In a significant initiative to cater to the growing market demand for lifestyle shopping, Windfall Group and Wyn Group have announced the launch of the Asian Center Real Estate Fund (ACRE).
This new investment fund is currently in the process of raising capital to develop a series of Asian-centric lifestyle shopping centers designed to include dining, retail, shopping, and entertainment options.
The fund aims to both meet the increasing demand for such venues and amplify Asian culture and heritage through meticulously curated retail destinations.
Eddie Ni, the fund chairman, expressed pride in the opportunity presented by the ACRE Fund, highlighting the important role culture plays in fostering community.
“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,” stated Ni in a press release.
The primary goal of ACRE is to enrich local communities while providing attractive, risk-adjusted returns for potential investors.
In other industry news, Lee & Associates has expanded its team by bringing onboard Michael Adams as senior vice president.
Adams, who has more than 25 years of experience in the office and industrial sectors, previously held positions at Colliers and Newmark.
On the transactional front, a joint venture between Path Construction and WindWave Real Estate has successfully acquired the upper floors of 111 W. Illinois St. in River North for approximately $17 million.
The project will transform the acquired space into 153 luxury apartments, with Landrock LP supporting the venture by providing preferred equity.
The renovation, which is expected to cost around $64 million, will commence in June, with plans to have the residential spaces open by the following summer.
In financing news, the Hispanic Housing Development Corp. recently secured permanent financing for its new affordable housing apartment building at 1203 N. California Ave.
Merchants Capital Corp. has issued HUD-insured permanent loans for this endeavor, which culminated in the construction of the nine-story Pedro Albizu Campos Apartments building, with a budget of $42.9 million.
This initiative aims to stabilize the Humboldt Park area, as emphasized by HHDC in their press release.
Additionally, Greystone has reported providing a $58.6 million Freddie Mac Workforce Preservation program loan, intended to refinance a 427-unit multifamily property located in Elk Grove Village.
This refinancing operation, which was facilitated by Greystone’s Eric Rosenstock and Dan Sacks on behalf of Bayshore Properties, features a fixed-rate loan with a 10-year term and 35-year amortization plan, including five years of interest-only payments.
In the realm of construction and development, Related Midwest has unveiled three new residential buildings as part of Phase 3B of its Roosevelt Square project, a 67-acre multiphase redevelopment on Chicago’s Near West Side.
This phase, developed collaboratively with the Chicago Department of Housing and Chicago Housing Authority, introduces 207 mixed-income apartments, consisting of public housing, affordable options, and market-rate units, along with 10,000 square feet of retail space.
In addition, Metra has obtained city permits to renovate its train station at 811 E. 95th St.
The renovation plan encompasses improvements such as a new elevator, an updated station enclosure at both street and track level, an expanded platform with a full canopy, and enhanced lighting among other installations.
This project is estimated to cost approximately $33.4 million.
In a separate announcement, the Inland Real Estate Group has launched its new institutional asset management platform, Inland Institutional.
This platform is aimed at offering comprehensive alternative investment solutions for institutional investors, strategically focusing on demographic-driven, specialized real estate sectors, including multifamily, self-storage, student housing, and medical office sectors.
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