February/March Illinois Real Estate Journal

MARKETPLACE (pg 13): BROKERAGE FIRMS CONSTRUCTION COMPANIES/ GENERAL CONTRACTORS

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Suburban Garden-Style Apartments Are 2022’s Comeback Kid

By Emily Johnson, Taylor Johnson

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Wingspan Development Group - Sixteen30 in Plainfield, Ill. - cyber cafe in clubhouse

verybody loves a good comeback story, whether in sports, the entertainment industry, politics or business. And there’s no bigger rental real estate comeback story in 2022 than that of the garden-style apartment – from both a new-build and investment perspective. According to Cushman & Wakefield, garden-style apartments had a $60 billion influx of capital in 2021, or 28% more than in 2017-2019, far outpacing other styles like suburban mid- and high-rises.

So, what exactly is driving this resurgence? Why now and not five years ago? To understand the present surge in garden-style rentals, we must first understand their past.

From boom to backburner Garden-style apartments first rose to prominence stateside after WWI, influenced by England’s Garden City approach to urban development, which emphasized self-contained communities with lower-density residences, industry and COMEBACK (continued on page 10)

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“We’re in it together”: Working through supply chain issues strengthens client relationships

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upply chain issues. Less available land. Labor issues. The construction industry has endured more than its fair share of challenges over the past couple of years, yet it’s as strong as some of the steel-framed buildings it erects across Illinois.

“There are so many variables in the equation now. It’s unlike anything I’ve seen in my 31 years in the industry.It’s becoming harder and harder on a daily basis to solve the equation of a project,” says Jim Brucato, President and Co-Founder of Principle Construction. “It has created a much deeper teamwork approach to our projects.”

CONSTRUCTION (continued on page 12)

Think Beyond the Build.

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FEBRUARY/MARCH 2022

ILLINOIS REAL ESTATE JOURNAL

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“WE’RE IN IT TOGETHER”: WORKING THROUGH SUPPLY CHAIN ISSUES STRENGTHENS CLIENT RELATIONSHIPS Supply chain issues. Less

available land. Labor issues. The construction industry has endured more than its fair share of challenges over the past couple of years

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SUBURBAN GARDEN-STYLE APARTMENTS ARE 2022’S COMEBACK KID According to Cushman & Wakefield, garden-style apartments had a $60 billion influx of capital in 2021, or 28% more than in 2017-2019, far outpacing other styles like suburban mid- and high-rises.

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CHASING CAPITAL: AGGRESSIVE LENDING MARKET SETS 2022 UP FOR SUCCESS Capital is out there and developers are hunting it as the Illinois commercial real estate market rebounds from a challenging couple of years.

HOW TO MAKE A SUCCESSFUL CRE CAREER PIVOT the commercial real

estate industry is global, growing quickly, changing rapidly and becoming more complex and diverse, which requires more professionals than ever before.

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Chasing Capital: Aggressive lending market sets 2022 up for success Photo by Stephen Dawson via Unsplash

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apital is out there and developers are hunting it as the Illinois commercial real estate market rebounds from a challenging couple of years.

“Financing requests have fully returned and in some cases exceeded pre-pandemic levels,” says Igor Zhizhin, Principal at American Street Capital, LLC. “Most interestingly, the appetite for acquisitions or cash out refinancing to acquire additional assets in the broad housing sector has outpaced many expectations especially in the context of a historically high lack of predictability and with most markets offering historically low cap rates.

He adds that the combination of tangible inflation growth and the broadly believed impending interest rate increases appears to have been far more impactful in driving sizable finance request growth than any of the potential market risk factors.

“Until there is a historically large and sustainable correction or the Federal Reserve publicly commits to a static, multi-year interest rate policy, the appetite for financing has very few deterrents in the near term,” Zhizhin predicts.

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“Until there is a historically large and sustainable correction or the Federal Reserve publicly commits to a static, multi-year interest rate policy, the appetite for financing has very few deterrents in the near term.”

Susan Blumberg, Managing Director and Senior Vice President with NorthMarq Capital, is also keeping an eye on floating rate loans, bridge loans, cap costs and swaps.

“Volatility in the treasuries and rising interest rates will come into play with ability to

leverage transactions,” she says. “Refinance risk will be looked at closely and we expect the costs to increase until we see stability in the rates.

FINANCE (continued on page 6)

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FINANCE (continued from page 4)

The result is a very competitive lending market, which Associated Bank Senior Vice President and Senior Regional Manager Greg Warsek describes as a “borrower’s market.” Despite the pandemic, Associated Bank Commercial Real Estate posted a record year in 2021, closing $3.6 billion in new CRE commitments. That exceeded the pre-pandemic 2019 record of $2.9 billion.

“We continue to be awarded a high level of loan requests at Associated Bank since we meet and exceed our customer’s number one need, which is ‘Certainty of Execution,’” Warsek says.

“The current lending environment has maintained the strong commercial mortgage momentum of 2021 with the caveat of a more conservative posture towards floating rate structures and short-term products,” says Zhizhin.

Borrowers, adds Blumberg, are expecting significant rent growth and will capitalize on that in the future.

“We have also done our fair share of longterm permanent loans, seeking to lock in

those historically low interest rates,” she says. “Anyone who could refinance now to capture the rate has done so. This trend should continue as rates are still quite low.”

Which sectors are fueling that demand?

One answer came back consistently: multifamily.

“Housing needs and prices have been rising to a level not seen in quite some time.

Occupancy levels are at high levels, which support rent growth,” Blumberg says.

According to Zhizhin, COVID established a consensus that outside of housing all other real estate sectors are highly susceptible to quickly turning obsolete.

“Traditionally predictable asset classes such as retail, office, hospitality, and industrial all experienced substantial losses in the past two years across all markets. This has driven a retraction from many lenders toward more conservative loan terms and structures,” he says. “Even within the housing sector, subcategories such as student housing and senior housing have suffered during COVID with a reduced access to desirable lending options. The multi-unit housing sector, particularly affordable and workforce housing, have become the

Sue Blumberg

primary focus for lenders because regardless of geopolitical or economic factors, housing tenants do not have alternatives to having shelter.”

Zhizhin calls the large divergence between traditional commercial and housing in access to competitive, high leverage capital “impossible to ignore.”

“Until COVID no longer impacts travel, employment, leisure, and purchase decisions we do not see a change in the virtually limitless appetite for investors and lenders to have housing as their primary commercial real estate asset class,” he says.

Build-to-rent communities are an exploding asset class with significant pentup demand, according to Warzek, who also dubs industrial as a dominant market class. Blumberg agrees, adding that NorthMarq has seen an increase in construction in major distribution centers.

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Igor Zhizhin

out-of-market operators to consistently secure competitive loan terms,” says Zhizhin.

A relationship is also an important factor for Warzek’s team as they consider a loan request.

“Overall, this is a great time to finance properties when rates are low and the economics are positive.

There is a lot of capital out there, chasing yield and good deals.”

“The pandemic created the shop-fromhome market and industrial space is in high demand at historically low vacancy rates,” she says.

Developers looking for capital still need to be able to prove to their chosen lender that they have experience, solvency and income predictability.

“Experience has become the biggest driver for most lending decisions rendering it very challenging for first time investors or

“Is the sponsor someone we want to do business with and develop a relationship over time (and vice versa)?” he says, adding that Associated Bank looks very closely at the sponsor’s expertise in its asset class and the financial strength and backing they bring to the transaction.”

Blumberg adds that an evaluation of competition, new supply and trends in each market is also part of each loan’s assessment. Another caveat, she says, is that it is important for the borrower to have equity in each deal, unless they have a long-term basis in the property.

“Overall, this is a great time to finance properties when rates are low and the economics are positive,” says Blumberg. “There is a lot of capital out there, chasing yield and good deals.

Properties are enjoying quite favorable performance and stable occupancy, all while growing rents. 2022 is a new year and predictions are for continued growth.”

Thank you for providing the stories that inform and inspire.

Congratulations from all of the CNI team

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How to Make a Successful CRE Career Pivot

By Collete English Dixon, Executive Director, Marshall Bennett Institute of Real Estate

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ith an estimated value of $33 trillion at the end of 2020 and a projected growth of 4-5% per year through 2030, the commercial real estate industry is global, growing quickly, changing rapidly and becoming more complex and diverse, which requires more professionals than ever before. New ways to finance investments, expanded inclusion of property technologies, and incorporation of data analytics and transaction analysis have emerged. Initiatives such as environmental, social and governance (ESG) and green building strategies are also elevating the industry.

and around that business discipline. For those in commercial real estate, an MSRE is really no different. It is important to see a pathway for the additional knowledge you need that can’t be gained “on the job” and how it can lead to career advancement and greater options Another post-baccalaureate option is a graduate certificate that focuses on specific knowledge and concepts. For example, a professional may be committed solely to learning the ins and outs of community development and how to partner with private investors, local authorities and community organizations to transform historically disinvested communities through development. In this instance, a graduate certificate in Real Estate Finance and Investment could be just what they need for this targeted knowledge and could be completed in only 12 credit hours.

So, to say the industry is in a dynamic growth mode is an understatement. This presents a number of exciting opportunities for not only those who are new to the industry, but also seasoned commercial real estate (CRE) professionals, especially those looking to make a pivot in their CRE career. Whether someone with a technical background like an architect is looking to switch to a career as a real estate developer, or professionals in accounting, marketing, and more “general” finance for a real estate firm are looking to support broader career growth in the industry, one of best ways for them to understand and gain knowledge about the “other side” of their new CRE path is to obtain a Master of Science in Real Estate (MSRE).

Regardless of their role, CRE professionals should be comfortable with the industry’s terminology and concepts and how they apply to developers, investors, financiers, brokers and property managers. A MSRE provides not only the basic knowledge for understanding the business side of commercial real estate, but more importantly, it also equips CRE professionals to meet the new challenges of the industry. A deep understanding of market dynamics prepares a CRE professional to respond quickly and confidently, which can make the difference between getting a transaction done and missing out, whether that be a sale, purchase, lease or financing.

While understanding the importance of issues like ESG and how they apply to developments and existing properties may be the edge a CRE professional needs in the competition for capital and tenants.

Many CRE professionals have been fortunate to have a great mentor in the workplace, which can certainly help someone learn the industry. I know I did, and I’ll always be thankful to my mentors: Steve Smith, Carlos Hodge and Michael Welborn. But I believe the stronger and more direct path to comprehensive CRE knowledge can be achieved through courses taught by industry leaders skilled in the

MBIRE created two graduate certificate programs: Real Estate Finance & Investment and Real Estate Development to respond to the demand from professionals wanting to enhance their knowledge without having to make a two-year commitment to pursuing a graduate degree.

At MBIRE, graduate certificates can be completed in two semesters, taking two courses each semester.

best practices within the many niches and distinct facets of CRE. At the Marshall Bennett Institute of Real Estate, an MSRE student learns all aspects of CRE from several legendary faculty members rather than relying solely on the guidance of a colleague.

The Need for CRE Talent is Real Let’s go back to why we need so much new talent in CRE and why now may be the best time for you to explore a pivot within the industry. Since the end of the Great Financial Crisis in 2010, there has been an incredible amount of money raised and invested in CRE properties, and those portfolios need oversight and management. New platforms are being created and others expanded to attract additional capital and to manage and invest those funds, requiring talent to execute the strategies.

The CRE industry is also facing a “great resignation” of sorts as many industry leaders who have helped with this growth

and expansion over the past 40 years are retiring, providing opportunities for upward movement in CRE organizations. To recoup the talent loss we’re experiencing, what we need is a new generation of energetic leaders ready to further develop and implement exciting initiatives like ESG, proptech and data analytics. Fresh perspectives on how to invest, manage and develop CRE assets will propel us forward as we continue to support, manage and service this burgeoning industry.

But where will these new ideas come from? I know from experience that many of those who will lead the future of the CRE industry will have enhanced their preparation by completing advanced real estate degrees where they will have access to cutting-edge information and exclusive access to top dealmakers.

Advanced Studies = Advanced CRE Opportunities Pursuing a business graduate degree is often most beneficial for those already in

Graduate-level studies in CRE, especially for industry participants who are not currently in the mainstream of the business, can support a better integration of the goals and concerns of clients because students gain a better understanding of the practical side of the industry that can be applied to design and feasibility conflicts or budgeting and financial returns.

Additionally, for industry participants who are on the public side of community development and public finance, the CRE knowledge gained through the advanced degree will help facilitate a better understanding for negotiations with the private sector for partnerships and planning.

Can one succeed in the commercial real estate industry without a graduate degree? Sure, but the rapidly expanding and evolving industry needs professionals with a broader and deeper understanding of the fundaments, challenges, opportunities and new frontier of commercial real estate. A highly educated workforce will help CRE firms grow and lead the industry into the future.

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Wingspan Development Group - Hub13 in Oak Creek, Wisc. - aerial COMEBACK (continued from page 1)

agriculture, plus greenspace, according to CUNY historian Joshua B. Freeman. One of the country’s earliest examples is Sunnyside Gardens, in Queens, New York.

By the late 1960s, garden-style apartments were the most popular style of rental option in the suburbs, according to Samuel Paul in his book Apartments: Their Design and Construction and remained popular through the 1970s and 1980s.

But as all commercial assets have their ups and downs, the suburban locales and lowrise architecture of garden-style apartments began to take a backseat from the ‘90s through 2020 as urban renewal took hold and developers followed renter demand to cities and suburban downtowns where walkability and density reigned supreme. From 2010-2020, Chicago’s Loop saw a 45% increase in residents and became not only the fastest-growing neighborhood in Chicago, but the fastest-growing downtown in the country, per a report from the Chicago Loop Alliance.

The roaring ‘20s Then, the COVID-19 pandemic arrived and soon the same fundamentals that made garden-style apartments so attractive to renters 50 years ago, such as easy access to the outdoors and less density, suddenly became very in demand once again. But unlike in decades past, today’s garden-style apartments are more likely to resemble their high-rise brethren with Class A amenities like resort-style pools, commercial-grade fitness centers, design-

“With the rise of remote work allowing renters to work from anywhere, suburban living has become highly desirable, and we don’t see that slowing down anytime soon.” er finishes, an in-unit washer and dryer, demonstration kitchens, coworking areas and pet spas.

One developer that’s bullish about this multifamily sector is Wingspan Development Group. No stranger to building Class A rentals in suburban downtowns, Wingspan has two active garden communities that even in their early stages are performing ahead of expectations.

40 miles southwest of Chicago, Sixteen30 consists of 284 units in eight garden-style buildings with neo-farmhouse exteriors surrounding a 7,500-square-foot clubhouse and pool, the social center of the community with its great room, coffee bar, fitness center with smart technology and cardio training, yoga studio, bocce court, demonstration kitchen, pet spa and other luxe amenities. There is also a 24hour package room. Stylish interiors that all demographics of renters have come to expect from new construction include 9-foot ceilings, vinyl plank flooring, kitchens with stainless, quartz and ceramic tile backsplashes, space to work from home and more.

Located near the intersection of U.S. 30 and Highway 126 in Plainfield, Ill., about

Plainfield has experienced a steady rise in luxury single-family-home building in

According to many of our clients, demand for garden-style suburban apartments has never been higher – whether building new or buying an older asset with longterm value.

recent years, but not much Class A rental – and there is a real appetite for it in the area, according to Chris Coleman, vice president of development for Wingspan.

Demonstrating that demand, Sixteen30 surpassed the 30% leased milestone in just over three months and has waitlists for the next available buildings.

“With the rise of remote work allowing renters to work from anywhere, suburban living has become highly desirable, and we don’t see that slowing down anytime soon,” Coleman added. Chicago’s suburban rental occupancy rose from 95.3% to 97.8%, and median rents rose 12.6%, between Q3 2020 and Q3 2021, according to Integra Realty Resources. “The new workfrom-home option has also prompted one of the biggest innovations in garden apartment design: creating coworking spaces in clubhouses, from shared tables and multiple scattered seating arrangements to dedicated private offices.”

Similarly, Wingspan’s Hub13, being built with Batson-Cook Development Company (BCDC) in Oak Creek, Wis. – just off Interstate 94 and near the Milwaukee airport – is one of the first Class A rental communities in the area with resort-style amenities like a Zen Garden. It too, has a highly curated amenity package for renters by choice, including immediate access to an adjacent 11.2-acre nature preserve and wetlands.

“That’s another change in recent years – how we’ve come to value outdoor space even more since the pandemic, for ourselves, families and pets,” Coleman noted.

“By design, garden-style apartments offer more access to green space than you find

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Wingspan Development Group - Sixteen30 - Aerial

in a typical high-rise or even suburban downtown rental.”

Seconding Coleman’s stance on the uptick in low-rise apartments is McHugh Construction, one of the Midwest’s largest commercial contractors with a concentration in high-end multifamily projects.

“We’ve seen a lot of new bidding opportunities on low-rise apartment projects in the suburbs – certainly more than we saw pre-pandemic,” said Dave Bartolai, vice president of McHugh Construction.

“Wood-framed apartment complexes are popular for wide-open land sites as well as stacked developments along Metra train lines.”

Illustrating the demand from investors for low-rise apartments, one community McHugh built in 2017 for M&R Development – The Residences at Hamilton Lakes

in Itasca, Ill. – recently sold to investor JVM Realty Corp. for $99 million in January 2022.

An upscale wood-framed garden-style apartment with 297 units in three four-story buildings centered around a clubhouse with resort-style amenities, The Residences at Hamilton Lakes offered “a perfect blend of luxury and location,” according to JVM. Investors smell sweet returns with value-add opportunity in garden-style Ryan Engle, senior managing director of Marcus & Millichap, focuses on multifamily investments across the Chicago suburbs and the Midwest. He has seen investor interest in vintage garden-style apartment rental properties with 100-plus units increase in popularity over the past two to three years, specifically in DuPage

County. The population flight back to the suburbs from the city due to COVID-19 helped spur this interest among investors, he said, but there was already an appetite for these types of properties right before the pandemic started due to such things as the uncertainty over property tax escalation in Cook County.

“There’s currently a great need for workforce/essential housing, especially in the suburbs,” said Engle. “The garden-style apartment complexes built in the 1960s, ‘70s and ‘80s are solid investments because they traditionally have very low vacancy rates due to the demand for affordable rents, which are typical for these types of buildings compared to newer construction luxury properties.”

The garden-style properties also provide value-add opportunities, which is a huge

draw for multifamily investors, according to Engle.

“They want that value-add where they can go in and make upgrades to some of the units,” said Engle. “The short-term costs of these capital improvements lend themselves to longer-term gains by being able to collect higher rents in the future and retain long-term tenants. The risk tolerance for investors is low.”

And in February, Ellyn Crossing (formerly Stonegate Apartments), a 1,155-unit vintage garden-style property in Glendale Heights sold for $137 million, making it the biggest suburban Chicago apartment deal ever, according to Real Capital Analytics, a New York-based research firm.

Now that’s a comeback story.

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“We preorder equipment immediately where possible and re-sequence parts of projects that would normally be in a different order,” Poticha says. “Clients hire us based on our experience and reputation, so being transparent about equipment delays is critical to maintaining strong client relationships.”

CONSTRUCTION (continued from page 1)

He says in prior years when these problems were infrequent, minor and more manageable, those involved in a project would work on their portion of it independently then come together in later stages of the project. For example, bankers and developers didn’t usually reach out to construction firms until several months in.

“That’s totally different now. Now we’re deeply involved at the earliest stages of the project,” Brucato says. “As a team, we’re running various scenarios together until we reach one that works for them in the overpriced overall project. As difficult as today’s conditions are, they’ve forced every player in the project to come together much earlier to contribute to the solution.”

Those solutions have sometimes culminated in creative results. As an example, Brucato shares that he has a manufacturing client who is growing rapidly.

“As we work on plans for their facility, they said, ‘Hey, we have this extra land over here on our site. What should we do with it? What do you recommend?’” he says.

Principle Construction brought the whole team together – the client, the broker and the architect – to brainstorm.

Running through several scenarios, they decided the best solution would be to build a speculative building on that part of the property and lease it out until the client is ready to expand into it.

“It seems relatively straightforward, but in essence, this manufacturer is now becoming a developer because of the need for space,” Brucato says.

Stories like that illustrate the multi-faceted obstacles the construction industry is taking on right now, obstacles that seem to begin and end with supply chain issues.

“Supply chain issues related to shortages and delays in the delivery of construction materials, as well as volatility in the prices of those materials, have affected our projects’ timelines and budgets,” says Justin Brown, President and CEO of Chicago-based Skender.

Those variables are making it difficult for construction companies to obtain pricing that can be held from bid stage to procurement, adds Andy Poticha, Founder and CEO of Mosaic Construction.

“We are experiencing never-before-seen lead times eclipsing 52 weeks on certain products like appliances,” he adds.

“Other significant delays include the timing to receive materials to erect steel

Jim Brucato

Tim Hanifin

Andy Poticha

“We have had to work diligently with our subcontractors and owners to establish a clear picture on price and schedules,. This is where relationships come in, allowing us to accurately gauge supply availability and get accurate pricing decisions locked in early, so that we can meet delivery needs.”

buildings which are hovering around 36to 40-week lead times.”

Poticha asserts the skilled labor pool is tightening as well.

“To keep projects moving forward, as experienced design/builders, Mosaic Construction has a variety of trade and supplier resources available to leverage and help find alternative solutions,” he says.”

Just as the other firms we spoke to have, Graycor Construction Company Inc. attempts to mitigate that as much as possible in the project planning stage by purchasing long-lead items as early as possible.

“We have had to work diligently with our subcontractors and owners to establish a clear picture on price and schedules,”

says President Tim Hanifin. “This is where relationships come in, allowing us to accurately gauge supply availability and get accurate pricing decisions locked in early, so that we can meet delivery needs.”

Brown says Skender’s lean construction tactics are a fundamental part of its approach, which helps it achieve greater stability, reliability and efficiency – even during periods of uncertainty.

“Our teams also develop multiple backup scenario plans, which enable us to shift seamlessly to plan B or C when we encounter issues like materials delays,” says Brown.

For Mosaic, the goal is staying ahead of the curve as much as possible.

While Brown cites recent analysis by the Associated General Contractors of America to indicate prices of certain construction materials are no longer rising steeply like they did throughout 2021, he says some volatility will remain.

“So our teams will continue to prioritize flexibility and work proactively to meet project needs,” he says.

At the end of the day, the firms we spoke to said those client relationships are the most important part of weathering the supply chain storm. In many cases, those clients are deadline with similar issues within their own industries.

“We sit across the table from clients that manufacture steel or plastics and they are coping with the same challenges,” says Brucato. “We’re in it together.”

That understanding creates an environment within which, despite the many obstacles faced, clients and construction firms are moving ahead with projects.

“Of course, construction professionals are in demand throughout the country, so within our Graycor team recruiting is very important. But having a plan for the growth and development of our existing team is even more important,” Hanifan says. “Growing our business by growing our people is very much the Graycor philosophy.”

Skender is currently working on several new office projects, which are slated for completion in 2022, including a 15-story office building in the West Loop for Vista Property and an 11-story office building in Fulton Market for Sterling Bay. “With the two-year mark of the beginning of the pandemic approaching, lots of companies are eager to reopen their offices,” says Brown. “Some are also looking to build new spaces to reflect emerging workplace trends and future office needs, which is one of the drivers of demand for new construction.”

Demand, it seems, is the one thing that hasn’t stalled in any way. Illinois construction firms will continue to overcome any obstacles that present themselves to respond to the needs of their clients.

FEBRUARY/MARCH MARKETPLACE B ROK E R AG E F I R M S

CATON COMMERCIAL REAL ESTATE GROUP

1296 Rickert Dr., Suite 200 Naperville, IL 60540 P: 815.436.5700 | F: 331.333.1155 Website: CatonCommercial.com Key Contact: Amy J. Hall, CRRP, CRX, CLS, SLD, Chief Operating Officer, Amy@CatonCommercial.com Services Provided: The professional teams of commercial real estate brokers and property managers at Caton Commercial Real Estate and Caton Property Management represent the interests of landlords, tenants, investors and property owners on a local, national and global level. We provide Seller/Landlord Representation, Buyer/Tenant Representation, Investment Sales/ Acquisitions, Property Management and Consulting services.

Company Profile: Caton Commercial is a family-founded regional commercial real estate firm established in 1984. With offices in Naperville, Aurora and Chicago, IL, Caton is strategically located in the Midwest’s largest and strongest commercial real estate market. Our team of experts provide trusted advisory and intelligent solutions that drive wealth creation for our clients through third party brokerage transactions and value creation through skilled property management services.

Notable Transactions/Clients: Quarters Coliving, 171 N Aberdeen St, Chicago; Amy Morton’s Stolp Island Social, 5 E Galena Blvd, Aurora.

FRIEDMAN REAL ESTATE

34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lenderfocused bankruptcy, receivership and distressed asset services. All services are provided inhouse, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace.

Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country.

Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions.

Notable Transactions/Clients: • Hovis Light Industry Park – Dekalb • Poplar Creek Office Plaza – Hoffman Estates • 801 North Route 83 – Bensenville • Crystal lake Office – Crystal Lake • Broadway Village – Pekin • National Railway Equipment – Dixmoor • Daycare Building – Bolingbrook • Freeport Shopko – Freeport

MARCUS & MILLICHAP

333 West Wacker Drive, Suite 200 Chicago, IL 60606 P: 312.327.5400 Website: marcusmillichap.com Key Contact: Michael Glass, Senior Vice President/ Midwest Division Manager, michael.glass@marcusmillichap.com.

Services Provided: Marcus & Millichap is a complete brokerage offering investment sales, financing, research and advisory services. Investment specialists represent investors of apartments, multi-tenant retail, single-tenant retail, office, industrial, affordable housing, student housing, seniors housing, manufactured housing, medical office, self-storage, hospitality, golf and resorts, and land.

Company Profile: Marcus & Millichap is a leading firm specializing in commercial real estate sales, financing, research and advisory services. The firm has the largest team of investment specialists in the industry, dedicated to meeting the diverse needs of private and major/ institutional investors throughout the United States and Canada.

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NAI HIFFMAN

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181 P: 630.932.1234 | F: 630.932.7258 Website: hiffman.com Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Michael Flynn, COO, mflynn@hiffman.com Company Profile: NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, property management, tenant representation, capital markets, project services, research, and marketing services for institutional and private owners and occupiers of commercial real estate. NAI Hiffman currently leases and manages over 100.5 million square feet, encompassing more than 800 properties in 28 states. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,000 local market professionals managing more than 1.15 billion square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit hiffman.com.

PW COMMERCIAL REAL ESTATE

8725 W. Higgins Road, Ste. 800 Chicago, IL 60631 P: 773.714.9300 | F: 773.714.8253 Website: painewetzel.com Key Contacts: Jerry Sullivan, Principal, sullivan@painewetzel.com; Ed Wabick, Principal, ewabick@painewetzel.com Services Provided: Real Estate Strategy with dependable results in Brokerage, Consulting, TenantAdvisory, Corporate Services, Property Management, Development, Strategic Planning, Research and Construction Management.

Company Profile: PW has been a leader in industrial, office and investment real estate since 1975.

We pride ourselves on offering unparalleled brokerage services and superior market expertise to attain your real estate and business goals.

C ON ST RU C T ION C OM PA N I E S / G E N E R A L C ON T R AC TOR S

ALSTON CONSTRUCTION COMPANY

1900 Butterfield Road, Suite 1020 Downers Grove, IL 60515 P: 630.437.5810 Website: alstonco.com Key Contact: Greg Kolinski, Director of Business Development, gkolinski@alstonco.com Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

Company Profile: Alston Construction’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago.

Notable/Recent Projects: 1.5M SF Distribution Center for General Mills. John Pennycuff Memorial Apartments 7-story, 88-units. Call Center with open offices with full-service café, gymnasium, and fitness center for Medline Industries. Freestanding Medical Office Building with 33 exam rooms, rehabilitation gym, and support service/diagnostic space for CHI Health and NexCore Group and a 1.4 million SF build-to-suit distribution center for Medline Industries in Grayslake.

CLAYCO, INC.

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312.658.0747 Website: www.claycorp.com Key Contacts: Bob Clark, Executive Chairman & Founder, clarkb@claycorp.com; Kevin McKenna, President - Construction Group, mckennak@claycorp.com Services Provided: Clayco is a full-service turnkey real estate, architecture, engineering, design-build and construction firm.

Company Profile: Clayco specializes in “the art and science of building”, by providing fast track, turnkey design build solutions in North America for commercial, institutional, industrial and residential building types. Clayco looks “beyond these walls” focusing on helping our clients fulfill their mission St. Louis – Delmar Devine, Washington University School of Medicine / Barnes-Jewish Hospital Siteman Cancer Center, Wildhorse Village, Pfizer R&D Chicago - O’Hare Global Terminal and Global Concourse National – Centene East Coast HQ, Amazon E Commerce, Penn State, Mark Anthony Brewing, Sky on 6th, SCAD, Confidential Mission Critical Facilities

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FEBRUARY/MARCH MARKETPLACE

C ON ST RU C T ION C OM PA N I E S / G E N E R A L C ON T R AC TOR S LAMP INCORPORATED

460 North Grove Ave. Elgin, IL 60120 P: 847.741.7220 | F: 847.741.9677 Website: lampinc.net Key Contact: Ian Lamp, President, ilamp@lampinc.net Services Provided: Design/Build, General Construction, and Construction Management services for additions, build outs, renovations, and new facilities for office, industrial, logistic, technology, and commercial buildings.

Company Profile: Lamp Incorporated has been providing professional construction services for over 80 years. Our commitment of exemplary service to our clients creates projects that are completed early and with exceptional value.

Notable/Recent Projects: Mitutoyo America Corporation North American Headquarters, Aurora, IL. 96,000 SF warehouse addition; 63,000 SF, three-story office addition, which includes high tech showroom, two story atrium, corporate offices/ conference room, cafeteria, and locker rooms.

MCSHANE CONSTRUCTION COMPANY

9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018 P: 847.292.4300 | F: 847.292.4310 Website: www.mcshaneconstruction.com Key Contacts: Mat Dougherty, PE, President, mdougherty@mcshane.com Services Provided: McShane Construction Company offers over 30 years of experience providing design/ build, design-assist and general construction services on a national basis. The firm’s diverse expertise includes build-to-suit and speculative developments for the industrial, food processing, multi-family, senior and student housing, office, healthcare, retail, hospitality, recreational and institutional markets.

Company Profile: Headquartered in Rosemont, Illinois with regional offices in Auburn, Alabama, Irvine, California, Phoenix, Arizona, Madison, Wisconsin and Nashville, Tennessee, McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is recognized as one of the Chicago area’s most diversified and active contracting organizations with a reputation built on honesty, integrity and dependability.

Notable/Recent Projects: 4400 Grove – Chicago’s Bronzeville Neighborhood – Mixed-use, affordable four-story development now complete totaling 84 rental units with commercial space on ground floor.

MERIDIAN DESIGN BUILD

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018 P: 847.374.9200 | F: 847.374.9222 Website: meridiandb.com Key Contacts: Paul Chuma, President; Howard Green, Executive Vice President Services Provided: Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work.

Company Profile: With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/ renovations from 15,000 square feet to 1,000,000+ square feet.

Meridian Design Build has been a Member of the U.S. Green Building Council since 2007.

Notable/Recent Projects: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL - 602,545 sf speculative multi-tenant industrial facility for NorthPoint Development. Halsted Delivery Station, Chicago, IL - 112.000 sf package delivery station on a 17-acre redevelopment site for Prologis.

PEAK CONSTRUCTION CORPORATION

1011 E. Touhy Ave., Ste. 100 Des Plaines, IL 60018 P: 630.737.1500 | F: 630.737.1600 Website: peakconstruction.com Key Contacts: Michael P. Sullivan, Jr., CEO & Founder, msullivan@peakconstruction.com; John Reilly, President, jreilly@peakconstruction.com Services Provided: Peak Construction Corporation offers design/build and construction management services through a strategically developed culture, highly regarded for dynamic problem-solving abilities and a network of alliances that allow Peak to bring in experts and partners from a wide spectrum of fields and roles.

Company Profile: Peak Construction Corporation is a privately-held, well-capitalized design/ build firm. For almost 25 years Peak has delivered industrial, hospitality, office, healthcare, retail, multi-family and specialty construction projects on-time and on-budget.

Notable/Recent Projects: Notable/Recent Projects: Peak’s recent Midwest projects include Scannell Properties’ DuPage Business Center Phase II in West Chicago, IL and Strongsville Commerce Center in Strongsville, OH, NorthPoint Development’s Heartland 94 Logistics Center Building 1, IDI Logistics’ Gateway Romeoville, Janko Group’s Bristol Business Park and various tenant improvements throughout Chicagoland.

SUMMIT DESIGN + BUILD, LLC

1036 W. Fulton Market, Suite 500 Chicago, IL 60607 P: 312.229.4630 | F: 312.229.1147 Website: summitdb.com Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com: Larry Blouin, Vice President, lblouin@summitdb.com Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multi-family residential, office/tenant interiors, hospitality and institutional markets.

Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL and Austin, TX, Summit Design + Build has been involved in the design and construction of over 330 buildings and spaces totaling more than 7 million square feet over the firm’s 17 year history.

Notable/Recently Completed Projects: 1400 W Monroe (Luxury Multifamily Residential), 113 E Oak (Ground-up Retail), Open Kitchens (Industrial), Glen Oak Country Club (Recreational) , 448 N LaSalle – WeWork (Co-working office), Elmhurst Hall (Restaurant) and La Galera Produce (Industrial), and 1436 Randolph (Adaptive Reuse, Hotel).

VICTOR CONSTRUCTION

2000 W ATT Center Dr., Suite East C219 Hoffman Estates, IL 60192 P: 847.392.6900 Website: victorconstruction.com Key Contact: Zak Schuttler, President, ZakS@victorconstruction.com Services Provided: Victor Construction Co., Inc. manages projects from ground-up site developments to interior build-outs, specializing in retail, industrial, and commercial markets.

Company Profile: Victor Construction Co., Inc. remains a family-owned and operated General Contractor. Having been in business since 1954, our firm has extensive experience managing every aspect of interior construction for the corporate, manufacturing, industrial, and retail sectors.

Notable/Recent Projects: Peppa Pig World of Play - 15k SF Childrens’ amusement center inside Woodfield Mall (former Rainforest Cafe space).

L AW F I R M S / R E AT TOR N E YS

MASUDA, FUNAI, EIFERT & MITCHELL, LTD.

203 N. LaSalle Street, Suite 2500 Chicago, IL 60601 P: 312.245.7500 Website: masudafunai.com Key Contacts: Keith Groebe, Principal, kgroebe@masudafunai.com; Timothy Hammersmith, Principal, thammersmith@masudafunai.com Services Provided: Representation of domestic and foreign clients throughout the U.S. in connection with acquisitions & dispositions; site selection & due diligence; leasing; financing; governmental & economic incentives; land use & entitlements; real estate litigation; and property taxes for corporate, entertainment, commercial, logistics, retail, industrial, hospitality, agricultural, and multi-family properties.

Company Profile: Masuda Funai applies 90+ years of expertise to accomplishing goals for domestic and international real estate purchasers, sellers and lenders across the U.S. Counsel who understand the law and business drivers are vital, during the lingering pandemic, for overcoming supply chain and personnel challenges, and navigating competitive real estate markets.

MELTZER, PURTILL & STELLE LLC

1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173 P: 847.330.2400 | F: 847.330.1231 300 S. Wacker Drive, Ste. 2300 Chicago, IL 60606 P: 312.987.9900 | F: 312.987.9854 Website: mpslaw.com Key Contact: William J. Mitchell, Managing Partner, wmitchell@mpslaw.com Services Provided: The firm provides an exceptionally wide range of real estate-related services, including commercial real estate and leasing; land use, zoning, and entitlement; construction and finance- including TIF and other development incentives and commercial litigation.

Company Profile: Meltzer, Purtill & Stelle LLC is a business-to-business law firm with exceptionally strong capabilities in all areas of real estate law. The firm provides a full range of transaction and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, and investment.

FEBRUARY/MARCH MARKETPLACE SARNOFF & BACCASH

Two N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.com Services Provided: Sarnoff & Baccash is a leading and recognized law firm concentrating solely in the field of property taxation. We help client’s secure favorable taxes in Illinois through property tax appeals, incentives and consulting.

Company Profile: Sarnoff & Baccash’s clients include Owners, Developers, Managers, REIT’s, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low-rise apartment buildings, condominium associations and single-family home portfolios.

TAFT LAW

111 East Wacker, Suite 2800 Chicago, IL 60601 P: 312.527.4000 Website: taftlaw.com Key Contact: Kathryn Kovitz Arnold, Chair, Real Estate & Condominium Groups, karnold@taftlaw.com Services Provided: Experienced legal counsel is a critical component to delivering successful real estate transactions. Taft’s 90+ real estate attorneys leverage our skills and depth of industry knowledge to help our clients mitigate risk and avoid obstacles, and deliver results to our clients in a timely, cost-effective manner.

Company Profile: As a leading example of a modern law firm, Taft honors how we work together as a diverse team to be the inclusive employer of choice across all of our markets. Each Taft team member is positioned to excel. Our 630 attorneys collaborate to meet and exceed client expectations

M U LT I FA M I LY F I NA NC E F I R M S

ASSOCIATED BANK

525 W. Monroe Street, Ste. 2400 Chicago, IL 60661 P: 312.544.4645 Website: associatedbank.com/cre Key Contacs: Gregory Warsek, Group Senior Vice President/Senior Regional Manager, greg.warsek@associatedbank.com Services Provided: Our clients include professional developers of income producing commercial real estate, including multi-family properties, retail, office, self- storage, student housing, industrial, and for sale housing.

Company Profile: Commercial Real Estates offices are located in Chicago, Milwaukee, Madison, Green Bay, Cincinnati, Indianapolis, Minneapolis, Detroit, St. Louis, Dallas and Houston.

Associated Banc[1]Corp has total assets of $35 billion and is one of the top 50 financial services holding companies in the United States.

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GRANDBRIDGE REAL ESTATE CAPITAL LLC

14 North Tryon Street, Suite 2000 Charlotte, NC 28202 P: 704.332.4454 | F: 704.332.1931 Website: grandbridge.com Key Contacts: Matthew Rocco; Chairman of the Board / CEO, MRocco@Grandbridge.com; John Randall; EVP / National Production Manager, JRandall@Grandbridge.com Services Provided: Grandbridge provides comprehensive CRE and capital markets solutions on a national basis. As a full-service leader in commercial/multifamily finance, Grandbridge is a fully integrated commercial investment banking company that originates commercial/multifamily real estate loans, services loan portfolios, provides asset and portfolio management, and offers investments sales, and estate brokerage services.

Company Profile: Grandbridge’s lender relationships include leading insurance companies, pension fund advisors, CMBS investors, investment banks and capital markets. Grandbridge is a Fannie Mae DUS® lender, a Freddie Mac Optigo® lender for Conventional Multifamily, Seniors Housing and Targeted Affordable Housing, and an FHA MAP and LEAN approved lender.

Service Territory: The company operates its comprehensive CRE and capital markets, loan origination, investment sales, and servicing and asset management services nationwide (28 offices).

M&T REALTY CAPITAL CORPORATION

Chicago, IL P: 312.203.5410 Website: mtrcc.com Key Contacts: Monty Childs, Managing Director, mchilds@mtb.com Services Provided: Multifaceted Affordable Housing Specialists. Debt financing and loan servicing. Fannie Mae DUS® lender, Freddie Mac Optigo® Lender, FHA/HUD Healthcare & Multifamily lender. Correspondent with life companies and CMBS lenders. Bridge loan program for qualified borrowers.

Company Profile: M&T Realty Capital Corporation® is a wholly-owned subsidiary of M&T Bank—one of the 20 largest US-headquartered commercial bank holding companies. Full-service mortgage banking company that provides competitive financing nationwide for commercial real estate. In 2021, M&T Realty Capital originated $5.1 billion in loans, and currently services a portfolio of more than $24.4 billion. Please review our M&T Insurance Agency, Inc. real estate and construction insurance offerings on page 44.

Service Territory: Nationwide.

MARQUETTE BANK

1628 W. Irving Park Road, Unit 1D Chicago, IL 60613 P: 708-873-8639 Website: emarquettebank.com Key Contacts: Bill Hinsberger, Executive Vice President, bhinsberger@emarquettebank.com; Patrick Tuohy, Senior Vice President, ptuohy@emarquettebank.com Services Provided: Multifamily/apartment building lending for all Chicagoland. Fast, local decision making. Dedicated local servicing staff. Simple, no-hassle paperwork. Quick close.

Flexible terms. Clients enjoy ZRent – an automated, hassle-free, no-cost way to collect monthly payments from tenants.

Company Profile: Marquette Bank started in Chicagoland in 1945 and is still locally-owned/ operated. Personal/business banking and lending, home mortgages, land trust services, estate planning, insurance services, wealth management and multifamily lending.

CHASE COMMERCIAL TERM LENDING

10 South Dearborn, Floor 19 Chicago, IL 60603 P: (844) 853-7814 Website: chase.com/CTL Key Executives: David Fetter, Multifamily Lending Regional Manager; Jake Bade, Commercial Mortgage Lending Regional Manager Services Provided: Chase Commercial Term Lending is the nation’s #1 multifamily lender providing owners the best financing solutions for purchasing or refinancing stabilized apartment buildings, and industrial, office, retail, and mixed use properties.

Description: Our Commercial Real Estate teams provide clients the insights, hands-on service, array of comprehensive financial solutions, and unrivaled certainty of execution they need to be successful throughout the cycle. Clients benefit from our no hassle loan process, simplified documentation, competitive pricing, low fees, exclusive industry insights, and excellent customer service from start to finish. Our goal is to provide the best, straightforward multifamily and commercial property loan financing experience in the industry. Call us today to learn how to put our resources to use on your next deal.

Service Territory: Nationwide

Q10 TRIAD CAPITAL ADVISORS

4622 Pennsylvania, Suite 810 Kansas City, MO 64112 Website: triad.q10capital.com Key Contacts: Joe Monteleone, President, jmonteleone@q10triad.com, P: 314.735.8780; Mark Reichter, Exec. VP, mreichter@q10triad.com, P: 816.841.0951 Services Provided: Triad arranges long-term fixed rate debt, construction to permanent financing, bridge loans, mezzanine debt and equity with over 50 capital sources. Transaction sizes range from $1 million to over $150 million.

Company Profile: Headquartered in the Kansas City area with an office in St. Louis, the Company arranged nearly $4 billion in transaction volume in the past five years. Triad originates and services loans for over 25 life insurance companies, many on an exclusive basis.

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