is for 31K SF on the 11th floor of the Marshall Field & Co. Building.
FINANCING
The Illinois Energy Conservation Authority closed $10.6M in financing for a Will County commercial property assessed clean energy project, an apartment development in Tinley Park to be called The Magnuson.
The C-PACE capital will fund energy-efficiency improvements to the Class-A development, which has 144 units across four buildings as well as a clubhouse at the 7.64-acre location. The project is expected to save the property $311K over the 30-year financing term and save more than 2.3 million gallons of water and 204,100 kilowatt-hours per year.
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