CHICAGO, IL – Walker & Dunlop, Inc announced that it structured $80,110,000 in financing for Ellyn Crossing, a newly renovated garden-style multifamily community with 1,155 total units. Located in Glendale Heights, Illinois, the property is less than 30 miles from Downtown Chicago.
The financing assignment was completed on behalf of Rockwell Partners, an experienced multifamily property owner, skilled value-add investor, and a repeat client of Walker & Dunlop. Since acquiring the property, Rockwell has invested $4.5 million in unit upgrades, and $1.5 million in common area upgrades, and the loan provided $1,000,000 to complete renovations at the property. Rockwell will complete all unit renovations within six to nine months of closing.
Led by Senior Managing Director Pat Dempsey, Walker & Dunlop arranged the loan through Freddie Mac’s floating rate program. The team worked to ensure maximum flexibility for the client, locking in an attractive index rate, two years of interest-only payments, and a flexible prepayment schedule. Said Mr. Dempsey, “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community. The investments they have made in this vintage property have defined it as a desirable place to live outside of the urban bounds of Chicago.”
Jason Fishleder, Principal of Rockwell, noted, “Walker & Dunlop, led by Pat Dempsey, went beyond the traditional mortgage banking role by providing excellent advice and guidance throughout the 6-year process of acquiring, renovating, and leasing 1,155 units.”
Ellyn Crossing was built in phases, from 1973 to 1978, and as Rockwell bought units from 2014 to 2020, they renovated units and all common areas. The property features 30 buildings, all with three-tale walk-ups and enclosed stairways. Units feature open floor plans, patios or balconies, gourmet kitchens, and spacious closets. Community amenities include a resident clubhouse and business center, activity room, fitness center, pool and sundeck, tennis court, sand volleyball court, playground, picnic areas, ample parking, as well as on-site management and maintenance. All unit and community amenities have been updated to Class B+ standards.

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OAKLAND, CA – CIM Group and its co-development partner, Strada Investment Group, announced that it has completed the construction of Eleven Fifty Clay Street, a 16-tale, 288-unit apartment building in downtown Oakland located between 11th and 12th Streets. CIM Group brought its long-standing development and operational expertise to the development of Eleven Fifty Clay Street, considered to be an integral piece of the evolving downtown fabric that will enrich the neighborhood with new residences, community-serving retail, and public spaces.
CIM is helping to serve the needs for new housing with the completion of Eleven Fifty Clay Street, located in a transforming neighborhood near transportation, said Avi Shemesh, Co-Founder and Principal, CIM Group. In Oakland, we are also nearing completion of an apartment community at Jack London Square, adding 333 residences to the mixed-use environment where residents can delight in the restaurant and entertainment, and retail offerings as well as the open park space fronting San Francisco Bay. Together, CIM s two projects will deliver more than 600 modern new residences to Oakland.
Eleven Fifty Clay Street offers modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes. A key feature for residents will be a large rooftop deck offering expansive Bay and city views. The deck will provide ample open-air lounge areas with fire pits and a heated and partially-covered dining area with barbeques. The apartment community also provides residents with a fitness center, lobby coffee bar, conference rooms, co-working areas, and bicycle storage.
Eleven Fifty Clay Street also brings approximately 4,000 square feet of street level retail space featuring 20-foot ceilings and a large outdoor patio as well as an adjacent 17,000-square-foot public plaza fronting 12th Street. The retail and plaza will engage the public offering greater pedestrian connectivity and experiences including the plaza s half-basketball court and locally-sourced, specialty retail stores and a repurposed shipping container containing a full kitchen set within the lushly landscaped, park setting.
The property has a central location in a walkable neighborhood near many Oakland office buildings as well as transportation. Eleven Fifty Clay Street is immediately adjacent to the 12th Street BART Station and is also convenient to the area s major regional transportation corridors including I-880 and I-80 connecting to San Francisco and Berkeley, and I-580 to communities of the East Bay.
CIM has been involved in the Greater Bay area since 2001, with CIM s first Oakland acquisition taking place in 2007. In the Uptown Oakland district, CIM recently completed the construction of Uptown Station, a redevelopment of a former department store into a 355,000-square-foot office building leased by Square. CIM is also near construction completion of Channel House, an eight-tale, 333-unit apartment building at 40 Harrison in Jack London Square where the company owns multiple properties across 12-acres of this Bayfront mixed-use business and entertainment destination.

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NEW YORK, NY – Affiliates of Cantor Fitzgerald Investors, LLC, a subsidiary of Cantor Fitzgerald, L.P., along with an affiliate of CAF Management, LLC bought, through a joint venture, a 444-unit Class A multifamily property known as The Station at MacArthur located in the Las Colinas submarket of Irving, TX.
The property is centrally located on the DART transit line and offers simple access to both DFW and Like Field airports, as well as the Dallas Central Business District. Las Colinas is the second largest employment node in North Texas and the property is adjacent to Verizon’s Hidden Ridge development, which is expected to host 7,000 jobs and include an office building, a hotel, retail, restaurants and green space when completed.
“The property is ideally located in Las Colinas, a submarket that boasts strong demographics, high occupancy and a growing job market,” said Chris Milner, Head of Cantor Fitzgerald Investment Management (“CFIM”). “Corporate relocations continue to drive demand in the area making this an attractive addition to our growing real estate platform,” added Jay Frank, COO at CFIM.
The property features townhouse style layouts with an average unit size of 1,031 square feet and 100% private garage access. Community amenities include a two-tale fitness facility, business center, four outdoor pools, gated entry and a pet park. As of October 2020, the property is 94.6% leased, which is consistent with the Las Colinas submarket that has had an average occupancy of 94.4% since 1996.
“We are thrilled to partner with Cantor Fitzgerald on this acquisition. Our extensive Dallas multifamily management expertise melds well with Cantor Fitzgerald’s real estate investment prowess,” said Chris Faulkner, CEO of CAF Management. “This partnership represents a high-quality asset in a fantastic location that we hope will make value for investors.”
The transaction marks the second acquisition between affiliates of CFI and CAF in the greater Dallas area, with CAF acting as the property manager. CFI, in coordination with its operating partners, manages investments in 13 multifamily properties (4,325 units) in addition to over 6.2 million square feet office, industrial and retail space in 115 properties. In 2019, Cantor Fitzgerald participated in more than $84.0 billion of real estate transactions. Founded in 2010, CAF is a Dallas-Fort Worth-based real estate management firm which manages 50 properties (15,827 units) in Texas and 29 properties in the Dallas MSA.

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