This Week's Chicago Deal Sheet
McShane Ashlaur Joint Venture finished construction on the first building in the nation for the blind community using Low-Income Housing Tax Credits.
The venture, made up of McShane Construction Co. and Ashlaur Construction, completed work on the The Foglia Residences, which includes 76 affordable units for residents who are blind, visually impaired and disabled, as well as veterans.
The venture's clients were Brinshore Development and The Chicago Lighthouse.
“We are extremely proud to deliver this monumental development for Brinshore and The Chicago Lighthouse,” said David J. Rintz, McShane regional vice president of multifamily, in a release. “Thanks to their tireless efforts, multiple underserved populations have access to high-quality housing that meets their needs at an affordable rate.”
The building offers studio, one-, and two-bedroom floor plans that provide accessible, independent living for qualifying low-income households.
Features include solid surface kitchen countertops for added durability, Energy Star appliances with front controls and tactile operation, WaterSense plumbing fixtures, dimmable lighting, contrasting flooring in front of the kitchen cabinets and finishes selected to provide higher contrast for those with limited sight.
To make the residence fully accessible for its tenants, common areas offer contrasting colors, lit braille unit signage, handrails on both sides of corridors, braille wallpaper, braille numbering on the mailboxes, contrasting flooring in front of unit doors and accessible elevators with audible signals.
The property also has black light switches, outlets and window controls to contrast with white walls throughout.
PEOPLE
The Inland Real Estate Group promoted Joseph Binder to chief investment officer. Binder is responsible for managing and executing Inland’s investment strategies, capital markets activities and related strategic transactions. He will report to Inland President and CEO Tony Chereso.
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B2 Design Co. hired Shelbie McDiffett as business development manager. She will focus on expanding the firm’s business nationally, fostering existing relationships and targeting new opportunities for B2 Design Co. within the hospitality, multifamily, senior living and student housing sectors.
CONSTRUCTION AND DEVELOPMENT
Urban Innovations completed the renovation and expansion of its 140K SF Consumer Credit Union headquarters building at 300 N. Field Drive in Lake Forest. The credit union purchased the building in 2022 to move its headquarters from Gurnee.
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Ryan Cos. formed a joint venture with Namdar Realty Group and Mason Asset Management and began construction on a 160K SF speculative industrial facility at Pullman Crossings. This project marks the final phase of Pullman Crossings, a more than 50-acre industrial park within Pullman Park, a 180-acre, mixed-use development being developed by Chicago Neighborhood Initiatives.
FINANCING
Fifield Cos. secured a $24.7M loan to refinance Luxe on Madison, a 102-unit multifamily community at 1222 W. Madison St. in Chicago. JLL represented Fifield in arranging the five-year, fixed-rate loan through MetLife Investment Management.
THIS AND THAT
Foxtrot will reopen its fifth location at 401 N. Wells St. on December 5 after shuttering its Chicago stores this spring. The upscale grocer reopened its first store in September and is slowly increasing its footprint.
