This Week's Chicago Deal Sheet: MacKenzie Scott Gives Nonprofit Affordable Housing Lender $15M
Billionaire philanthropist MacKenzie Scott gave an unrestricted $15M gift to Community Investment Corp., a Chicago nonprofit lender that finances the acquisition, rehabilitation and preservation of affordable rental housing.
The donation is the largest CIC has received in its 50-year history, the organization said in a press release. Scott, the ex-wife of billionaire business magnate Jeff Bezos, previously gave a then-record $8M gift to CIC in 2020.
“We are deeply honored and profoundly grateful for this second generous gift from MacKenzie Scott,” CIC President and CEO Stacie Young said in a release. “This funding allows us to expand our efforts in providing crucial support for affordable housing and community development that not only strengthens neighborhoods but also fosters generational wealth for the small developers leading this work.”
The group said the gift will allow it to advance its mission to support community development efforts in underinvested neighborhoods across Chicagoland, with a focus on affordable housing and economic equity.
PEOPLE
The Building Owners and Managers Association of Chicago elected Nancy Capadona, portfolio manager of Hearn, as president of the association, effective immediately. Capadona was elected during the association’s 2024 annual meeting and succeeds Phil Stafford, chief operating officer of Colliers Chicago, who served as president for two years.
SALES
Becovic Holdings Corp. purchased Canterbury Court Apartments for $25.7M. The 176-unit multifamily property also features the Zebra Lounge on the ground floor. Greenstone Partners’ Jordan Multack and Danny Spitz represented the seller, with additional representation from Marcus & Millichap’s Nicholas Kanich. Multack procured the buyer.
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Blue Peak Tents acquired a 118K SF industrial building at 1020 Olympic Drive in Batavia for an undisclosed price from a private seller. Lee & Associates' Michael Androwich Jr. represented the buyer, while the brokerage's Nick Eboli and Andrew Block represented the seller.
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An undisclosed buyer purchased the Woodridge Industrial Center in Woodridge from Standard Real Estate Investments and Trammell Crow Co. for an undisclosed price. Standard last year made an equity investment in the 217K SF facility at 8110 Lemont Road through its $150M investment vehicle.
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A family office purchased Lakeview Plaza, a 52K SF retail strip property in Lake Zurich, for $7.7M from a private investment group. Marcus & Millichap's Adrian Mendoza, Sean Sharko and Austin Weisenbeck marketed the property on behalf of the seller and procured the buyer.
LEASES
Adyen signed a new lease for 56K SF at 333 North Green for multiple floors of the office building. JLL’s Derek Johnson, Scott Becker and Stefan Ivanisevic negotiated the transaction on behalf of Adyen, while Russ Cora and Austin Lusson represented Sterling Bay in-house.
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A national fire protection company signed a 24K SF lease for its new North American headquarters at 1424 Armour Blvd. in Mundelein. Entre Commercial Realty's Cory Kay, Mike DeSerto and Elisabeth Lazzara represented the landlord, while KBC Advisors' Brandon Waters represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Peak Properties completed the residential conversion of a landmark elementary school in Uptown at 4525 N. Kenmore Ave. The luxury Stewart School Lofts has 64 apartments ranging from studios to three-bedrooms in several floor plans.
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Trammell Crow Co. named Krusinski Construction Co. as the general contractor to build a 788K SF speculative warehouse development on a 52-acre site in the Plainfield Business Center in Plainfield. Construction on the new facility will take approximately 12 months, and the building is expected to be ready for occupancy in fall 2025.
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Skender and its joint venture partner, Blackwood Group, completed renovations of two West Side senior living apartment buildings in partnership with the Chicago Housing Authority and Michaels Development. The renovated buildings are the Irene McCoy Gaines Apartments at 3700 W. Congress Parkway and the Albany Terrace Apartments at 3030 W. 21st Place. The combined 400K SF renovation was designed by Canopy Architecture.
FINANCING
Temerity Strategic Partners closed its inaugural investment partnership, Temerity Strategic Partners Fund. The fund secured more than $175M in commitments from more than 50 institutional and private investors. Together with sidecar co-investment vehicles, it expects to capitalize between $250M and $300M of aggregate co-general partner equity investment activity during the fund's investment period.
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Synergy Development closed a $56M senior construction financing loan and $12.5M in equity for the development of the first phase of Yorktown Reserve, a 271-unit residential development project.
Frank Montalto of IPA Capital Markets, a division of Marcus & Millichap, secured the debt with a local bank and arranged the equity with an institutional investor. Synergy Development is a Chicago-based development and construction firm.
