BY THE NUMBERS

CHICAGO—Using US Census data, RENTCafe recently compared the number of people living in renter- and owner-occupied housing units in 2006 and 2016 to see how communities have changed. They found 22 big cities that became renter-dominated markets in the past decade, including Chicago. It boasted a 51.3% renter share in 2016 compared to 47.3% in 2006. When looking at actual numbers, the city added 84,852 more renters and lost 131,241 owners in the past decade or so.

NEWS & NOTABLES

CHICAGO—Fidelity National Title Group, a provider of title insurance services, has promoted Edson Burton to executive vice president and division manager. In his new position, the Chicago-based Burton will oversee the company's national commercial real estate operations throughout the Eastern US and residential operations in parts of the Midwest, East and Southeast. A 34-year veteran of FNTG, Burton most recently served as senior vice president, overseeing the commercial operations of FNTG's Chicago Title Insurance Co. office in Chicago. He will continue to manage this office in his new role. Burton also serves as a board member of Chicago Title & Trust Co. and Chicago Title Insurance Co.

DEALTRACKER

CHICAGO—Mesa West Capital has provided a Sterling Bay partnership with $48 million in short-term first mortgage debt to refinance The Talbott Hotel, a 178-room boutique hotel in Chicago. The financing included $7.0 million in mezzanine debt that was placed at closing. The developer acquired the 16-story hotel in the fall of 2015, and executed an extensive capital program to rebrand the property as a luxury boutique hotel. Improvements included a complete renovation of the lobby, common areas and guest rooms, reconfiguration of the first floor and the addition of a new restaurant, fitness center and 29 new guest rooms. The hotel reopened in May 2017. The collateral also included an adjacent 2,200-square-foot retail parcel where Sterling Bay signed a long-term lease with Danish juice and coffee shop, Joe and the Juice.

CHICAGO—Following its launch from The Claro Group LLC, Claro Healthcare, LLC has moved into 22,600 square feet of office space at 200 South Wacker Drive on the 28^th floor – formerly Cushman & Wakefield's office space. For Claro Healthcare, it ends a busy 90 days in which the healthcare consulting firm secured a lease and relocated its operations. It needed a quick solution, and “we were able to sublease move-in ready space that required very little tenant improvement work,” says Tony Karmin, a principal with Colliers International who represented Claro Healthcare in the transaction. “The collective response from our employees has been quite positive, especially from those who commute to work from the suburbs and benefit from the building's proximity to Union Station and Ogilvie Transportation Center,” says Venanzio Arquilla, a managing director of Claro Healthcare. The firm formally moved from 321 N. Clark, where The Claro Group, LLC leases the 12^th floor. Cushman & Wakefield was represented by Mark Gunderson.

ANN ARBOR, MI—Cleveland-based KeyBank Real Estate Capital has arranged a $27.7 million Fannie Mae, first mortgage loan for 411 Lofts, located less than a quarter mile from the University of Michigan campus in Ann Arbor, MI. The student housing property was built in 2009 and is comprised of 97 units and 4,265 square feet of ground floor retail space. Caleb Marten and Chris Black of Key's national multifamily accounts group arranged the fixed-rate loan with a 10-year term, five-year interest only period and a 30-year amortization schedule. The loan was used to acquire the property. As reported in GlobeSt.com, affiliates of Ladera Ranch, CA-based SmartStop Asset Management, LLC acquired the community for $43.8 million.

NORTH CANTON, OH—Officials from Rainier Realty Investments LP said last week that the firm made a majority investment in a 482,534-square foot class A retail power center in North Canton, OH, known as Belden Park Crossings. This is Rainier's second retail power center investment this year. The firm co-invested with institutional investor and local operator Stark Enterprises in the $67 million center. It sits in the heart of the region's primary retail corridor directly across from Belden Village Mall and one exit north of both the Pro Football Hall of Fame and the new $800 million mixed-use development known as Hall of Fame Village. Kohl's, Dick's Sporting Goods, Value City Furniture, JoAnn Fabrics, DSW, Fresh Thyme, PetSmart, World Market, Arhaus, Party City and numerous other national and regional tenants occupy 96.7% of the property.

Instant Insights /

Middle Market Digest-The Midwest

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