Multifamily N Illinois
Berkadia completes sale of multifamily property in Illinois

Berkadia completes sale of multifamily property in Illinois

Berkadia announced the sale of Nantucket Cove, a 240-unit, garden-style multifamily property in Champaign, Illinois. Managing directors Alex Blagojevich and Ralph DePasquale, along with directors Chris Bruzas and Parker Stewart, all of Berkadia’s Chicago office, completed the sale on behalf of the seller, Ann Arbor, Michigan-based The McKinley Companies. The buyer was Barratt Asset Management, based in Indiana.

Multifamily N Illinois
Oak Brook approves new luxury condo development, The Butler

Oak Brook approves new luxury condo development, The Butler

The Oak Brook, Illinois Board of Trustees has approved The Butler, a development of 90 luxury condominiums located at 1900 Spring Road, directly across the street from the current Nordstrom building within Oakbrook Center Mall. The development team, which includes Jupiter Realty, Fasano Development and Franklin Partners, expects to break ground in summer 2019 for delivery in 2021.

Multifamily N Illinois
Mixed-use Uptown development receives financing

Mixed-use Uptown development receives financing

CEDARst Companies has secured financing for The Draper at 5050 N. Broadway, a mixed-use development project in Chicago’s Uptown neighborhood. The recent closing allows CEDARst to complete the first of two planned phases on the development. Total project costs for Phase I are estimated at $115,450,000; CEDARst raised $41 million of project equity.