This Week's Chicago Deal Sheet
Pathway to Living, Waterton’s senior housing platform, formed a partnership with healthcare real estate REIT Welltower to manage and modernize a 22-property senior housing portfolio across Illinois and Ohio. In addition to its role as the day-to-day operator, Pathway to Living is a minority investor in the 1,105-unit portfolio.
The partnership allows Pathway to Living to expand into the Ohio market and increase its total units under management by 40%.
“As competition in the sector increases and government programs become increasingly challenging to navigate, this partnership with Welltower will enable us to add value across a wide swath of housing options for seniors in the Midwest region,” Pathway to Living CEO Jerry Finis said in a statement.
The portfolio consists of a mix of independent living, assisted living and memory care communities. A value-add program will refresh common areas and address deferred maintenance issues at many properties. In addition, several communities will get improved sidewalks, parking lots and mechanical systems.
EXECS
Caroline Kruse joined ML Realty Partners as asset manager. She will focus on the company’s Chicagoland and Dallas-Fort Worth portfolios. Kruse previously worked with CBRE as a senior real estate manager.
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Darren Hoppa joined Heitman Architects as a senior project architect. He has more than 20 years of experience in architectural design and sustainability consulting. He joins the firm from Ghafari Associates in Chicago, where he served as a senior project architect for the past three years. Among Heitman Architects' recent Chicago-area projects is the LEED Platinum-certified Method Soap manufacturing facility in the Pullman neighborhood.
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Dan Gabbard joined Cawley Chicago Commercial Real Estate as a senior associate broker. He will focus on representing owners with their property sales, as well as assisting owners of underperforming assets with new leasing strategies. Prior to joining Cawley Chicago, he was a broker at Kiser Group in Chicago, as well as The Zacher Co. in Northeast Indiana.
SALES
Pensam, a Miami-based multifamily real estate investment firm, acquired 1900 at Canterfield, a 260-unit apartment community at 1900 Canterfield Parkway East in northwest suburban West Dundee. Built in 2018, the community consists of 18 buildings on more than 23 acres. Pensam did not disclose the terms of the transaction.
LEASES
Stone & Johnson, a civil litigation law firm, signed a six-year lease renewal for 7K SF at 111 West Washington St. Bradford Allen’s Justin Kessler and Riley Schleifer represented Stone & Johnson, and the landlord was represented by Erica Rogers of Golub & Co.
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Starbucks signed a lease for 2K SF of retail space on the ground floor of Chicago-based developer Moceri + Roszak’s newest building, Parkline Chicago. Located in the Loop at the corner of Randolph Street and Wabash Avenue, the recently opened tower features 190 apartments and 24 condominiums, along with more than 6K SF of retail space.
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HSA Commercial Real Estate completed a lease with Ryder Last Mile for 75K SF at 1570 International Drive, one of three buildings HSA developed in the 184-acre Park 94 business park in Mount Pleasant, Wisconsin. Completed in 2020, the 116K SF building offers 30-foot clear heights. Ned Frank, Pat Hake and Steve Sewart of Colliers International represented ownership, while Scott Furmanski and Karl Wiedenman of CBRE represented the tenant.
FINANCING
Asia Capital Real Estate closed on a $51.5M loan to support the refinancing and redevelopment of The Duncan, two multilevel buildings at 1515 West Monroe St. in Chicago’s Fulton Market neighborhood. The 260-unit property, built in the early 1900s, is owned by Chicago-based developer CEDARst Cos.
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Associated Bank completed a nearly $13M loan for the acquisition of a shopping center and parking lot at 4501 North Sheridan Road in Chicago’s Uptown neighborhood. The owner plans to demolish the center and build a five-story, 59-unit, mixed-use building, along with 7K SF of ground-floor retail. The development will be a joint venture between Mavrek Development and GW Properties. Mavrek Development will also be the general contractor. Associated Bank’s Daniel Barrins handled the loan arrangements and closing.
CONSTRUCTION AND DEVELOPMENT
McShane Cos. completed the second phase of its transformation of an abandoned Kmart in north suburban Waukegan into a new campus for Cristo Rey St. Martin College Prep. The 400-student school offers a Catholic education for families with limited financial resources. McShane completed the project’s first phase in 2018. The 42K SF second phase includes additional classrooms, a chapel, offices and meeting space, a fitness center, locker rooms and a gymnasium. JGMA Architects provided the architectural services.
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Kinzie Builders started construction on Harbour House, an emergency shelter in northwest suburban Des Plaines that will provide temporary lodging and support services for homeless young women and transgender youth. In partnership with OKW Architects, Kinzie is building the facility at a reduced rate to The Harbour, the Park Ridge, Illinois-based not-for-profit that will operate the more than 3K SF shelter, which should open in February.
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The Missner Group was selected as general contractor for Kiddie Academy Educational Child Care’s new location at 1121 East Higgins Road in Schaumburg. The 10K SF educational center will feature administration offices, a teacher’s lounge and a variety of classrooms. The Missner Group’s Bob Nomellini and Aldo Bottalla will serve as project executives. Ed Franke of Aspirant Development represents Kiddie Academy Educational Child Care in the project. The Academy is scheduled to open in early 2022.
