Newly Launched Fund Targets Asian-Centric Shopping Centers: The Chicago Deal Sheet
Windfall Group and Wyn Group launched the Asian Center Real Estate Fund, a new investment fund currently raising capital to fuel the creation of a series of Asian-centric lifestyle shopping centers.
The shopping centers will feature dining, retail, shopping and entertainment. The initiative is actively seeking both investors and prospective retail tenants to join ACRE in meeting growing market demand while amplifying Asian culture and heritage through thoughtfully curated retail destinations.
“Culture is a powerful catalyst for community, and we are immensely proud of the opportunity we’ve created to invest in the intersection of culture and community through the ACRE Fund,” said fund chairman Eddie Ni in a press release.
The ACRE Fund aims to enrich local communities while offering attractive, risk-adjusted returns for investors.
PEOPLE
Lee & Associates tapped Michael Adams to join the firm as senior vice president. Adams has more than 25 years of experience in the office and industrial sectors, including nine years with Colliers and seven years with Newmark.
SALES
A joint venture of Path Construction and WindWave Real Estate acquired the upper stories of 111 W. Illinois St. in River North for about $17M and will convert the property into 153 new luxury apartments. Landrock LP is backing the project with an investment of preferred equity. Construction on the $64M renovation is slated to kick off in June to be open for residential living by next summer.
FINANCING
Hispanic Housing Development Corp. closed on the permanent financing for its new-construction affordable housing apartment building at 1203 N. California Ave. Merchants Capital Corp. issued HUD-insured permanent loans for the project. The $42.9M, nine-story Pedro Albizu Campos Apartments building is part of HHDC’s commitment to stabilizing Humboldt Park, the organization said in a press release.
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Greystone provided a $58.6M Freddie Mac Workforce Preservation program loan to refinance a 427-unit multifamily property in Elk Grove Village. The financing was originated by Greystone's Eric Rosenstock and Dan Sacks on behalf of Bayshore Properties. The fixed-rate loan refinances an existing Greystone bridge loan on the property and features a 10-year term and 35-year amortization with five years of interest-only payments.
CONSTRUCTION AND DEVELOPMENT
Related Midwest opened three new residential buildings in Phase 3B of Roosevelt Square, the developer’s 67-acre multiphase redevelopment on the Near West Side. Developed in partnership with the Chicago Department of Housing and Chicago Housing Authority, the latest phase adds 207 mixed-income apartments, including 75 public housing, 40 affordable and 92 market-rate units. It also adds 10K SF of retail space to the former ABLA Homes site.
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Metra received permits from the city to renovate its existing train station at 811 E. 95th St. The scope of the work includes a new elevator, a new station enclosure at street and track level, a longer platform with a full canopy, new lighting, a janitor closet and an electrical room, according to city documents. The reported cost of the project is $33.4M.
THIS AND THAT
Inland Real Estate Group launched its institutional asset management platform, Inland Institutional, to provide comprehensive alternative investment solutions to institutional investors. Inland Institutional intends to strategically target investments in demographic-driven, specialized real estate sectors, including multifamily, self-storage, student housing and medical office.
