Finance Midwest
Providing workforce housing remains a challenge throughout the Midwest.

Financing the new kids on the block: Co-living, cannabis and workforce housing

As 2019 draws to a close, investor interest is growing in several emerging assets, including co-living, workforce housing and cannabis tenants. Matt Wurtzebach, senior vice president in the Commercial Finance Group at national real estate services firm Draper and Kramer, Incorporated, shared his thoughts with Midwest Real Estate News about what he’s seeing from the front lines, including lender appetite across these emerging segments of the multifamily market as well as special challenges associated with financing cannabis real estate.

Finance N Illinois
Mag Mile Capital completes $12.5M bank loan for R&R Global Partners

Mag Mile Capital completes $12.5M bank loan for R&R Global Partners

Mag Mile Capital closed a $12,500,000, seven-year, fixed-rate, 73 percent LTV, limited-recourse loan on behalf of Bryan Rishforth and Philadelphia-based firm, R&R Global Partners. Located in the near northwest suburb of Lincolnwood, Illinois at 6850 McCormick Boulevard, the subject property is anchored by Walmart’s new online grocery and consumer goods pick-up concept. Walmart completed an expansive buildout in June, making this location one of the first of its kind to open to the public. The remaining space is leased to a top-performing Planet Fitness gym.

Finance N Illinois

IECA closes Illinois' first Commercial PACE financing deal

The Illinois Energy Conservation Authority NFP (IECA) closed the first commercial Property Assessed Clean Energy (C-PACE) financing deal in Illinois on August 30, 2019, totaling $318,000. This transaction, which will fund a roof replacement and solar photovoltaic (PV) system in Wood Dale, Illinois, also marks the first solar C-PACE financed project in the state.

Finance W Minnesota
Jeffrey Weidell;NorthMarq

Minneapolis' NorthMarq names new CEO

As Minneapolis-based NorthMarq continues its growth as the largest privately held commercial real estate capital markets firm, president Jeffrey Weidell will become chief executive officer on Jan. 1, 2020, succeeding Eduardo Padilla. Padilla, who served in the role for 20 years, will become executive chair.

Finance N Illinois
Matt Winter;Merchants Capital

Merchants Capital hires Matt Winter as chief architect

Mortgage banking firm Merchants Capital has hired Matt Winter, AIA, NCARB as chief architect at the company’s Chicago office. The move brings the position in-house, setting Merchants up to process new lending opportunities more efficiently while maintaining, and even improving on, the internal monitoring requirements set forth primarily by Freddie Mac. This decision comes in large part due to Merchants Capital’s growing relationship with Freddie Mac and the utilization of its affordable housing products.

Finance N Illinois
JLL arranges over $17M in financing for suburban Chicago apartments

JLL arranges over $17M in financing for suburban Chicago apartments

JLL arranged $17.345 million in financing for Iron Gate, a 180-unit fractured apartment and condominium community in the western Chicago suburb of Glen Ellyn, Illinois. JLL worked on behalf of the borrower, Bear Peak Capital, LLC, to arrange the three-year, floating-rate loan through Bridge Debt Strategies. Loan proceeds will be used to convert the remaining 50 condominiums into conventional multi-housing units.

Finance N Illinois
Dean Giannakopoulos;Marcus & Millichap Capital Corp.

Dean Giannakopoulos promoted at Marcus & Millichap Capital Corp.

Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has announced the promotion of Dean Giannakopoulos to senior vice president, capital markets. Giannakopoulos, who has been with MMCC since 2011, is one of only five originators in the company to hold the title, a distinction that must be approved by the firm’s board of directors.