Chicago

"Our lives are all changing in ways that were unimaginable just a week ago," New York City Mayor de Blasio stated.

The deal for the 350-acre campus also features a sale-leaseback component with Deerfield, IL-based Caterpillar Inc. The construction equipment manufacturer plans to keep approximately 500 of the company's employees on site and will lease back an office building along with a portion of adjacent industrial space.

The deal, arranged by JLL Capital Markets, was done on behalf of a partnership between funds managed by Los Angeles-based Oaktree Capital Management, L.P. and GlenStar Properties of Chicago, to secure debt financing through a domestic financial institution.

Origin acquired the property on behalf of its IncomePlus Fund from Michigan Avenue Real Estate Group, the original developer of the property. Chicago-based multifamily brokerage firm Kiser Group represented Origin Investments in the off-market transaction.

The firm currently has two locations in Auburn Hills, MI and one in Farmington Hills, MI. The company is planning a staggered move-in to begin in late 2020, with full occupancy expected by March 2021.

The project located in a federally-designated Qualified Opportunity Zone is a public-private partnership between Habitat, Sinai Health System, Cinespace Chicago Film Studios, the Chicago Housing Authority and the city of Chicago.

"Tracey's breadth of experience and dedication for improving public housing make her a perfect fit to lead the Chicago Housing Authority as we embark on our ambitious agenda to transform our city's economic landscape," said Mayor Lightfoot.

The State of Illinois, through CMS, owns and manages the former Howe Development Center and Tinley Park Mental Health Center property. Howe was closed in July of 2010, and Tinley was closed in July of 2012.