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August 21, 2024

Loan On AMA Plaza In Downtown Chicago Moved To Special Servicing

A $370M office loan in the Loop moved to special servicing this month after the borrower indicated it might not be able to make its payments.

Loan On AMA Plaza In Downtown Chicago Moved To Special Servicing

Beacon Capital Partners' massive CMBS loan on AMA Plaza at 330 N. Wabash Ave. was transferred to special servicer Situs Holdings, which warned of “imminent monetary default,” according to 

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Top Stories on Bisnow.com

‘It’s Like A Mirage’: Investor Says Rate Cuts Won’t Be CRE’s Savior ‘It’s Like A Mirage’: Investor Says Rate Cuts Won’t Be CRE’s Savior
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Hyatt To Acquire Standard International For Up To $335M Hyatt To Acquire Standard International For Up To $335M
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REPORT: KKR Closing In On $1.4B Deal To Buy Chicago-Based The Parking Spot

KKR & Co. is reportedly zeroing in on a $1.4B deal to acquire The Parking Spot, an owner and operator of parking properties close to airports.

REPORT: KKR Closing In On $1.4B Deal To Buy Chicago-Based The Parking Spot

The two companies are in "advanced talks" on the deal, sources close to the transaction told Bloomberg. The acquisition could close in a few weeks, but KKR has not yet finalized the deal and it may still fail, Bloomberg reports. The Chicago-based parking operator has locations near more than 45 airports, including…

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More Than Just Shelter: Why The Public Housing Of The Future Will Require Private Buy-In

The laundry list of landmines surrounding multifamily development and management in Chicago are well-documented: A challenging capital markets climate. Soaring insurance rates. Limited new starts.

But developing and managing public housing properties in the city adds further wrinkles, Chicago Housing Authority CEO Tracey Scott said at Bisnow’s Property Management Summit. Unique challenges for public housing like even higher insurance premiums and more restricted funding sources have Scott looking to reimagine the way public housing functions in the Windy City. 

“Public housing as we've known it is not the future,” Scott said at the event, held at the Radisson Blu Aqua Hotel. “It is about mixed-income housing.”

More Than Just Shelter: Why The Public Housing Of The Future Will Require Private Buy-In

The CHA serves about 65,000 families in the Chicago area, with 47,000 of that group also utilizing Section 8 vouchers, which help very low-income families, older adults and people who have disabilities afford private market housing.Scott said her vision features developments that bring together…

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This Week's Chicago Deal Sheet

This Week's Chicago Deal Sheet  

JRK Property Holdings acquired Brook on Janes Apartments, a 288-unit multifamily community in Bolingbrook, for $69M from a venture of Quarterra.

Brook on Janes adds to the firm’s Chicago-area portfolio, which includes the 504-unit Residences at Lakeside in Lombard and the 838-unit The Residences at Arlington Heights in Arlington Heights.  “We’re finally seeing seller capitulation on pricing expectations, which has allowed us to significantly ramp up our acquisition activity,” JRK President…

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