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Cautious capital, creative stacks: Chicago CRE financing adapts

By Brandi Smith

In a market defined by high interest rates, cautious banks and shifting underwriting standards, Chicago’s commercial real estate developers are still getting deals done, but not without recalibrating their strategies and reimagining the capital stack.

“There is capital to deploy but the metrics look differently than they did a few years ago,” said Julie Sommese, Illinois managing director of PACE Equity.

Liquidity hasn’t dried up, but where and how that capital enters a deal has changed. Developers are adjusting to lower leverage, tighter credit conditions and changing

roles among lenders. Traditional banks are active, but not at the levels of recent years. Alternative capital sources are increasingly stepping in to replace debt that has become harder to secure.

“There is plenty of debt capital in the system today,” said Dan Rosenberg, executive vice president at BWE. “Liquidity is abundant for all asset classes. Sure, multifamily is more in favor than say office, but as the basis in office buildings begins to reset, there is plenty of debt liquidity to acquire and reposition them. The cost of the liquidity ‘is what it is’ and people are hoping it will go lower.”

Multifamily, industrial and other favored asset types are still attracting lenders, particularly for stabilized or near-stabilized projects. Competition remains strongest for high-quality multifamily, retail, industrial, medical office, creditworthy single-tenant triple-net assets and self-storage. Hotel and multitenant office assets continue to face more selective underwriting.

Construction financing has made a limited comeback, mainly for multifamily and industrial projects, but with

363 Tower Rendering. Courtesy PACE Equity.

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VICE PRESIDENT OF SALES & MW CONFERENCE SERIES MANAGER Ernie Abood eabood@rejournals.com

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CAUTIOUS CAPITAL, CREATIVE STACKS: CHICAGO CRE FINANCING ADAPTS

SUBURBS LEAD THE WAY: CHICAGO’S MEDICAL OFFICE GROWTH SHIFTS OUTSIDE THE URBAN CORE Investors and developers are finding renewed opportunity in the Chicago region’s suburban medical office market, where demographic trends and delivery models are converging to reshape healthcare real estate.

NO TURBULENCE AHEAD: NEW CRE PROJECTS AT O’HARE TAKING WING

At mid-year, the O’Hare submarket continues to show resilience and strength in commercial real estate, from industrial to office to retail to hospitality.

SUSTAINABILITY INVESTMENTS REAP MULTIPLE BENEFITS FOR OWNEROPERATORS Retrofitting older commercial properties takes effort, but it can pay off in improved longevity and sustainability of the building, improved wellness for tenants, and energy savings for the property owner.

TURF TALK: COMMERCIAL LANDSCAPING & SNOW REMOVAL STRATEGIES HeatwaveProof Landscapes: Ensuring Plant and Property Health During Chicagoland Summers

2025 WOMEN IN REAL COMMERCIAL ESTATE: Special section

COMMERCIAL SERVICES

2025 ILLINOIS REAL ESTATE JOURNAL REAL ESTATE AWARDS: Special Section

EDITORIAL ADVISORY BOARD

ALISSA ADLER Colliers

GEORGE KOHL Savills

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RONALD C. LUNT Hamilton Partners

JOHN M. MOYSEY Avison Young

NANCY A. PACHER CBRE

JONATHAN STEIN Inland Real Estate Group

GREGORY T. WARSEK Associated Bank

CHRIS WOOD Cushman & Wakefield

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Suburbs lead the way: Chicago’s medical office growth shifts outside the urban core

By Brandi Smith

Investors and developers are finding renewed opportunity in the Chicago region’s suburban medical office market, where demographic trends and delivery models are converging to reshape healthcare real estate.

Silver Cross Medical Pavilion D in New Lenox and the planned Beacon Hill Medical Pavilion in Crown Point, Indiana, are more than new medical buildings. They illustrate a broader shift in regional healthcare real estate — one shaped by aging demographics, rising development costs, the decentralization of healthcare and the growing appeal of suburban access and convenience.

2025 marks the peak in the number of people who are turning 65, according to a research report by Jason Fichtner, executive director of

the Alliance’s Retirement Income Institute, said John Wilson, president of HSA PrimeCare.

That surge in aging patients is driving demand for outpatient services across the region. Jonathan Swindle, president of Waveland Property Group, Inc., said this demographic shift is colliding with operational and financial changes across healthcare systems.

“Demand for medical office space in the Chicago area is rising due to an aging population requiring more healthcare services, the shift toward outpatient care, and health systems decentralizing from hospitals to community-based locations,” Swindle said.

Developers and investors are responding by pursuing suburban projects that prioritize longterm leases, flexible design and proximity to where patients live.

“Additionally, patients increasingly seek convenient, accessible care in suburban areas. Medical tenants are drawn to stable, long-term leases, making this sector attractive to investors seeking resilience and steady returns in a dynamic commercial real estate market,” Swindle said.

“Growth is evident in both urban and suburban areas,” Wilson confirmed. “Two of HSA PrimeCare’s focus areas for development activity are the Chicago suburban markets and Northwest Indiana.”

Two projects illustrate how suburban medical office strategies are being applied on the ground. In New Lenox, Silver Cross Medical Pavilion D offers nearly 42,000 square feet of outpatient services on the hospital’s campus. Fully occupied as of July 2023, the two-story facility includes urgent care, wound care, primary care, occupational health and specialized ser-

vices such as urology, dermatology and cardiac rehabilitation. It also features a patient-friendly drop-off area and reflects the strong demand for accessible suburban care.

Further south in Crown Point, Indiana, HSA PrimeCare is planning the Beacon Hill Medical Pavilion. Still in the early stages, the Class-A development could span up to 60,000 square feet and would anchor a larger mixeduse community. With direct access to I-65 and proximity to providers like UChicago Medicine and Community Healthcare System, the project is designed for flexible leasing and a broad range of outpatient services, targeting one of the region’s fastest-growing population areas.

Still, the suburban focus is as much about constraint as it is about opportunity.

Silver Cross Medical Pavilion

“The urban medical real estate environment seems highly controlled and guarded by three or four major healthcare organizations. There is very little room for free-standing medical office buildings”

“The urban medical real estate environment seems highly controlled and guarded by three orfour major healthcare organizations,” Swindle said. “There is very little room for free-standing medical office buildings.”

He noted that suburban development brings its own challenges, especially when it comes to making the math work.

“The demand for stable medical office investments is in the suburbs but the current obstacles are balancing base rent, cam, taxes, and build-out costs (which are on the rise) with the tenant’s pain threshhold for paying rent and signing a long-term lease,” Swindle said.

At the same time, the way healthcare is delivered continues to change. Outpatient services and telehealth are not just shifting location preferences; they are reshaping the physical spaces themselves. Wilson emphasized the need to build infrastructure that supports virtual care.

“With AI accelerating the evolution of telehealth, it’s increasingly important to account for virtual care infrastructure when designing or renovating medical properties,” he said.

Facilities, he added, must also support multiple outpatient services and offer seamless virtual consultation capabilities.

Swindle has observed similar design priorities emerging in the properties his firm leases and manages.

“The shift toward outpatient care and telehealth has driven demand for flexible, tech-enabled medical office space with smaller footprints, decentralized locations, and improved patient access,” he said.

Landlords, he noted, are responding with adaptive layouts, strong connectivity and service areas located near where patients live.

Ownership patterns are shifting in tandem. Both Wilson and Swindle said healthcare systems are increasingly opting to lease space to maintain operational flexibility and limit longterm financial commitments.

“There has been a growing trend among health systems to evaluate both leasing and owning their medical office spaces,” Wilson said. “This is driven by the desire for financial flexibility and the ability to adapt to changing healthcare delivery models. By leasing, health systems can allocate capital more efficiently, focusing re-

sources on core clinical operations rather than real estate investments.”

“The large groups have a hybrid model,” said Swindle, offering additional detail on ownership strategy. “They may own or JV to own large specialty centers such as oncology and orthopedics. But in general, large hospital networks would prefer to be renters and put the burden of long-term financing and construction allowances on the landlords. Most suburban buildings are owned by third-party investment groups and REITs, which make up the majority of Waveland’s core clientele.”

In this climate, interest rates and construction costs are top of mind.

“Elevated interest rates and construction costs have impacted decisions, leading to a slowdown in new development,” Wilson said. “There’s a renewed interest in second-generation spaces due to potentially lower build-out costs and quicker occupancy.”

Swindle added that capital constraints are slowing progress unless landlords or investors are willing and able to foot the bill.

“The math is fairly simple,” Swindle said. “If it is more expensive for the medical practice to modify an existing space or to build-out a vanilla box then someone has to pay.”

Beacon Hill Crown Point Exterior

Jonathan Swindle John Wilson

Landlords often struggle to recover those costs, while tenants balk at paying them. As a result, projects increasingly go to well-capitalized investors with a long-term strategy.

“Free-standing medical office buildings are at the mercy of the space requirements of the large health networks,” Swindle said. “Those landlords with a 10-and 15-year risk horizon will win over landlords who are trying to quickly fill a building up and flip it.”

He added that Waveland’s own strategy has been rooted in lasting relationships.

“Started 20 years ago, Waveland had a core belief that high-quality property management and open communication (and often friendship) with tenants was a much stronger driver of lease renewals and new leases than billboards and open-houses,” Swindle said. “The medical community in Chicago is very powerful but also fairly insulated and guarded. Word of mouth and reputation still matter a great deal within this fairly tight community. At Waveland, we feel confident in the future need for adaptive and updated medical office spaces that are managed in the most efficient and client-focused ways possible.”

Looking ahead, Swindle and Wilson acknowledged the headwinds, but see a clear path forward.

“If it is more expensive for the medical practice to modify an existing space or to build-out a vanilla box then someone has to pay.”

“Fluctuating interest rates and construction costs may hinder new developments, yet there are opportunities to repurpose existing buildings to meet demand for both in-person consultations and telehealth appointments,” Wilson said.

He also cited ongoing labor shortages as a potential bottleneck.

“Another challenge facing the broader sector is a limited supply of healthcare professionals,” Wilson said. “Health Catalyst predicts a shortage of registered nurses reaching 450,000 by 2025 and a physician deficit of up to 120,000 by 2034. These shortages underscore the need for strategic planning to ensure facilities are designed and located to maximize efficiency and accessibility, even amid staffing constraints.”

Yet despite economic pressure and labor hurdles, the medical office sector remains a favored long-term play.

“Although elevated construction costs, rising interest rates, and a gradual post-pandemic recovery by hospitals and providers have slowed new medical office development, this moderation has helped keep supply and demand in balance,” Wilson said. “As a result, occupancy rates remain stable, and rents are experiencing gradual growth. This trend mirrors patterns observed in the industrial sector, where a slowdown in new supply has contributed to market equilibrium.”

Retail backfill has also emerged as a new growth avenue.

“Providers are repurposing former retail locations to house urgent care centers, primary care clinics and specialty practices. This strategy enhances accessibility for patients and aligns with the shift toward outpatient care,” Wilson said. “The enduring demand for healthcare services, particularly among the aging population, positions the medical office sector for sustained growth in the latter half of 2025 and into 2026.”

With demographics on their side and a new playbook in hand, Chicago’s medical office developers are planning for a healthy future.

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No Turbulence Ahead: New CRE Projects at O’Hare Taking Wing

At mid-year, the O’Hare submarket continues to show resilience and strength in commercial real estate, from industrial to office to retail to hospitality.

Two projects help illustrate the positive activity in the O’Hare submarket: the purchase and recapitalization of Presidents Plaza, an office turnaround success story for Glenstar and its private investor partner, and the ground-up development of Rosemont Ice Arena, a two-sheet rink for youth and adult hockey leagues and the Chicago Wolves from Nicholas & Associates.

(Re)Capital Idea: Improving Office Assets to Attract New Leases

Glenstar’s bet on Presidents Plaza, a two-tower, 831,442-square-foot office complex at 86008700 W. Bryn Mawr Ave. near the airport, is

already paying off, with 100,000 square feet of new leases signed in April alone.

Since acquiring the property last fall with a private investor for $62.1 million, Glenstar is investing $16 million in tenant improvements, common-area and amenity upgrades, and move-in ready spec suites. These turnkey spaces offer open ceilings, collaboration areas and A/V-equipped conference rooms. A golf simulator will be added this summer.

These updates are on top of $34 million in renovations completed in 2022, which included the redevelopment of a three-story atrium lobby, three-level health club, fully renovated lounge, café with seating and conference center facility.

These efforts have already yielded positive results in tenant activity:

• FM, a global commercial property insurance and loss prevention company, signed a 40,000-square-foot lease to relocate its regional office from Park Ridge.

• Do It Best, a Fort Wayne-based home improvement retailer, also committed to a 40,000-square-foot space.

• Meitheal Pharmaceuticals, a current tenant, expanded its footprint by 20,000 square feet, doubling its presence to 40,000 square feet.

“With these leases, we’re already reaping the benefits of our recapitalization of President Plaza and our commitment to fund tenant improvements, build spec suites and upgrade amenities,” said Michael Klein, co-founder and managing principal of Glenstar, which also serves as the leasing agent and property manager of Presidents Plaza. “Our commitment of

new capital also allows us to offer flexibility and lease terms that align with our tenants’ operational needs and individual growth trajectories.”

Presidents Plaza offers direct access to the CTA Cumberland Blue Line station and is surrounded by various retail, dining and hospitality options. The ongoing upgrades and leasing successes underscore the complex’s resilience and appeal in Chicago’s competitive office market.

Dropping the Puck This Summer: Rosemont Ice Arena

With exterior construction complete and interior work underway, the new $34.5 million Rosemont Ice Arena constructed by Nicholas & Associates is on track to open in August 2025.

Presidents Plaza Lobby.

Located on 3 acres just north of Allstate Arena, the 103,000-square-foot twin-sheet arena will offer a “hat trick” of benefits for local ice enthusiasts: prime ice time for youth hockey groups and figure skating; evening ice time for adult hockey leagues; and exclusive daytime use by the Chicago Wolves professional hockey team, which currently practices in Hoffman Estates and plays games at Allstate Arena. Because the new facility is only 3 miles from O’Hare International Airport, it also will draw regional and national hockey tournaments, the firm said.

“As a hockey family, we’ve seen firsthand how the sport has become more popular over the years, yet there is not enough quality ice to meet the demand for the different teams and clubs, forcing kids to not only practice late at night, but also in aged facilities,” said Nick Papanicholas Jr., CEO and managing director of Nicholas & Associates. “With this new, highly amenitized arena, not only are we helping the Village of Rosemont expand opportunities for youth hockey programs in the area, but together we’re also providing a premier training center for the Chicago Wolves — it’s a win for everyone.”

Designed by architectural firm ARCON Associates, Inc., the new arena will provide a family-friendly mezzanine-level restaurant, a bar with a viewing area featuring floor-to-ceiling glass windows overlooking both rinks, an elevated grab-and-go concept, and a physical therapy clinic and gym. The arena also will have

staff and team amenities for the Wolves and the Chicago Mission girls’ hockey club.

The new arena will be operated by the Nicholas Family of Companies’ Spectate Group, which also manages the Nicholas Sportsplex, the firm’s 17-acre indoor-outdoor sports complex with three ice sheets, synthetic turf fields, dedicated

team spaces, a restaurant and bar, and a hockey pro shop in Mount Prospect.

Greased Landing

Hotel, retail, industrial and other projects also are taking wing this summer around O’Hare, including Bradford Allen’s Hyatt Centric Chicago O’Hare with its new destination

restaurant; CRG’s The Cubes at ORD, a small-footprint, infill industrial development near the airport; and more. While CRE overall has quieted since interest rates began to rise a couple of years ago, O’Hare remains active, proving there’s no “flight restriction” on one of Chicago’s most resilient submarkets.

Nicholas ice rink Rosemont - lobby.

Sustainability Investments Reap Multiple Benefits for Owner-Operators

By Joi Harrell, General Manager of Urban Innovations

It’s possible for older buildings to become as energy efficient as new buildings that were built with that goal in mind. Retrofitting older commercial properties takes effort, but it can pay off in improved longevity and sustainability of the building, improved wellness for tenants, and energy savings for the property owner. Urban Innovations recently earned ENERGY STAR® certification for HUB640, a historic downtown Milwaukee property, and shared some best practices for owner-operators looking to enhance sustainability in their commercial buildings.

ENERGY STAR certification is awarded by the U.S. Environmental Protection Agency (EPA) for exceptional energy performance. ENERGY STAR-certified buildings rank among the top 25% in the nation for energy efficiency, based on key performance factors like occupancy, operating hours, and overall energy use. Unlike other green certifications,

ENERGY STAR is the only energy efficiency certification in the United States that is based on actual, verified energy performance.

Here are some key areas for property managers to prioritize investments.

Energy Efficiency Upgrades

• Transition from older fluorescent fixtures to LED fixtures and motion sensors to reduce energy costs and extend bulb lifespan.

• Optimize HVAC systems to improve air quality, lower energy consumption, and reduce maintenance costs.

• Implement smart building automation systems that use sensors (and AI on some models) to adjust lighting, heating, and cooling based on occupancy – so energy is not used when it’s not needed.

Water Conservation Strategies

• Install low-flow fixtures and touchless faucets and dispensers to minimize water/energy usage.

• Install common area water bottle fillers to encourage refillable bottle use and reduce plastic waste.

Sustainable Materials

•Use eco-friendly and recycled construction materials during renovations.

• Update all exterior enclosures to keep cold or hot air out as people enter and exit the building.

• Retrofit systems as they become outdated.

• Install reflective roofing materials to help cool buildings and reduce energy usage during hotter months.

Additional upgrades can be focused on the health and wellness of building occupants, by improving environmental and maintenance practices and offering special amenities.

Air Quality Enhancements

Urban Innovations has implemented needlepoint bipolar ionization (NPBI), a state-ofthe-art air filtration system to improve indoor air quality by releasing charged ions that attach to airborne particles like viruses, bacteria. and allergens making them easier to filter out. NPBI also neutralizes mold, VOCs, and pathogens, leading to better occupant health and productivity. The system also reduces HVAC demand by minimizing the need for excessive outdoor air intake, easing system strain and extends its useful life.

Image By freepik

Cleaning and Waste Management

Property managers can provide tenant recycling programs, composting, and battery recycling, as well as year-round e-waste disposal services to tenants. Maintenance staff can be required to use greener or low-fume cleaning products.

Sustainable Transportation & Mobility Solutions

Owners can encourage and support environmentally conscious choices by building tenants. These efforts can include installing EV charging stations, offering bike storage to promote alternative transit options, and providing commuter incentives to promote ridesharing.

Nature-based Solutions

At its Chicago building 325 West Huron, Urban Innovations started a bee program and host regular educational workshops to support urban biodiversity and engage the community with nature. The building proudly hosts a hive with thousands of hard-working honeybees that pollinate the neighborhood.

Other natural amenities can include rooftop gardens that help reduce the urban heat island affect and support stormwater management, and install interior “living walls” or other plant installations that benefit air quality.

Joi Harrell

Why It Matters to Owner-Operators

While sustainable renovations require upfront investment, over time they can lower operational expenses and improve net operating income. Additionally, they can help tenant companies meet their ESG or net zero commitments. In some locations, they drive compliance with local and regional benchmarking standards. For example, the city of Chicago enforces strict energy and carbon reduction mandates, including the Chicago Energy Benchmarking Ordinance which requires commercial buildings over 50,000 sq.

“Committing to sustainability and achieving standards ... increases asset value while it improves the experience of building tenants”

ft. to track whole-building energy use, report annually, and verify data accuracy through a third party every three years.

How to Fund Sustainability Improvements

Retrofitting older buildings to be environmentally sound and energy efficient can be a costly undertaking. Starting renovations requires capital planning and budgeting. Owner-operators should explore all applicable utility rebates and tax incentives, as well as green financing options. Another funding avenue is tenant cost-sharing – ei-

ther through operating expenses or requiring green initiative participation through tenant leases. Once initial efficiency projects are producing cost savings, plan to reinvest in additional measures.

Overall, committing to sustainability and achieving standards such as ENERGY STAR certification increases asset value while it improves the experience of building tenants – a win-win. Owners reap the benefits of higher occupancy rates, stronger resale values, and greater appeal to investors.

caveats. Loan-to-cost ratios remain compressed and speculative construction deals face steep hurdles unless backed by strong sponsors or committed tenants. Speculative construction for retail and office is largely off the table, except in build-to-suit scenarios.

Meanwhile, the role of debt funds has noticeably diminished with many sidelined by constraints in their own funding pipelines. Only the largest players have maintained access to the capital they need to lend at scale. That’s led some developers to explore new tools — or old tools used in new ways.

“Banks are more active than they have been over the past few years,” Rosenberg said. “There is not enough transaction volume to satisfy the current lender appetite.”

That imbalance is forcing creativity. Dealmakers are stacking capital differently, blending traditional senior debt with less conventional sources to keep projects on track despite the rising cost of capital and stricter underwriting.

“We are seeing more people use preferred equity and mezzanine structure to bridge leverage gaps,” Rosenberg said. “Additionally, investor/operators that have been accustomed to having one limited partner may need to find more than one and/ or raise their equity from high net worth friends and family.”

Sommese sees similar shifts as developers aim to maintain ownership without shouldering the full burden of today’s tighter debt standards.

“Rather than raising more expensive sources of equity like mezz debt, borrowers are realizing that the lower capital costs and fixed, long-term nature of PACE Equity can not only help boost IRR but can avoid equity dilution by maintaining a larger ownership percentage,” she said.

Borrowers who once might have leaned more heavily on high-leverage senior debt or mezzanine are now turning to tools like PACE, a form of property-assessed clean energy financing that provides long-term, fixed-rate capital for energy-efficient projects.

“Less ‘traditional’ lenders, such as PACE Equity, are definitely seeing a huge increase in interest,” Sommese said. “PACE has been demystified and developers are realizing the positive, accretive impact we can have to a project. Our clients are replacing more expensive capital with ours to lower their overall WACC and blended construction rate.”

Traditional banks are also reacting to the competitive environment, not just by being more selective, but by adjusting how they price and structure deals.

“Given the excess supply of liquidity in the market relative to transaction flow, we are seeing lenders lowering their spreads and chasing price down,” Rosenberg said.

FINANCE (continued from page 1)

Daniel Rosenberg

Julie Sommese

“We’re seeing the most difficult sticking points being leverage.

Traditional banks just aren’t comfortable at the leverage points they were a few years ago. For deals that could have gotten 80-85% leverage before, we’re seeing banks closer to 60-65%.

That’s where PACE Equity can really help.”

“Leverage is up moderately, but still lower than peak lending times. That said, generally speaking, they have remained fairly disciplined from an underwriting perspective.”

Discipline is still the watchword. According to market insight, banks and institutional lenders continue to expect borrowers to bring substantial equity — often 35 percent or more — and provide recourse when necessary. That’s a big shift for developers used to non-recourse deals and higher leverage. For newer developers or those with thin track records, the options are limited, especially for speculative projects without a tenant or a clear path to lease-up.

“Underwriting standards remain historically sound with substantial owner equity of typically 35% or more and recourse from viable guarantors, where and when needed,” according to Old National. “Difficult transactions typically entail existing properties that have missed original leaseup expectations whether rental rate and/or occupancy driven shortfalls. Sponsors with limited track records have limited options raising debt for speculative construction opportunities.”

Deals often stall when properties miss lease-up expectations or when sponsors lack experience. Sommese echoed those concerns, pointing out that deals which might have secured 80 to 85 percent leverage just a few years ago are now getting closer to 60 or 65 percent if they’re getting done at all.

“We’re seeing the most difficult sticking points being leverage,” she said. “Traditional banks just aren’t comfortable at the leverage points they were a few years ago. For deals that could have gotten 80-85% leverage before, we’re seeing banks closer to 60-65%. That’s where PACE Equity can really help. We can come in and fund that 20% gap significantly cheaper than mezz debt, pref equity or a bridge debt fund.”

Beyond the capital stack, many in the market are watching macroeconomic and policy conditions for clues on what’s next, both nationally and locally.

“I think if we take today as a point in time, the most important trends are going to look to the political environment, specifically the uncertain tariff atmosphere,” Sommese said. “Developers are struggling with pricing projects with confidence. It’s a real struggle right now.”

Closer to home, high property taxes in Cook County continue to weigh on deals, particularly for institutional investors who can place their capital in lower-tax markets. Volatility in local assessments creates significant challenges for underwriting and long-term planning, especially for new construction, where future tax liabilities can be hard to predict.

At a broader level, the entire CRE ecosystem is still waiting on key price adjustments to play out. One major unresolved question: How long will it take for sellers and lenders to mark down assets purchased or financed under previous valuations?

“The two themes that I look at over the next 12 months are: when will institutional limited partner equity come back in a meaningful way? When will sellers/lenders cut their losses on ‘yesterdays’ transactions so that the markets can find a new equilibrium?” Rosenberg said.

“The answer to the latter may drive the answer to the former.”

Still, there are bright spots and real projects moving forward, especially for those who know how to navigate the new terrain. Sommese highlighted a recent deal in the heart of downtown Chicago as an example of how capital structure innovation can make deals pencil.

“PACE Equity funded 11% of the capital stack for the development of LG Group’s corporate headquarters, a 16,000-squarefoot building in downtown Chicago,” she said. “LG Group is a Chicago-based developer and full-service construction company that fully occupies the building. PACE Equity funding replaced owner equity with low-cost, fixed rate financing.”

For many developers, the moment requires more creativity, more equity and more flexibility, but that doesn’t mean development has stopped. The market may be recalibrating, but seasoned players are adapting, not retreating.

“I don’t think it’s completely doom and gloom. Developers will continue to develop. That’s what they do,” Sommese said. “The successful ones will find ways to push through this cycle. Experienced developers know this is the CRE world and will find ways to get their projects funded and built.”

Turf Talk: Commercial Landscaping & Snow Removal Strategies

Heatwave-Proof Landscapes: Ensuring Plant and Property Health During Chicagoland Summers

By Tom Marsan

Tom Marsan is a certified snow professional who has been in the landscaping and snow removal industry for about two decades. He is an active member of ILCA and SIMA and is currently the general manager at Beverly Companies in Chicagoland.

A property manager at a bustling Naperville campus watched in dismay as June’s relentless sun turned rolling green lawns into brittle brown fields. What began as patchy wilting quickly escalated. Dust rose in gusts across the lots, bare soil eroded onto sidewalks, and hardened turf cracked under the weight of passing feet. By July, tenants were slipping on parched pavers and voicing safety concerns, and what started as simple heat stress soon ballooned into a $15,000 sod replacement emergency. Not to mention legal worries when one visitor took a tumble amid a dusty lawn path.

That summer’s scorcher was a wake-up call! Without intentional planning for Chicagoland’s sweltering summers, even the most pristine landscapes can become liabilities.

Chicagoland summers routinely register multiple consecutive days above 95°F, taxing all plant species and idle irrigation systems. Landscapes planted in cool-season grasses struggle under such heat, as their roots stay near the surface and cannot reach deeper soil moisture.

There are some strategies property managers can employ to ensure plant health during the dog days of summer.

Automating Irrigation for Heat Waves

Even drought-tolerant plantings need support when temperatures top 100°F. Smart irrigation controllers connect to local weather feeds, automatically skipping watering after rain and bolstering schedules during heat spikes. This precision approach cuts water waste by up to 30 percent while keeping soil moisture within optimal ranges.

Equally important are regular system audits. Misaligned heads or cracked drip lines can silently squander thousands of gallons, leaving roots parched and managers racing to arrange emergency hydrant fills. Embedding soil-moisture sensors at root-depth adds a final safeguard, triggering alerts when probes detect levels that threaten plant health.

Integrating Shade to Protect Turf and Pedestrians

Unshaded sidewalks baked under the sun’s glare can reach dangerous surface temperatures, while adjacent turf endures blistering evapotranspiration. Thoughtfully placed shade involving both structural and vegetative measures can help to mitigate these effects. Pergolas draped in native grapevines cast dappled relief over pedestrian plazas, reducing ground heat by 15 percent and extending the life of hardscapes

like stone pavers. Street tree alleys of native oaks and hackberries intercept solar radiation before it reaches lawns and walkways, while wind-tolerant shrubs slow drying gusts that exacerbate heat stress.

Preventive Maintenance and Real-Time Monitoring

Heat resilience hinges on disciplined, preventive care. Field crews can use mobile apps to document weekly turf inspections and upload photos, creating an audit trail that proves maintenance diligence and defends against liability claims. Early summer tune-ups to align sprinkler nozzles and replace worn filters are very helpful. As the summer goes on it’s important to do spot-checks to repair leaks and deadhead perennials. Then later in the season it’s important to make adjustments to harden roots for autumn’s cooler nights. Consistent execution of these seasonal tasks ensures heat pressures never catch a site offguard.

Cost-Effective Contracts and Supplies

Proactive planning also drives budget savings. Multi-year landscaping contracts with clear response time clauses and defined summer scopes often secure 5–10 percent cost reductions. It also guarantees that crews will be familiar with a site’s microclimates.

Bulk ordering of mulch, compost, and native plugs before peak season locks in lower unit prices and assures stock when supply chains tighten. Training in-house crews to handle daily checks further reduces reliance on emergency calls during heatwaves.

Engaging Tenants as Landscape Stewards

Transforming tenants into partners strengthens resilience. Attractive signage by rain gardens and bioswales explains their role in stormwater capture and groundwater recharge, building goodwill when mowing and watering schedules lighten during dry spells. An online portal for reporting “hot spots” or stressed beds leverages tenants as extra eyes on the ground, enabling managers to tackle issues before they expand into brown patches.

From Crisis to Model Resilience

By August, Naperville’s office park had grown from crisis to showcase. The new grass remained verdant under record highs, smart controllers kept soil moisture on target, and oak-lined paths offered comfortable, shaded routes between buildings. Compliments from tenants replaced complaints, giving proof that strategic plant choices, irrigation intelligence, and shade design can turn Chicagoland’s brutal summers into an opportunity for vibrant, safe, and sustainable commercial landscapes.

Welcome to the 2025 edition of Illinois Women in Commercial Real Estate.

Each year, it’s our honor to dedicate this special issue of Illinois Real Estate Journal to celebrating the achievements of women in commercial real estate across Illinois. This edition remains one of our most anticipated, as it shines a spotlight on the talent, drive, and leadership of women who are shaping our industry in bold and meaningful ways.

While the commercial real estate field has long been male-dominated, we are seeing a steady and powerful shift. The gender gap, though still present, is narrowing—thanks to the perseverance of women who continue to break barriers and lead by example. Representation at conferences and on leadership panels is improving, and more companies are recognizing the value of diverse perspectives.

The women featured in this issue are proof of that progress. Their stories reflect a deep commitment to excellence, innovation, and mentorship. Whether they’re closing complex deals, launching initiatives, or paving the way for others, they exemplify what it means to lead with both strength and vision.

A heartfelt thank-you goes to CREW Chicago for its continued dedication to supporting women in commercial real estate. Through its networking programs, scholarships, and advocacy, CREW continues to create pathways for growth and opportunity across the industry.

Here’s to a successful 2025—and to even greater strides for women in commercial real estate. We look forward to seeing you at our many live events throughout the year.

Warm regards,

Susan Mickey

Advia Credit Union

Wendy Basch

Commercial Lender

7910 US-14

Crystal Lake, IL, 60012

847.612.8073 wbasch@adviacu.org

Accomplished commercial lender with expertise in loan origination, resolution, and portfolio management. Proven track record in driving loan growth, optimizing portfolio performance, and building lasting client relationships. Recognized for leadership, strategic development and delivering results beyond targets.

Advia Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Oshtemo, MI. Serving nearly 200,000 members across Michigan, Wisconsin and Illinois. Advia offers a full range of personal and business banking services including savings, loans and digital banking solutions. With over $3 billion in assets and 34 branch locations, Advia is among the top 3% of credit unions nationwide by asset size. The credit union is committed to providing financial advantages to its members and actively engages in community development through partnerships and volunteerism.

Which app or apps do you find the most useful or fun?

I like an app called Fetch. I earn Amazon gift cards for uploading photos of my receipts. Easy money!

What is a charity or organization that you like to support?

A charity that is close to my heart is the Algonquin/Lake in the Hills Food Pantry because nobody should go hungry especially in our country.

Akrete Margy

Sweeney

Founder and CEO 909 Davis Street Evanston, IL 60201 margy@akrete.com

Articulating business stories is my passion—and I love helping companies get their messaging right with strong content. Beyond the ghostwriting, PR and marketing work I do with my colleagues for our global, national and local clients, I’m also the Chairman of the SomerCor Board, an SBA CDC lender.

Akrete is the nation’s #3 PR firm for real estate—and a Chicago WBE. We provide expert PR, content and marketing for real estate, financial services, and professional services.

What do you remember most about your first job - something funny, awkward, or meaningful?

Early in my career I was marketing manager for a Chicago-area developer. I had a private office, which I found out was previously used as a supply closet. When I realized there was a larger supply closet, I relocated and used it as my second office. It was a great day when somebody left the company, and I was able to move into an office with a sliver of a lake view.

Which app or apps do you find the most useful or fun?

At Akrete, we swear by Monday.com for project management. It drives efficiency and gives us robust reporting and transparency into our workflows.

What is a charity or organization that you like to support?

As a firm with an all-female leadership team, we are long-time supporters of The Goldie Initiative.

Akrete

Aimee

Val

Senior Vice President

909 Davis Street Evanston, IL 60201

847.942.1458

aimee.val@akrete.com

A career that allows me to blend writing and real estate is a dream come true. I love helping companies articulate their strengths and showcase their knowledge. I’ve spent more than two decades as an in-house marketing and communications leader at the largest CRE brokerages and now enjoy agency life at Akrete.

Akrete is the nation’s #3 PR firm for real estate—and a Chicago WBE. We provide expert PR, content and marketing for real estate,financial services, and professional services.

What do you remember most about your first job - something funny, awkward, or meaningful?

I remember taking my lunch hour to do my nails in my cubicle, and I’m mortified. Just because people couldn’t see me behind the walls, I’m sure they smelled the acetone.

What is one of your favorite books or movies and why does it resonate with you?

I realized recently that I’ve totally abandoned reality TV. Now, anything that’s “feel good” or features an underdog is what resonates with me. Ted Lasso is a great example!

Which app or apps do you find the most useful or fun?

I interview people on commercial real estate topics all day long. Otter AI is a great transcription and insights tool and helps me be more efficient.

B2 Solutions Group

Beth Beal Principal

33717 Woodward Ave # 451 Birmingham, MI 48009

248.761.1401

bbeal@b2solutionsgroup.com

I am a Principal at B2 Solutions Group, LLC, offering 30 years of expertise in real estate consulting. I specialize in creative funding solutions for diverse projects and have secured over $2.1 billion. My strengths include strategic planning, consultative sales, and networking, with a passion for challenging ventures.

B2 Solutions Group, LLC delivers expert real estate consulting, specializing in diverse projects and funding solutions. With a strong network and 30 years of experience, we drive success in complex investments.

What do you remember most about your first job - something funny, awkward, or meaningful?

My first job was with Olan Mills, where I handled phone sales and customer service, promoting and processing portrait packages. This experience taught me valuable communication skills and the art of client engagement.

What is a charity or organization that you like to support?

Anything kids or animals. I serve on a board for the oldest furniture bank in the country. We ensure that kids have a bed to sleep in, among other services.

BLC Construction, LLC

Meghan Schaefer

Vice President

935 National Parkway, Suite 93545

Schaumburg, IL, 60173

847.293.0055

meghan@blcconstructionllc.com

Vice President at BLC Construction, a general contractor, with seven years of experience at the company. Oversees marketing and business development while actively contributing to estimating, pre-construction project management, and strategic internal process implementation. Committed to driving growth and ensuring efficient project delivery.

Where do you see yourself in 5 years?

In five years, I see myself continuing to grow BLC Construction by expanding our reach and impact in the industry. Personally, I hope to have built my dream A-frame home on five acres in the western suburbs—a long-time goal that reflects my passion for both construction and creating meaningful spaces

What’s on your bucket list for 2025/2026?

On my 2026 bucket list is to travel through Switzerland and ride the Glacier Express train through the Swiss Alps. It’s been a long-time dream and top travel destination of mine.

Which app or apps do you find the most useful or fun?

My most used app is Google Translate and DuoLingo. Being in the construction field, many sub-contractors & team members speak Spanish, so I’m constantly learning to communicate more effectively in their native language.

What is a charity or organization that you like to support?

As a lifelong dog lover, I actively support various local dog rescues that save animals from local shelters to place them in their forever homes.

Conor Commercial Real Estate

Vicki Mutchler Vice President

of Capital Transactions

9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018

847.692.8831

vmutchler@conor.com

Vicki manages Conor’s lending and equity partner relationships while overseeing the financing of the firm’s new development projects and the refinancing of existing deals. Her experience in cash flow modeling, valuation work, acquisitions, development, and project financing has helped Conor grow into the successful company that it is today.

Conor Commercial Real Estate is an industrial and multi-family real estate development and investment firm headquartered in suburban Chicago with regional offices in Atlanta, Dallas, Irvine, and Phoenix.

What do you remember most about your first job - something funny, awkward, or meaningful?

On my first day, my boss said he wanted to train me to take his job so he could move up. I instantly knew I had a true ally.

Which app or apps do you find the most useful or fun?

Podcast apps. I love podcasts of all kinds—they spark new ideas, broaden perspectives, and keep me curious. It’s a daily habit that fuels personal growth and smarter business thinking.

What is a charity or organization that you like to support?

I’ve supported The Goldie Initiative for over a decade because it empowers women in real estate leadership—its mission aligns with my values, and I’ve seen its impact firsthand.

Erin Cibula DarwinPW Realty Chief Financial Officer

970 N Oaklawn Ave #100

Elmhurst, IL 60126

630.782.9520

ecibula@darwinpw.com www.darwinpw.com

Erin directly manages DarwinPW’s asset management and accounting departments and oversees the company’s general operations, financials, and human resources. Erin procures financing for the company’s investment portfolio and has closed more than $470 million in loan and equity funds. She facilitates a wide range of activities, including acquisitions and dispositions and other complex transactions. She is a licensed broker in Illinois and a graduate of Northwestern University’s Kellogg School of Management.

DarwinPW Realty is a privately held real estate brokerage, asset management, investment, and development firm based in suburban Chicago. Since 1975, our specialized agents and staff have commanded a dominant position in Chicago’s dynamic industrial and commercial real estate market.

What do you remember most about your first job?

A pizza place in college where I took phone orders. I liked the hustle and bustle of the busy kitchen and learned good lessons in customer service and efficiency.

What is one of your favorite books, movies or tv shows and why does it resonate with you? I recently rewatched Stranger Than Fiction. It’s funny and heartfelt. I enjoy the movie’s literary references, ensemble cast, soundtrack and Chicago setting.

Do you have a favorite quote or saying? By failing to prepare, you are preparing to fail.

Mandy Lewandowski DarwinPW Realty Associate

970 N Oaklawn Ave #100 Elmhurst, IL 60126 630.782.9520 mlewandowski@darwinpw.com www.darwinpw.com

Mandy joined DarwinPW in 2013 and quickly became an invaluable member of the brokerage group. In her first 18 months as a tenant/owner broker, she executed over 100 transactions while representing over 15 properties. She brings an extensive marketing background to the Industrial real estate business. Through her tenacity and hard work, Mandy has quickly established herself as a leading leasing representative throughout the Chicagoland area.

What was your first job and were you good at it?

My first job at the age of 15 was at Hastie Mining and Trucking as the scale operator. I was the greatest scale operator the world has ever seen.

What is one of your favorite books, movies or tv shows and why does it resonate with you?

Gilmore Girls because the small-town setting and the strong bound between the mother and daughter. This resonated with me and my close relationship with my 2 daughters, Victoria & Vivica.

Do you have a favorite quote or saying?

Luke 6:31: “Do to others as you would have them do to you.”

What is a charity or organization that you like to support?

Chicago Charity Clays which I founded 12 years ago. We have raised over $2,000,000 for Veterans of the Special Operations community.

Patricia Liston

DarwinPW Realty

Asset Manager

970 N Oaklawn Ave #100

Elmhurst, IL 60126

630.782.9530

pliston@darwinpw.com

www.darwinpw.com

As an Asset Manager, Patricia Liston enforces leases, develops budgets, and reports regularly to management about the state of the assets. In addition, Patricia assists with leasing, lender and investor reporting, financing procurement, and due diligence across DarwinPW’s investment portfolio. Patricia is an active member of IWIRE, NAIOP, and REFF.

What do you remember most about your first job?

My first job was at Chick-fil-A. My responsibilities included taking and fulfilling customer orders and ensuring a clean and welcoming environment. Working in a fastpaced setting taught me the importance of time management, and maintaining a high standard of customer service. This experience laid a strong foundation for my work ethic.

What is one of your favorite books, movies or tv shows and why does it resonate with you?

One of my favorite books has to be Atomic Habits. I love the principle in the book of being 1% better each day. These small improvements can be extremely impactful and help you in the long run!

Do you have a favorite quote or saying?

“It’s not whether you get knocked down, it’s whether you get up.” - Vince Lombardi

This quote shows it is about getting back up when you have a setback, or failure.

What is a charity or organization that you like to support?

Make-A-Wish! By supporting Make-A-Wish you could truly make a child’s dream wish come true. You can make a lasting memory for a child that is going through a rough time, and that is so uplifting during a difficult time.

Ali Nix

DarwinPW Realty

Associate

970 N Oaklawn Ave #100

Elmhurst, IL 60126

630.782.9520

anix@darwinpw.com www.darwinpw.com

As a broker, Ali specializes in the buying, selling, and leasing of industrial properties in Chicago. Ali started with PW Commercial in 2021 before merging with Darwin Realty to create DarwinPW Realty.

What was your first job and were you good at it?

My first job was working at a horse barn near my house, I loved caring for the horses and believe I did a good job!

What is one of your favorite books, movies or tv shows and why does it resonate with you?

About Time is one of my favorite movies, it’s a great reminder that everything happens for a reason and to cherish the ups and downs of life as they come.

Do you have a favorite quote or saying?

“Believe you can and you’re halfway there” – Theodore Roosevelt It is so true!

What is a charity or organization that you like to support?

I support AWMI (Association of Women in Metal Industries) by serving on their volunteer board. The Chicago Chapter’s goal is to empower women through Networking, Growth, Education, and Mentoring.

Laura Perlman

DarwinPW Realty

Associate

970 N Oaklawn Ave #100 Elmhurst, IL 60126

630.782.9520

lperlman@darwinpw.com www.darwinpw.com

Licensed in 2019, Laura is a Generalist in Commercial Real Estate, marrying 28 years of experience in Sales, Marketing and Operations. Working with growing companies of all sizes, Laura treats every client with the same urgency and respect that she would expect out of a Broker.

What was your first job and were you good at it?

I worked for a company (with all my friends) that answered calls for 1-800-cableme. I know every zip code still and I think I did a good job.

What is one of your favorite books, movies or tv shows and why does it resonate with you?

The Little Liar by Mitch Albom, I stumbled upon it in a weird way at a time that I needed to read this story.

What is a charity or organization that you like to support?

Cadence Music which provides accessible music education to individuals of all backgrounds, founded by my oldest niece.

Deigan & Associates, PLLC

Michele Deigan

Director, Real Estate Services and Business Development

28835 Herky Drive, Suite 120 Lake Bluff, IL, 60044

847.682.7381

mdeigan@deiganassociates.com

Michele works within the commercial and industrial real estate redevelopment sector for Deigan. She conducts research on properties with environmental risk and works with commercial and industrial real estate agencies to provide strategic environmental due diligence reviews and reporting. Michele and her Deigan group team have conducted Phase I

Environmental Site Assessments (ESA) at a variety of property uses in dynamic land settings including closed coal-fired power plants, agricultural land, institutional and retail buildings, and closed fueling stations. She authors Phase I ESA reports in detail, allowing the client to make informed decisions.

Deigan & Associates, PLLC is a highly sought after niche, 27-year, established, full service environmental consulting organization that specializes in defining environmental business risk and removing environmental uncertainties for property development sites. Deigan works for clients in both the public and private sector to identify and achieve sustainable, high quality environmental solutions.

What do you remember most about your first job - something funny, awkward, or meaningful?

I was terrified of making mistakes! But my new colleagues made me feel confident, welcome, and part of the team.

What is one of your favorite books or movies and why does it resonate with you?

My favorite books are historical fiction. These authors really know how to turn part of history into fascinating reads that make the reader feel as if they were actually part of it.

Habitat Lilian Yool Director of Community Development

350 W. Hubbard St. #500 Chicago, IL 60654

lyool@habitat.com

Lilian Yool is Director of Community Development at The Habitat Company, overseeing affordable and mixed-income housing projects. She secures financing through public-private partnerships and leads project feasibility, design, and execution. Lilian holds a Master’s in Real Estate from Roosevelt University, where she was named the 2020 Alpha Sigma Gamma Student of the Year.

Habitat, founded in 1971, is a Chicago-based real estate firm managing 10,000+ units nationwide. Specializing in development and property management, Habitat is committed to community impact and innovation.

What do you remember most about your first job - something funny, awkward, or meaningful?

Working at IHDA gave me a front-row seat to how affordable housing projects come together. Reviewing development proposals helped me understand what makes a project viable and impactful. That experience now deeply informs my work , allowing me to approach each project with both technical insight and a strong sense of purpose.

What is one of your favorite books or movies and why does it resonate with you?

Inés of My Soul by Isabel Allende is a powerful tribute to women’s empowerment. Inés Suárez defies societal expectations, showing courage, intelligence, and leadership. Her story resonates with me because it highlights how women shape history not through conformity, but through bold, authentic action—reminding us that true strength often lies in perseverance and self-belief.

Which app or apps do you find the most useful or fun?

I really enjoy apps that help me learn new things or streamline repetitive tasks. They make my work more efficient and free up time for creativity and problem-solving. Finding tools that simplify processes not only boosts productivity but also keeps me engaged and motivated to keep improving how I work every day.

What is a charity or organization that you like to support?

I love supporting my local church, Soul City, because they use donations to create real impact in the wider community. It’s inspiring to see how generosity is transformed into tangible help, outreach, and support for people who need it most. Whether it’s providing meals, resources, or simply a sense of hope, their work consistently reminds me how purposeful and rewarding it is to be part of something bigger than myself.

I also really enjoyed our company’s annual day of service. This year, our team dedicated a full day to support Fight to Feed. Together, we prepped and packaged 500 meals for individuals experiencing food insecurity and for senior residents at West Point Plaza. It was an incredibly rewarding experience because every team member came together to work side by side. Collaborating in that way and seeing the positive impact we created as one unified team was both inspiring and humbling. I’m grateful to be part of an organization that values giving back and fosters a culture where everyone’s contributions truly matter.

Levenfeld Pearlstein, LLC

Juliann Hathaway Partner

120 S Riverside Plaza, Chicago, IL, 60606 312.476.7584 jhathaway@lplegal.com

Juliann Hathaway advises developers, investors, debt and equity funds, banks, and owners in commercial real estate transactions, including financings, acquisitions and dispositions, development, and leasing. Juliann has extensive experience with loan documentation/structure , purchase and sale agreements, joint ventures, and leases across asset classes, including multifamily, industrial, office, and retail.

LP’s Real Estate Group handles complex real estate matters, including acquisitions and dispositions, joint venture transactions, real estate development, commercial leasing, real estate tax structuring, and debt and equity financing.

What do you remember most about your first job - something funny, awkward, or meaningful?

My first job was as a swim “coach” to under 8’s. Seeing their joy for the water gave me new appreciation for swimming, and I loved watching them progress and learn new skills.

What is one of your favorite books or movies and why does it resonate with you?

“You Raised Us, Now Work With Us,” which discusses generational differences, how they impact working styles, and how leverage that understanding to create effective work teams. That or Harry Potter!

Which app or apps do you find the most useful or fun?

The Starbucks app so I can get my caffeine fix without my wallet!

What is a charity or organization that you like to support?

Michael J. Fox Foundation. My father was diagnosed with Parkinson’s, and the work they do for individuals with Parkinson’s (and their families) is incredible.

Levenfeld Pearlstein, LLC

Suzanne Karbarz Rovner

Partner

120 S Riverside Plaza Chicago, IL, 60606

312.476.7707

srovner@lplegal.com

Suzanne Karbarz Rovner’s practice focuses on all aspects of construction law, including advising clients on effective strategies for project execution, drafting and negotiating contracts, and enforcing contractual rights and obligations. Suzanne advises owners, developers, contractors, subcontractors, architects, and engineers in construction projects throughout the country.

What do you remember most about your first job - something funny, awkward, or meaningful?

What I remember most about my first legal job was how terrible the long commute was, which, to this day, impacts so many decisions about the way I practice law, where I choose to work, and with whom.

What is one of your favorite books or movies and why does it resonate with you?

My favorite fictional novel is “Me Before You” by JoJo Moyes. It is thought-provoking, funny, and romantic. I read it in one night, staying up until 4:30 a.m. to finish.

Which app or apps do you find the most useful or fun?

Any functional app that makes my life easier, like maps, banking, public transportation, etc. are the most useful, especially ones like Splittr and any travel apps.

What is a charity or organization that you like to support?

I serve on the board of the Mary Crane Center, a 115-year old organization that provides high quality early care and education programs that support school readiness, empower parents and engage the community. MCC’s impact in the communities it serves is tremendous.

Levenfeld Pearlstein, LLC

Elizabeth O’Brien

Partner In and Leader of the Real Estate Practice Group

120 S Riverside Plaza Chicago, IL, 60606

312.476.7587

eobrien@lplegal.com

Elizabeth is a partner in and leader of the Real Estate Practice Group and a member of the firm’s Executive Committee. She has extensive experience in all aspects of commercial real estate, including the acquisition, disposition, development and leasing of multifamily, mixed-use, office, retail, and industrial property. She has counseled local and national developers on contract drafting and negotiation, construction matters, financing, leasing, deal structuring and joint ventures. Elizabeth has represented both borrowers and nationally recognized financial institutions in commercial lending transactions, including the drafting and negotiation of loan documentation for commercial real estate, construction, securitized, and C&I loans, including collateral pledge agreements, and third-party guaranties. Elizabeth also does condominium deconversions, deal structuring involving Delaware statutory trusts, and restructuring of distressed real estate.

What do you remember most about your first job - something funny, awkward, or meaningful?

I was 15, cold-calling strangers out of the Yellow Pages trying to sell State Farm Insurance. Most people hung up before I finished “hello.” It was humbling, awkward, and kind of hilarious — but it taught me resilience early. I learned how to handle rejection, think on my feet, and stay polite no matter how what. Not glamorous, but foundational.

What is one of your favorite books or movies and why does it resonate with you?

Traction by Gino Wickman. It’s all about turning vision into execution — no fluff, just structure. It taught me how to lead teams, clarify goals, and move the needle with focus.

Which app or apps do you find the most useful or fun?

I live on Cozi for keeping my world organized, Spotify for everything from decades old playlists to podcasts, and ShopBop for online retail therapy. I also have a mild Zillow addiction.

What is a charity or organization that you like to support?

Catholic Charities is close to my heart. I love how Catholic Charities blends dignity, faith, and direct impact. It’s not just about giving — it’s about strengthening the people and places that shape us. I am also working closely with my daughter’s high school, Regina Dominican. Its an all-girls catholic school that is on a mission to empower young women. I am so impressed with the work that they do to create a truly special environment where these girls thrive.

Meltzer, Purtill & Stelle LLC

Victoria C. Bresnahan

Partner

125 South Wacker Drive, Suite 2900

Chicago, Illinois 60606

P: 312.987.9854 | F: 847.892.4106

vbresnahan@mpslaw.com

www.MPSLaw.com

Vickie concentrates her practice in commercial and residential real estate development, with an emphasis on condominium and complex residential planned unit developments. She is experienced in complicated title and survey matters, as well as leasing, and has represented local and national builders, developers, and lenders in connection with a variety of development and entitlement issues.

Vickie is also a regular speaker and seminar instructor on a variety of topics, including homeowner associations, residential and commercial condominiums, title insurance, and surveys. She is a graduate of the University of Illinois at Urbana-Champaign for her undergraduate degree and the University of Illinois Chicago School of Law, where she was on the Dean’s List at both institutions.

Which app or apps do you find the most useful or fun?

I listen to Strict Scrutiny – a podcast hosted by three constitutional law professors– whom all happen to be women. The podcast provides a valuable analysis of the Supreme Court culture and the cases on the docket.

What is a charity or organization that you like to support?

A charity that I am passionate about is Misericordia/Heart of Mercy, where my cousin PJ is a resident. You can learn more about their mission at www.misericordia.com.

Meltzer, Purtill & Stelle LLC

Julie A. Cunniff

Senior Counsel

125 South Wacker Drive, Suite 2900

Chicago, Illinois 60606

P: 312.461.4329 | F: 312.987.9854

jcunniff@mpslaw.com www.MPSLaw.com

Julie Cunniff represents banks, financial institutions, and a variety of corporate entities in their commercial finance, debt restructuring, and real estate transactions. Her practice includes representing clients in complex financial transactions encompassing secured and unsecured commercial credit facilities. She regularly counsels clients on all facets of real estate and works with developers in the financing, development, and construction of mixed-use developments. A graduate of Valparaiso University, she has her JD and MBA from DePaul University in Chicago.

Which app or apps do you find the most useful or fun?

One app I use is Google News. The Google News app appeals to me because it aggregates news from a wide range of worldwide sources and allows for personal customization.

What is a charity or organization that you like to support?

One organization I support is Elim Christian Services. This organization is important because disabled children and adults often fail to receive the education and assistance needed to live fulfilling lives.

Meltzer, Purtill & Stelle LLC

Megan

Kerr Associate

125 South Wacker Drive, Suite 2900

Chicago, Illinois 60606

P: 312.987.9854 | F: 847.892.4106

mkerr@mpslaw.com www.MPSLaw.com

Megan is an associate attorney that practices in the areas of commercial real estate and corporate law. In her commercial real estate practice, Megan assists clients with commercial leasing, financing, development, and acquisitions and dispositions of commercial properties, including vacant land, multifamily, office and industrial property classes. On the corporate side, Megan assists with mergers and acquisitions of privately held businesses, including due diligence and disclosure schedule review and drafting.

Megan began at MPS as a summer associate in 2022 and then continued on during the school year as a law clerk before becoming a full-time associate after graduation from the University of Wisconsin Law School. In addition to fulfilling her work and academic responsibilities, Megan was a Managing Editor and Note and Comment Editor for the Wisconsin Law Review, an executive board member of Moot Court, and an executive board member of the Women’s Law Student Association.

Which app or apps do you find the most useful or fun?

I’m an avid user of the NYT Games app. Whether it be the crossword or connections, I enjoy the fun challenges to wind down at the end of the day.

What is a charity or organization that you like to support?

I support the Boys and Girls Clubs of Chicago because the organization provides critical resources and support for youth across the city to build better futures.

Meltzer, Purtill & Stelle LLC

Elizabeth Osmanski Associate

125 South Wacker Drive, Suite 2900 Chicago, Illinois 60606

P: 312.461.4328 | F: 312.987.9854 eosmanski@mpslaw.com www.MPSLaw.com

Elizabeth’s practice includes commercial real estate acquisitions, dispositions, and financing matters. She received her J.D. from the Chicago-Kent College of Law at Illinois Institute of Technology. While a law student, Elizabeth received Dean’s Honor List recognition each semester.

What’s the best piece of advice someone has given you?

“Success is not built on success. It’s built on failure. It’s built on frustration. Sometimes it’s built on catastrophe. You will fail. That’s inevitable. It’s what you do with it that matters.”

Would you rather win the lottery or work at the perfect job? Why?

The PERFECT job would be everything you’d want to do with your life if you won the lottery and figured out your life’s purpose (without the publicity/pitfalls of new money).

Meltzer, Purtill & Stelle LLC

Holly G. Shuman Partner

125 South Wacker Drive, Suite 2900

Chicago, Illinois 60606

P: 312.461.4319 | F: 312.987.9854

hshuman@mpslaw.com www.MPSLaw.com

Holly’s practice includes commercial leasing, commercial finance, acquisitions, dispositions, and general real estate matters. She spends most of her time representing tenants in commercial leasing matters and lenders in commercial finance matters.

Holly joined MPS Law in 2013 as a law clerk and is currently a partner in the firm’s real estate group.

Which app or apps do you find the most useful or fun?

The Libby App. I love checking out e-books and audiobooks from the library to read on the Metra when I commute to work in the city.

What is a charity or organization that you like to support?

PAWS Chicago. I got my cat, Lacey, from PAWS in 2014 (she’s the best!), and I know PAWS works hard each year to help homeless pets in Chicago.

MONTICELLOAM, LLC

Karina Davydov

Senior Managing Director

520 Lasalle Court Buffalo Grove, IL, 60089 847.644.8124

kdavydov@monticelloam.com

Karina Davydov is a Senior Managing Director on MONTICELLOAM’s Seniors Housing and Healthcare team, where she plays a pivotal role in driving the firm’s success. She’s actively involved in every stage of the origination process—including sourcing, structuring, closing, and relationship management—ensuring seamless execution and long-term client partnerships.

MONTICELLOAM, LLC supports the critical housing needs of our communities and aging population by providing innovative financing and advisory solutions to the multifamily and seniors housing industries.

The McShane Companies

Molly McShane CEO

9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018

847.692.8854

mmcshane@mcshane.com

Molly offers more than 20 years of experience in commercial real estate development and construction. She uses her extensive knowledge of the multi-family, industrial, commercial, institutional, and healthcare market sectors to guide The McShane Companies’ strategic direction and achieve operational excellence.

Recognized as Chicago’s second-largest woman-owned business, The McShane Companies is a national real estate development and construction organization. The firm is headquartered in suburban Chicago with regional offices across the country.

Peak Construction Corporation

Rebecca Kuepers

Project Executive

9525 W Bryn Mawr Ave, Ste 810 Rosemont, IL 60018

630.737.1500

rkuepers@peakconstruction.com

As a Project Executive at Peak, Rebecca actively oversees projects across the country in many of Peak’s market segments including industrial, office, hospitality and freezer/cooler. She provides critical leadership to clients, design professionals, regulatory officials and Peak professionals with a seasoned and respected perspective vital to a project’s success.

Peak Construction Corporation is a privately held, well-capitalized design-build firm, based in Chicago with a national reach. For 28 years, Peak has provided full-service general contractor services for industrial, freezer/cooler, multifamily, construction management, and many other markets/specialty construction projects.

What do you remember most about your first job - something funny, awkward, or meaningful?

I was a Cost Engineer working on the construction of Terminal 5 at O’Hare Airport tasked with writing change orders. The knowledge I gained through this process spurred my interest in construction and pushed me on the path I’ve been on for the past 30+ years.

What is one of your favorite books or movies and why does it resonate with you?

A Gentleman in Moscow is a book I always recommend. It is a great piece of storytelling that took me to another time and place. The mini-series did not do it justice.

Do you have a favorite quote or saying?

There are two gifts we should give our children. One is roots, the other is wings.

What is a charity or organization that you like to support?

Our family volunteers regularly with Northern Illinois Food Bank and Feed My Starving Children.

Peak Properties

Jasmine Alexander Area Property Manager

2815 W Roscoe St. Chicago, IL, 60618

jalexander@peakproperties.biz

I’m a thoughtful and intentional leader who values collaboration, clear communication, and creative problem-solving. I thrive in fast-paced environments, work well across departments, and bring both strategic thinking and empathy to every project. My goal is always to elevate the team and drive meaningful, lasting impact.

Peak Properties is a full-service real estate firm specializing in property management, investment, and construction. We deliver hands-on expertise and customized solutions for every property.

What do you remember most about your first job - something funny, awkward, or meaningful?

My first job was at 15 as a cashier at Carnival Grocery in Lincoln Park. I worked three-hour shifts after school that felt endless, but it taught me how to multitask fast!

What is one of your favorite books or movies and why does it resonate with you?

One of my favorite books is Don’t Sweat the Small Stuff by Richard Carlson. It shaped my perspective, reminding me that life is 10% what happens and 90% how we respond.

Which app or apps do you find the most useful or fun?

I love Instagram Reels. It’s my go-to for unwinding after a long day. It helps me decompress, laugh, and reset with light, entertaining content that doesn’t take itself too seriously.

What is a charity or organization that you like to support?

I support NAMI, the National Alliance on Mental Illness. With a background in psychology, I’ve always been fascinated by the mind. Everyone struggles sometimes, and more support could truly change the world.

Peak Properties

Maggie Zach Chief People Officer

2815 W Roscoe St Chicago, IL, 60618 mzach@peakproperties.biz

As Chief People Officer at Peak Properties, Maggie Zach has led the hiring and onboarding of hundreds of employees, expanded operations into Cleveland, and built specialized HR teams for Mid- and High-Rise portfolios. She’s restructured leasing and training operations, introduced strategic roles, and driven workforce innovation to support Peak’s long-term growth.

Peak Properties is a full-service real estate firm specializing in property management, investment, and construction. We deliver hands-on expertise and customized solutions for every property.

What do you remember most about your first job - something funny, awkward, or meaningful?

At 15, I stuffed bears at Build-A-Bear, navigated creepy mall backend hallways, dodged my quirky manager’s recommendations for bears’ outfit choices—and once got out of a speeding ticket thanks to my uniform.

What is one of your favorite books or movies and why does it resonate with you?

One of my favorite books is Our Iceberg is Melting by John Kotter. It resonates with me because it simplifies change management and the challenge of getting people to actually listen with a sense of urgency.

Which app or apps do you find the most useful or fun?

Audible is my go-to. It’s the easiest way to “read” while driving. I also love Instacart for saving time and SuperCook for finding creative recipes based on what’s in my kitchen.

What is a charity or organization that you like to support?

I’m passionate about children’s literacy; access to books helps kids learn and sparks creativity. I regularly donate books to my son’s school, and he loves showing me the book section with pride.

Pepper Construction

Susan Heinking

Senior Vice President, High Performance and Sustainable Construction

643 N. Orleans Street

Chicago, IL 60654

312.266.6700

sheinking@pepperconstruction.com

Susan, a Fellow of both AIA and LEED, leads sustainability at Pepper Construction with 20+ years of experience. She drives carbon reduction, ESG initiatives, and innovative tools like the Net Zero trailer. An advocate and speaker, she influences policy, including Illinois energy codes, and serves on multiple sustainability boards.

Pepper Construction builds nationwide, specializing in sustainable projects across diverse markets, with expert teams in the Midwest and a leading-edge Integrated Construction Services group.

What do you remember most about your first job - something funny, awkward, or meaningful?

My first job ever at 15 was working at a jewelry store piercing ears, which I was pretty good at. It helped me build confidence, attention to detail and precision.

What is one of your favorite books or movies and why does it resonate with you?

“The Goonies” exemplifies team building by showing how diverse skills and teamwork can overcome challenges. Their adventure to find hidden treasure highlights the importance of collaboration and trust.

What is a charity or organization that you like to support?

I support Turning Point of McHenry County to help individuals affected by domestic violence. They offer crisis intervention, shelter, and advocacy, empowering survivors and fostering a safer community.

Pepper Construction

Jacqueline Lavigne

Chief Strategy Officer

643 N. Orleans Street

Chicago, IL 60654

312.266.6700

jlavigne@pepperconstruction.com

As chief strategy officer for Pepper Construction, Jacqueline helps establish the company’s growth strategy. Her responsibilities include marketing, business development, public relations, communications and content development, as well as facilitating Pepper’s strategic planning. Jacqueline also provides strategic expertise on projects through kick-off and team-building strategies, benefiting teams with shared agreements.

Pepper Construction builds nationwide, specializing in sustainable projects across diverse markets, with expert teams in the Midwest and a leading-edge Integrated Construction Services group.

Which app or apps do you find the most useful or fun?

I have more than a 1000-day streak on Duolingo. My father’s speaks French and my daughters are bilingual. The app helps me understand when they might be talking about me.

What is a charity or organization that you like to support?

My family supports the Ride Janie Ride Foundation, which assists individuals facing financial hardship resulting from ongoing medial treatment of various types of cancer.

Pepper Construction

Ashlie Stapleton

Director of Inclusion and Industry Engagement

643 N. Orleans Stree

Chicago, IL 60654

312.266.6700

astapleton@pepperconstruction.com

Ashlie Stapleton, Director of Inclusion and Industry Engagement leverages 11+ years in construction to lead DE&I initiatives, build strong partnerships, and advance equity across projects, teams, and communities. She actively supports STEM outreach and mentorship for underrepresented groups in the industry.

Pepper Construction builds nationwide, specializing in sustainable projects across diverse markets, with expert teams in the Midwest and a leading-edge Integrated Construction Services group.

What is one of your favorite books or movies and why does it resonate with you?

My favorite movie series is Die Hard with Bruce Willis. His intensity, passion, family first mindset and never give up mentally are what I love to see in action movie.

What is a charity or organization that you like to support?

I recently joined the board of Territory Chicago, an urban design studio focused on introducing youth in the Austin Community – where I was born and raised – to the AEC industry.

Pepper Construction

Jennifer Suerth

Senior Vice President of Virtual Construction, MEP and Operations Technology

643 N. Orleans Street

Chicago, IL 60654

312.266.6700

jsuerth@pepperconstruction.com

As Senior Vice President of Virtual Construction, Jen leads BIM and technology strategy at Pepper Construction, guiding teams on design, fabrication, and facility operations. With over 12 years in AEC, she is a recognized industry leader, speaker, and educator advancing innovation in construction through virtual design and construction tools.

Pepper Construction builds nationwide, specializing in sustainable projects across diverse markets, with expert teams in the Midwest and a leading-edge Integrated Construction Services group.

What is one of your favorite books or movies and why does it resonate with you?

The book “The Devil in the White City”. It strikes a great balance of the two most influential subjects in my life: Chicago history and architecture.

What is a charity or organization that you like to support?

I proudly support the ACE Mentor Program, which inspires and mentors diverse high school students to pursue careers in architecture, engineering, and construction through hands-on learning, scholarships, and industry support.

Riley Safer Holmes & Cancila LLP

LaVon M. Johns

Partner and Business Transactions Practice Team Lead

1 South Dearborn Street, Suite 2200

Chicago, IL, 60603

312.471.8730

ljohns@rshc-law.com

LaVon M. Johns has solidified a reputation as go-to complex commercial real estate and transactions counsel for some of the nation’s most significant public/private partnership and nonprofit transactions. She is an RSHC Partner and Practice Team Lead, LEED-certified attorney, adjunct professor, next-generation mentor, and highly sought dealmaker and master collaborator.

Riley Safer Holmes & Cancila (RSHC) is a service-oriented and technologically sophisticated midsized, full-service national law firm of litigators, trial lawyers, and transactional attorneys. A law firm built for clients.®

What do you remember most about your first job - something funny, awkward, or meaningful?

My first job was at 16 years old at the local dry cleaners. It was very hot and exhausting work. I learned that I needed to continue my education and become a professional so that I could enjoy an HVAC system.

What is one of your favorite books or movies and why does it resonate with you?

Currently, my favorite read is Abundance by Ezra Klein and Derek Thompson. This book resonates with my belief that there is enough in this world for all of us.

What is a charity or organization that you like to support?

I support and am actively involved with the Monarch Awards Foundation Inc. and the Greater Chicago Food Depository.

Stewart Title Guaranty Company

Megan Toborg

Vice President - Operations Director

10 S Riverside Plaza, Suite 1450 Chicago, IL 60606

312.857.7202 mtoborg@stewart.com

Megan has worked in the real estate industry for over 30 years. For the last 25 years, she has focused on title insurance, handling both underwriting and escrow for large commercial transactions nationwide. Megan currently runs the National Commercial Services office in Chicago for Stewart Title and specializes in highly complex transactions across the country and internationally.

Stewart Title Guaranty Company was founded in 1893 in Texas and is one of the largest global title insurance companies and underwriters in the industry. With over 130 years of experience, Stewart has the expertise to handle any real estate transaction. In addition, Stewart has been named by both U.S. News & World Report and USA Today as one of the best companies to work for.

What do you remember most about your first job - something funny, awkward, or meaningful?

My first job was delivering floral arrangements. I was terrible. This was pre-GPS and cell phone, so I got lost a lot. I got reassigned to inventory when I accidentally drove onto the Air Force base bypassing security and causing quite a commotion. It made the local news.

What is one of your favorite books or movies and why does it resonate with you?

Book - Rebecca by Daphne du Maurier. Movie - Rebecca by Alfred Hitchcock. It’s one of the few books where the movie adaptation (1940 version) is almost as good. The dynamics of relationships and the power people are perceived as having versus actuality is fascinating.

Do you have a favorite quote or saying?

My favorite quote is “Knowledge itself is power” by Francis Bacon. People I work with probably would say that what I say most often is “It’ll be fine” because I’m a firm believer that any issue can be resolved in some way or another so don’t sweat it, we’ll figure it out.

What is a charity or organization that you like to support?

Imerman Angels is one of my favorite organizations. They provide one-on-one cancer support to cancer fighters and caregivers.

Stewart Title National Commercial Services

Lisa Metzler

SVP/Account Executive, National Commercial Services

10 S. Riverside Pl., #1450

Chicago, IL 60614

312.857.7748

lisa.metzler@stewart.com

Lisa is responsible for business development and account management at Stewart Title National Commercial Services. Based in the Chicago national office, she serves a diverse, nationwide client base that includes law firms, REITs, corporations, institutions, developers, lenders, and investors. She supports transactions across all asset types, ensuring they run smoothly from start to finish. Her experience on the transaction side of the business makes her uniquely qualified to proactively advocate for her clients. She attributes her success to her responsiveness, deep understanding of client needs and complex deal structures, partnered with the support of the knowledgeable and flexible title/escrow team at Stewart. Lisa and the Chicago NCS office have coordinated several multi-site, multi-state transactions in excess of $1 Billion.

Stewart Title has been a leader in the title industry for over 130 years. It is the preferred provider for our clients’ local, national and global CRE needs. Stewart’s services include national title and escrow services, construction escrow services, 1031 exchange, UCC Insurance and filing and other resources. Stewart NCS handles all asset classes but has specialized divisions in the Energy and Hospitality space. Whether you’re working locally, nationwide or around the globe, our knowledgeable, flexible team has the expertise you can count on for all your commercial transactions.

What do you remember most about your first job - something funny, awkward, or meaningful?

Humbling.

What is one of your favorite books or movies and why does it resonate with you?

Ayn Rand’s “Atlas Shrugged” - it is a great self-help book without being categorized as one.

Which app or apps do you find the most useful or fun?

Waze - I even use it to decide which route to take home from work.

What is a charity or organization that you like to support?

Through CREW Chicago, I have gained many friends, valuable knowledge, and important resources. I’ve also enjoyed watching the organization help advance the careers of many young women in commercial real estate.

StormTrap

Katie Oakes

Territory Manager - IL 1287 Windham Parkway Romeoville, IL, 60446 630.470.5214 koakes@stormtrap.com

Katie Oakes is a driven Territory Manager at StormTrap, specializing in stormwater management solutions for commercial development. With over a decade of experience across real estate, construction, and client relations, Katie is known for her strategic mindset, problem-solving skills, and ability to build lasting partnerships. Her role is rooted in helping developers and engineers implement sustainable infrastructure that enhances project performance and regulatory compliance.

StormTrap partners with developers to deliver stormwater solutions that maximize buildable space, streamline permitting, and support project timelines—offering flexible systems that meet regulations without sacrificing land value

SVN Chicago Commercial

Karen Kulczycki, CCIM

Senior Vice President

940 W Adams St, Suite 200 Chicago, IL, 60607

630.330.3352

kkulczycki@svn.com

Karen Kulczycki, CCIM, is a Senior VP at SVN Chicago Commercial specializing in industrial, retail, and office investment sales. With a background in financial analysis and redevelopment, she delivers data-driven advisory services across Chicagoland. Karen is a licensed broker and active member of NAIOP, ICSC, AIRE, and IWIRE.

SVN Chicago Commercial is a full-service CRE firm delivering results across all sectors with national reach, market expertise, and a client-first approach. Visit svnchicago.com or call 312.676.1866.

What do you remember most about your first job - something funny, awkward, or meaningful?

Entering CRE means embracing the advisory mindset—where every “no” holds future potential. Stay curious, keep learning, and apply new insights daily to grow your expertise and deliver value.

What is one of your favorite books or movies and why does it resonate with you?

How to Win Friends & Influence People by Dale Carnegie. A timeless book that focuses on principles of kindness, empathy and respect to be effective in life and work.

Which app or apps do you find the most useful or fun?

Perplexity AI and Chat GPT are useful in effective analysis and generating precise vocabulary.

What is a charity or organization that you like to support?

CCIM Institute (Certified Commercial Investment Member) to encourage individuals in CRE to signify a high level of expertise in real estate investment practices. Mentorship, education, tools, and networking.

Kathryn Kovitz Arnold

Partner and Chair, Real Estate and Condominium Practice Groups

111 East Wacker, Ste. 2600 Chicago, IL 60601

312.836.4031

karnold@taftlaw.com

For more than 30 years, Kathryn has played a key role in shaping the landscape of Chicago’s most diverse neighborhoods and business communities. As part of her broad based commercial real estate practice, she continues to serve as lead counsel to the purchasers of many of Chicago’s largest condominium de-conversion projects.

At Taft, the collaborative approach of our 1,000+ attorneys, in addition to our advanced technological resources and depth of legal services, transforms what clients can expect from their legal team.

What do you remember most about your first job - something funny, awkward, or meaningful?

I was a shoe model for a shoe manufacturer and truly enjoyed it. It honed my ability to interact with people and pitch a product.

What is one of your favorite books or movies and why does it resonate with you?

Cutting for Stone is an amazing book which is so beautifully written, touching and informative. The depth of the characters and their relationships is moving.

What is a charity or organization that you like to support?

I am pleased to serve on the Board of Trustees of the Harris Theater for Music and Dance in Chicago. The theater provides support and outreach in many ways.

Taft

Talisman Development Group

Roxanne Ibe

Owner / Managing Partner

Peoria Heights, IL 61616

309.696.4745

ribe@talismandevelopment.com

Roxanne started her career in construction doing a mix of architectural design, pre-construction, and project management. She got a taste for development as the co-owner / co-developer of a mixed-use $30M historic tax credit redevelopment project, and went on to found Talisman Development Group shortly after.

Talisman Development Group brings together real estate development, architectural design, and a construction management -- specializing in adaptive reuse and repositioning of underutilized existing and historic buildings.

What do you remember most about your first job - something funny, awkward, or meaningful?

One of my first jobs was at Bath and Body Works. When new scents would come in, I was in charge of switching over the displays and disposing of the sample tester bottles in the old scents. I thought it seemed wasteful to throw them away, so I often took them home with me. Over the years I worked there, I collected enough half-used lotion bottles to last a lifetime!

What is a charity or organization that you like to support?

I am an active CASA volunteer. CASA’s are advocates for children going through the abuse and neglect court system, often temporarily placed in foster care. I’m also a Big Brothers Big Sisters mentor for underprivileged local youth.

Taylor Johnson Public Relations

Emily Johnson President

500 West Madison St. Suite 1000 Chicago, IL, 60661 ejohnson@taylorjohnson.com

With more than 30 years in the industry and 17 as president of Taylor Johnson, Emily Johnson has made an indelible impact on real estate conversations in Chicago and beyond. Her strategic, creative and personable approach has propelled her success and, in turn, the success of many in the field.

Founded in 1977, Taylor Johnson is a PR firm focused exclusively on the real estate industry. Our 45+ years in business makes us a trusted partner for our clients and a go-to resource for the media.

What do you remember most about your first job - something funny, awkward, or meaningful?

My mother, Deborah Taylor Johnson, founded Taylor Johnson when I was just 6 years old, so you could say I’ve been in the industry since shortly after birth.

What is one of your favorite books or movies and why does it resonate with you?

Jim Collins’ book, Good to Great has given me one of my guiding principles: “Get the right people on the bus.” This mantra has formed my approach to business.

Which app or apps do you find the most useful or fun?

LinkedIn! It’s great for staying in touch, celebrating people’s accomplishments, sharing thought leadership and, of course, networking.

What is a charity or organization that you like to support?

Empowering women in business is important to me, so I am proud to be actively involved in organizations like The Goldie Initiative and CREW.

V3 Companies

Rachael Berthiaume, P.E., LEED AP

Environmental Project Manager

444 N. Wells Street, Suite 602

Chicago, IL 60654

630.724.9200

rberthiaume@v3co.com

Rachael is a Project Manager with expertise in environmental engineering and hydrogeology. She leads field investigations, develops remediation objectives, designs cleanup strategies, and prepares soil management plans. Rachael specializes in practical environmental solutions for urban renewal and sustainable land use.

V3 Companies delivers award-winning land development projects that combine talents across specialties, including site civil, environmental, construction, and more. By balancing engineering, science, and design, we invigorate communities with transformative progress.

V3 Companies

Lisa Cassaidy

Project Manager

444 N. Wells Street, Suite 602

Chicago, IL 60654

847.502.5503

lcassaidy@v3co.com

Lisa is a Project Manager with experience in design engineering and permitting for industrial, commercial, retail and residential developments. Project experience includes stormwater management, site grading, earthwork and utility design.

What do you remember most about your first job - something funny, awkward, or meaningful? I worked at a Dairy Queen in high school. I like to think I was good at it-it took some practice to make the perfect signature DQ curl on a cone!

What is a charity or organization that you like to support?

I like to support FARE (Food Allergy Research & Education). It’s near and dear to me as I have a son with food allergies. FARE is a great organization that supports research and education.

V3 Companies

Gwen Cortez

Project Engineer

444 N. Wells Street, Suite 602 Chicago, IL 60654

630.864.0613

gcortez@v3co.com

Gwen is a Project Engineer with experience in site civil engineering for residential, commercial, and industrial projects for public and private sector clients. Her primary responsibilities include leading preparation of site feasibility reports, site grading, earthwork analysis, and utility systems as well as design and analysis of stormwater management systems and construction administration.

What do you remember most about your first job - something funny, awkward, or meaningful?

I was a call center representative who scheduled pre-employment drug tests and background checks. I found it difficult at first, but I got a lot more comfortable talking to people on the phone- and dealing with their frustration!

V3 Companies

Laura Shafer, LEED AP BD+C

Senior Project Manager/Sustainability Services Leader

7325 Janes Avenue Woodridge, IL 60517

630.724.9200

lshafer@v3co.com

Laura is a Senior Project Manager specializing in urban redevelopment and infill projects, with a focus on green infrastructure solutions. Her experience spans various project types across Chicagoland. Laura also created V3’s sustainable design practices and standards, and mentors V3 staff.

What do you remember most about your first job - something funny, awkward, or meaningful?

Lawn cutting/babysitting/dog sitting. In the more traditional sense, page at the library.

Which app or apps do you find the most useful or fun?

There is a superhero inside all of us, we just need the courage to put on the cape.

What is a charity or organization that you like to support?

Paws Chicago, Michael J Fox Foundation

Worsek & Vihon, LLP

Jessica L. MacLean Partner

180 North LaSalle Street, Suite 3010

Chicago, IL 60601

P: 312.917.2312

jmaclean@wvproptax.com www.wvproptax.com

Jessica MacLean is a Partner with the law firm of Worsek & Vihon, LLP. Ms. MacLean has practiced in ad valorem property taxation for seventeen years. For the past eleven years, Ms. MacLean has represented taxpayers by limiting their tax liabilities through ad valorem appeals.

Ms. MacLean has experience representing owners of office buildings, shopping centers, retail stores, manufacturing plants, distribution centers, data centers, mixed-use developments, nursing homes, hospitals, condominium associations, cooperatives, apartments and single- family residences. In addition to filing hundreds of appeals with the Cook County Assessor, Ms. MacLean has been involved in numerous proceedings before various Boards of Review, the Illinois Property Tax Appeal Board and the Circuit Court of Illinois. Her experience also includes active membership in the Women’s Property Tax Association of Illinois, the Chicago Bar Association, the Illinois State Bar Association, the American Bar Association and the Institute for Professionals in Taxation.

Worsek & Vihon LLP, is an exceptional team of experienced attorneys singularly focused on real estate tax law. The firm is dedicated to minimizing property tax liabilities through strategic tax portfolio management; well-researched, creative appeal preparation and aggressive advocacy. The firm is committed to offering the dependable, personalized attention our clients deserve.

Which app or apps do you find the most useful or fun?

I have been enjoying listening to podcasts recently. I favor podcasts that interview female CEOs and entrepreneurs. These women have such great stories about how they overcame diversity and disparity in their fields to get where they are. They offer insight, inspiration and real advice to aspiring women. I want to take all of the information I can get from these sessions and use it, not only to fuel my advancement, but to bring up other women.

Xroads Real Estate Advisors, Inc.

Kirsten Bowersox President

4201 Lake Cook Road Suite 100

Northbrook, IL 60062

630.917.4327

kirsten@xroadsadvisors.com

Kirsten joined Xroads in 2013 as COO and became President in 2024. With 30+ years in commercial real estate, she’s overseen $2B+ in assets, developed servicing platforms, and led $400M in REO dispositions. She holds licenses as a Managing Broker, Community Association Manager, and Property & Casualty Insurance Producer.

Xroads Real Estate Advisors delivers strategic, full-service commercial real estate solutions, combining entrepreneurial agility with institutional expertise across property and asset management, leasing, and more—customized to align with each client’s goals.

What do you remember most about your first job - something funny, awkward, or meaningful?

It was a phone sales job and in the first week I asked to speak with a man’s wife, who had passed away. I cried all the way home and never went back!

What is one of your favorite books or movies and why does it resonate with you?

The Boy, the mole, the fox and the Horse is such a simple portrayal of very complicated life lessons. I swear I pick up some new nuance every time.

Which app or apps do you find the most useful or fun?

My newest favorite is Pilates Anytime. I set up a home Pilates Studio and cast the app onto the TV and there are hundreds of classes for all levels.

What is a charity or organization that you like to support?

Anything for animals, especially pets affected by natural disasters whose families had to leave them behind or who need food, crates, etc.

847.239.7509

kathy@xroadsadvisors.com

Xroads Real Estate Advisors, Inc.

Suzanne Hendrick Chief Operating Officer

4201 Lake Cook Road Suite 100

Northbrook, IL 60062

630.473.0472

suzanne@xroadsadvisors.com

Suzanne joined Xroads in April 2024 as EVP and became COO in December. With 30+ years in commercial real estate, she’s led major portfolios and high-profile projects at Transwestern and MBRE. A licensed Illinois Broker, she also serves on BOMA/Chicago’s Board and began her career as a CPA.

What do you remember most about your first job - something funny, awkward, or meaningful?

After college, I worked at Arthur Anderson. I audited the construction costs for Leo Burnett’s new office building. It was my introduction to Real Estate and I wound up working for the developer, The John Buck Company! The rest is history…

What is one of your favorite books or movies and why does it resonate with you? The Voice! I love watching people go after their dreams.

Which app or apps do you find the most useful or fun? The weather app! How many times do you use it?

What is a charity or organization that you like to support? I have always supported and volunteered at organizations that uplift at-risk youth.

Xroads Real Estate Advisors, Inc.

Christine Simek

Sr. Vice President

4201 Lake Cook Road, Suite 100

Northbrook, IL 60062

630.473.5070

christine@xroadsadvisors.com

Christine Simek was recently featured in the 2024 Best Agent. US. Magazine, for Commitment to Excellence, Integrity, and Client Satisfaction. Christine has been in Commercial Real Estate for over 18 years and passionately fulfills various roles and responsibilities. Her experience includes Leasing Medical Office, General Office, Retail, and Industrial Real Estate. As well as managing several properties, she has vast experience in contract negotiations, overseeing tenant buildouts and space design. Christine specializes in canvasing the surrounding properties and the marketing of the properties she manages and leases. Christine has represented clients in the purchase and sale of commercial medical office, general office and retail properties. She is a Licensed Real Estate Broker in the State of Illinois, a member of the National Association of Realtors (NAR), Illinois Association of Realtors (IAR), and Elgin Area Chamber of Commerce, Northbrook Chamber of Commerce and Industry (NCC&I), and a member of Building Owners and Managers Association (BOMA).

What do you remember most about your first job - something funny, awkward, or meaningful? I started my first job on June 26th, the day I turned 16, at Frank’s Nursery and Crafts. I was learning how to work at the cash register, and a mouse ran across my foot. I found a new job on June 27th.

Which app or apps do you find the most useful or fun? Amazon and Words.

What is a charity or organization that you like to support?

St. Jude 100%

MID-AMERICA

One Parkview Plaza, 9th Floor

Oakbrook Terrace, Illinois 60181

Key Contacts:

Jean Zoerner-Illinois, JMZoerner@midamericagrp.com; Brad Lefkowitz-Michigan, blefkowitz@midamericagrp.com; Brandon O’ Connell-Minnesota, boconnell@midamericagrp.com; Jim Vaillancourt-Wisconsin, jvaillancourt@midamericagrp.com;

Services Provided: Mid-America provides strategic consulting services that maximize net operating income, net cash flow, and accelerate property appreciation. We provide property and construction management, leasing, due diligence, and market analysis. Additionally, we offer MA Building Services, a self-performing porter and maintenance company offering our clients cost savings and improved accountability for related services.

Company Profile: Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full service offices in Illinois, Michigan, Minnesota, and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. For more information, visit www.midamericagrp.com.

OUTLOOK MANAGEMENT GROUP, LLC AMO

S74 W16853 Janesville Road

Muskego, WI 53150

P: 414.369.3511 | F: 414.435.0251

Website: outlookmgmt.com

Key Contact: Ray Balfanz, President/Partner, ray@outlookmgmt.com

Services Provided: Full service property and asset management services, financial analysis and reporting; budget preparation and expense reconciliations; lease administration; construction management; preventative maintenance and consulting services.

Company Profile: Outlook Management Group, LLC AMO provides comprehensive property and asset management services for all asset classes in multiple states and markets.

Notable Properties Managed: Washington Corners, Naperville, IL; Ironwood Office Park, Glendale, WI; Wood River Condominiums, West Bend, WI; Seven 10 West Luxury Apartments, Chicago, IL; MDJD Aesthetic MOB, Rockford, IL, Ascension Health MOB Milwaukee, WI; Henry Ford Health Systems Pharmacy Services Bldg. in Rochester Hills, MI; Henry Ford Medical Center in West Bloomfield, MI.

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS

MERIDIAN DESIGN BUILD

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018

P: 847.374.9200 • F: 847.374.9222

Website: meridiandb.com

Key Contact: 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 Description: 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: Venture Park 47, Huntley, IL - 729,800 sf speculative industrial facility for Venture One Real Estate. Lion Electric, Joliet, IL - 928,500 sf electric bus / medium duty truck assembly plant for Clarius Partners. Greenwood Truck Terminal, Greenwood, IN - 125 door truck terminal on 43 acres for Scannell Properties

PRINCIPLE CONSTRUCTION CORP.

9450 West Bryn Mawr Ave., Suite 120 Rosemont, IL 60018

P: 847.615.1515 | F: 847.615.1598

Website: pccdb.com

Key Contacts: Mark L Augustyn, COO, maugustyn@pccdb.com, James A. Brucato, President, jbrucato@pccdb.com

Services Provided: Since 1999, Principle Construction Corp. has been a leading design-build general contractor serving the industrial markets of Chicago Metro, Southern Wisconsin, and Northwest Indiana. We specialize in designing and constructing exacting solutions for our clients, including:

• Built-to-Suit Facilities • Speculative Facilities • Warehouse and Distribution Centers

• Logistics and Cross-Dock Facilities • Industrial Outdoor Storage • Industrial and Manufacturing Plant • Tenant Improvements • Expansions and Additions • Food Processing Facilities • Specialty Projects

Recently Completed Projects include:

• 8,205 SF animal shelter for Heartland Animal Shelter, at 586 Palwaukee Dr., in Wheeling, IL.

• 12,560 SF showroom and outdoor pool park for Doheny Enterprises, at 5307 Green Bay Rd., in Kenosha, WI

• Phase 1 renovation project for SMW Autoblok, at 285 Egidi Dr., Wheeling, IL

VICTOR CONSTRUCTION

2000 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 buildouts, specializing in retail, industrial, and commercial markets.

Company Profile: Established in 1954, Victor Construction Co., Inc. is a third generation general contractor that specializes in commercial, industrial, and retail construction. Victor Construction is known as one of the most efficient and dependable general contractors in the Chicago metropolitan area and has earned the reputation due to meticulous project management, cost-effectiveness, budget awareness, and prime first-rate workmanship. Commitment to the clients’ goals is what keeps satisfied customers returning to Victor Construction for all of their construction needs—We Build for Your Success!

Notable/Recent Projects: Owens + Minor Distribution – 600K SqFt distribution facility that involved a full LED lighting upgrade, new HVLS fans, 200K SqFt section that required new cooling for medical distribution, an office renovation of 20K SqFt, and a new exterior employee pavilion.

ECONOMIC DEVELOPMENT CORPORATIONS

VILLAGE OF HOMER GLEN ECONOMIC DEVELOPMENT

14240 W. 151st Street Homer Glen, IL 60491

P: 708.301.0632

Website: HomerGlenIL.org

Key Contact: Janie Patch, Economic Development Director, jpatch@homerglenil.org

Services: Resource center for brokers, developers, site selectors and businesses providing space and property inventory, trade area demographics, site selection assistance, custom tours, coordination through entitlement process, business opening process guidance and retention services.

Demographic Info: Strategic Will County location 25 miles southwest of Chicago with two I-355 interchanges between I-55 and I-80. Average household income of $154,800. Trade area population of 83,000. Prime commercial corridors include Bell Road, 143rd Street and 159th Street (State Route 7). 159th Street is improved with 4 lanes and access to Lake Michigan water and sanitary sewer.

Recent CRE Activity: The Villas of Old Oak (46 ranch duplexes) completing full build out. New food specialty and restaurant openings include South Viet, OneZo Boba Tea, Sultan Sweets and Cervantino’s. Restaurant with drive-thru position available at Homer Glen Bell Plaza with Pet Supplies Plus, Dollar Tree and Taco Bell, SWC 143rd/Bell.

ECONOMIC DEVELOPMENT CORPORATION

OF MICHIGAN CITY

Two Cadence Park Plaza

Michigan City, IN 46360

P: 219.873.1211

Website: www.edcmc.com

Key Contacts: Clarence Hulse, Executive Director, chulse@edcmc.com

Karaline Cartagena Edwards, Economic Development Manager, kcedwards@edcmc.com

Services/Demographic Info: Up-to-date inventory of commercial buildings, site selection and orientation tours

Incentives: Tax-Increment Financing, Façade Improvement Grants, Property Tax Abatements, Enterprise Zones, Job Training Programs

Recent CRE Activity: Double Track Northwest Indiana: $1.6 Billion development reducing train travel to Chicago to 60 minutes; The Franklin at 11th St. Station: $100 Million Development with Residential & Retail Space; “You are Beautiful”/ SoLa: $311 Million Mixed-Use Multi-Family Development with 235 boutique hotel rooms & 174 Luxury Condos; Burn ‘Em Brewing: $3 Million Expansion project with 30 new jobs.

ENVIRONMENTAL/ENGINEERING FIRMS

DEIGAN & ASSOCIATES, PLLC

28835 N. Herky Drive Lake Bluff, IL 60044

P: 847.682.7381

Website: http://www.deiganassociates.com

Key Contact: Michele Brady, Director Business Development & Real Estate Services, mbrady@deiganassociates.com

Services Provided: The Deigan Group provides client responsive, results oriented environmental consulting and remediation services, with a focus in land-based work, including Brownfield Redevelopment, Power Plant Decommissioning/Redevelopment, Strategic Environmental Planning, Property Assessments and Site Remediation, Compliance/Permitting, Employee Exposure Testing/Safety Monitoring Asbestos Surveys/Mold/Indoor Air Quality, Waste Minimization/ Recycling/ Sustainability Plans, Successful Grant Writing. Company Profile: A full-service environmental consulting organization specializing in defining environmental business risk and removing environmental uncertainties for property development sites. Our wide range of experience within the environmental industry helps us provide realistic cost-saving strategies for our clients with the goal of reducing their overall environmental liability and obstacles to redevelopment.

MULTIFAMILY FINANCE FIRMS

MARQUETTE BANK

1628 W. Irving Park Road, Unit 1D Chicago, IL 60613

P: 708.873.8639

Website: emarquettebank.com

Key Contact: 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. All clients enjoy ZRent – an automated, hassle-free, nocost way to collect monthly payments from tenants.

Company Profile: Marquette Bank has 20 branches, loan office and $2 billion in assets. Independently owned/operated since 1945. Offering clients full-service, banking, financing, insurance, trust and wealth management services.

REAL ESTATE LAW FIRMS

REINHART BOERNER VAN DEUREN S.C.

1000 N Water Street, Suite 1700 Milwaukee, WI 53202

P: 414.298.1000

Website: reinhartlaw.com

Key Contact: Joseph Shumow, Shareholder, jshumow@reinhartlaw.com

Services Provided: Reinhart is a full-service, business-oriented law firm that delivers innovative, value-added solutions for today’s most important real estate needs, including land use and zoning; tax-incremental financing; tax credits; leasing; construction; and condemnation and eminent domain issues.

Company Profile: With the largest real estate practice in Wisconsin and offices throughout the Midwest and across the country, Reinhart’s attorneys offer clients customized real estate insight rooted in broad knowledge and deep experience to help you capitalize on opportunities no matter where you do business.

SARNOFF PROPERTY TAX

100 N. LaSalle St., 10th Floor Chicago, IL 60602

P: 312.782.8310

Website: sarnoffpropertytax.com

Key Contact: James Sarnoff, jsarnoff@sarnoffpropertytax.com P: 312.448.5337

Services Provided: Since 1986, Sarnoff Property Tax has been 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 Property Tax’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.

WORSEK & VIHON, LLP

180 North LaSalle Street, Suite 3010 Chicago, IL 60601

P: 312.917.2307 P: 312.917.2312 | F: 312.596.6412

Website: wvproptax.com

Key Contacts: Francis W. O’Malley, Managing Partner fomalley@wvproptax.com; Jessica L. MacLean, Partner jmaclean@wvproptax.com

Services Provided: Worsek & Vihon, LLP represents tax payers in Illinois by limiting their property tax liabilities through ad valorem appeals. We have over 40 years of experience and can handle basic to the most complex assessment issues while offering the dependable, personalized attention our clients deserve. We have experience representing owners of all property types. In addition to filing thousands of appeals with the Cook County Assessor, we have been involved in numerous proceedings before various Boards of Review, the Illinois Property Tax Appeal Board, and the Circuit Court of Illinois, and have appeared before the Illinois Appellate and Supreme Courts. Company Profile: Worsek & Vihon LLP, is a team of experienced attorneys singularly focused on real estate tax law. The firm is dedicated to minimizing property tax liabilities through strategic tax portfolio management, well-researched, creative appeal preparation and aggressive advocacy.

LIFETIME ACHIEVEMENT

LEE GOLUB

Lee Golub, Managing Principal, is a key leader at Golub & Company, where he drives the company’s pursuit of high-profile development opportunities nationwide. Under his guidance, the firm has experienced notable growth across various property sectors and geographical markets. Lee provides leadership to the development group, ensuring the quality of ground-up construction projects. Additionally, he offers valuable insights to the asset management and marketing executives, contributing to the sustained value of each property. As a member of Golub’s Executive Committee, Lee guides the company’s strategy, decision-making, and relationship-building efforts.

Outside of work, Lee is deeply involved in several notable organizations, serving on the boards of Chicago Gateway Green, Lookingglass Theatre, and the Magnificent Mile Association. He has been a dedicated cochair of the City of Hope REACH (Real Estate Action Committee) social event for many years. Lee also provides his expertise as a member of the Senior Advisory Council at the Latin School of Chicago and the Architecture and Design Committee at the Art Institute of Chicago. Lee Golub joined Golub & Company in 1987, and he currently holds the position of designated managing broker for Golub & Company of Illinois LLC.

Company Awards

Architecture Firm of the Year

Chipman Design Architecture

WINNER! DESIGNBRIDGE, LTD.

Whitney Architects

Wright Heerema Architects

zpd+a

Brokerage Firm of the Year - Full Service

National

Avison Young

WINNER! COLLIERS

Lee & Associates of Illinois

Lincoln Property Company

NAI Hiffman

Stream Realty Partners

Transwestern Real Estate Services

Brokerage Firm of the Year - Full Service

Regional

CRE Advising

WINNER! THE APARTMENT SOURCE

Willard Jones Real Estate

Tenant Advisory Group

Brokerage Firm of the Year - Investment Sales

WINNER! MARCUS & MILLICHAP

Quantum Real Estate Advisors, Inc.

Kiser Group

Building Service Company of the Year

Bee Line

Bevara Building Services

WINNER! BEVERLY COMPANIES

Crescent Cleaning Company

Outworx Group

City / County of the Year

East Peoria, Tazewell County

Joliet, Will County

Village of Elk Grove

Village of Hoffman Estates

Village of Oswego

WINNER! VILLAGE OF PLAINFIELD, IL

Developer of the Year

Becknell Industrial

WINNER! FARPOINT DEVELOPMENT

Flaherty & Collins

Inspired by Somerset Development

Logistics Property Company

Mavrek

Related Midwest

Engineering Firm of the Year

WINNER! IMEG

Jacob and Hefner Associates

Pinnacle Engineering Group

Stantec Consulting Services Inc.

General Contractor of the Year - Commercial

Alston Construction Company

ARCO/Murray

Clayco Inc.

WINNER! KEELEY CONSTRUCTION

Meridian Design Build

Morgan / Harbour Construction

Pepper Construction

PREMIER Design + Build Group

Ryan Companies

W.E. O’Neil Construction Company

General Contractor of the Year - Multifamily

WINNER! LEOPARDO CONSTRUCTION

LG Builders

McShane Construction Company

Path Construction

UJAMAA Construction

General Contractor of the Year - Tenant Improvement

BIG Construction

Development Solutions, Inc. (DSI Group)

WINNER! EXECUTIVE CONSTRUCTION INC.

J.C. Anderson

Skender

Lender of the Year

Mesirow

WINNER! PACE EQUITY

Professional Service Company of the Year

BOS

WINNER! HIFFMAN NATIONAL PROJECT

SERVICES

Luxury Living

Rose Paving

Property Management Company of the YearCommercial

Cushman & Wakefield

Cawley

WINNER! COLLIERS

Farbman Group

Hiffman National

Transwestern

Xroads Real Estate Advisors, Inc.

Property Management Company of the YearMultifamily

Daniel Management Group

Drexel Properties

Flaherty & Collins Properties

Peak Properties

WINNER! RMK MANAGEMENT CORP.

Westward360

Real Estate Law Firm of the Year

WINNER! CLARK HILL

Polsinelli

Ginsberg Jacobs LLC

Honigman LLP

Levenfeld Pearlstein, LLC

Moorhead Law Group, LLC

Taft

Sub-Contractor of the Year

Chicago Voice and Data Authority

WINNER! CURRAN CONTRACTING COMPANY

Siteline Inc.

People Awards

Architect of the Year

Adam Wilmot, zpd+a

Gabriel Ignacio Dziekiewicz, DesignBridge, Ltd.

WINNER! KIMBERLY DOWDELL, HOK

Lauren Chipman, Chipman Design Architecture

Scott Rubel, Wright Heerema Architects

Broker of the Year Individual - Female

Kathleen Bertrand, Transwestern Kelsey Gross, Brookline Real Estate

WINNER! MEREDITH O’CONNOR, JLL

Yolanda Jeffries, Lux Life Realty

Broker of the Year Individual - Male

Dominic Sulo, Marcus & Millichap

Kyle Robbins Transwestern, Transwestern Real Estate Services

WINNER! STEVE HORVATH, CRE ADVISING

Terry Herlihy, NAI Hiffman

Bill Himmelstein, Tenant Advisory Group

Broker TEAM of the Year - Investment

TOM SITZ, CODY HUNDERTMARK, DAN DEUTER, WINNER! CUSHMAN & WAKEFIELD

Michael Pagliari, Bryan Rosenberg, David Caprile, Donald Kelly, Eastdil Secured, L.L.C.

Jason St. John, Danny Spitz, Brewster Hague, Jordan Multack, Greenstone Partners

Noah Birk and Aaron Sklar, Kiser Group

Broker TEAM of the Year - Leasing

David Burden, Tom Berarducci, and Andy Gooliak, Colliers

JASON WEST, SEAN HENRICK, MICHAEL MAGLIANO, DOUG PILCHER, AND RYAN KLINK, WINNER! CUSHMAN & WAKEFIELD

Jeff Janda & Jeff Galante, Lee & Associates

Dan Leahy, Adam Roth, NAI Hiffman

Joe Learner and Robert Sevim, Savills North America

Champion of Diversity

Anuja Gupta, Aman Living WINNER! ELBERT WALTERS, POWERING CHICAGO

Lisa Latronico, Skender

Sandya Dandamudi, GI Stone

Scott McKibben, Matterhorn Venture Partners

Emerging Leader of the Year - Female

Carolina Avila, Universal Health Realty Income Trust

Jennifer Stanton, Leopardo Construction

Jessica Simons, Sterling Bay

Laura Pisula, Newmark

Lauren Evett, Daniel Management Group

Margarita Slabada, Alymar Media

WINNER! PAIGE KRUEGER, CUSHMAN & WAKEFIELD

Risa J Weiss, Kale Realty

Taylor Ollry, Transwestern

Emerging Leader of the Year - Male

Alan Tipei, Peak Properties

Jack Brennan, NAI Hiffman

WINNER! JOE MAUTINO, WHITNEY ARCHITECTS

Joshua Bluestein, Matthews Real Estate Investment Services

Miles Brugh, Equinix

Yonah Sturmwind, Alliant Credit Union

Executive of the Year

Andy Farbman, Farbman Group

Jeff Baker, Illinois REALTORS®

Jimmy Akintonde, UJAMAA Construction

Julie Northcutt-Dunn, Collliers

Margarita Slabada, Alymar Media

WINNER! REGINA STILP, FARPOINT DEVELOPMENT LLC

Shane Rachman, Cross Street

Shannon Cox, Development Solutions, Inc. (DSI Group)

Vicki Noonan, Cushman & Wakefield

The Foglia Residences

McKinley Geiger

Manager of the Year

Project Manager of the Year

Ariadne Kerekes, Hiffman National

Luke Michalczuk, Construction Cleaning Company

McKinley Geiger, McShane Construction Company

WINNER! SHAYLYN CULLEN, CULLEN CONSTRUCTION MANAGEMENT

Shiuwah Lam, Transwestern Real Estate Services

Property Manager of the Year - Female

Almina Sehic, Westward360

Amanda Moore, Brennan Investment Group

Amber Redding, Draper and Kramer, Incorporated

Angela Mays, Peak Properties

WINNER! CATE MCCORMACK, TRANSWESTERN

Courtney Rosen, Draper and Kramer, Incorporated

Dana Rosenblum, Sterling Bay Property Management

Laura Pisula, Newmark

Property Manager of the Year - Male

Dave Clarkson, Farbman Group

WINNER! JEFF WEINBERG, DREXEL PROPERTIES

Michael Lechowski, Cushman & Wakefield

Nick Roundtree, Daniel Management Group

Real Estate Appraiser of the Year

Alex Adams, Xandra LLC

WINNER! RANDAL DAWSON, CBRE, INC.

Real Estate Lawyer of the Year - Female

Carole Jurkash, Boodell & Domanskis, LLC.

Jessica Simons, Sterling Bay

Kathryn Kovitz Arnold, Taft

WINNER! KELLY GRECO, POLSINELLI PC

Kristen Boike, Honigman LLP

Marcia Owens, Honigman LLP

Real Estate Lawyer of the Year - Male

Benjamin Kirschner, Honigman LLP

Brian Liston Esq., Liston & Tsantilis

WINNER! CHAD POZNANSKY, CLARK HILL, PLC.

David N. Tanner, Polsinelli

Howard Jeruchimowitz, Greenberg Traurig

James Moorhead, Moorhead Law Group, LLC

Jared Rothkopf, Polsinelli PC

Social Media Influencer of the Year

Adam Roth, NAI Hiffman

Ewelina Rafael, Coldwell Banker

WINNER! KEVIN ”K-ROC” ROCIO, ROC

ADVISORY GROUP - @PROPERTIES

COMMERCIAL

Margarita Slabada, Alymar Media

Yolanda Jeffries, Lux Life Realty

Union/Trade Association Member

Elbert Walters, Powering Chicago

WINNER! HECTOR ARELLANO, ADMINISTRATIVE DISTRICT COUNCIL 1 OF ILLINOIS

Phil Koth, Transwestern Real Estate Services

Woman of the Year - Commercial

Allison Malzone, Cawley Commercial Real Estate

Bonnie Boden, Transwestern

Carrie Szarzynski, Hiffman National

Jessica Brown, Sterling Bay

Jessica Simons, Sterling Bay

WINNER! KAREN KULCZYCKI, SVN CHICAGO COMMERCIAL

Skylar Powers, Eastdil Secured

Woman of the Year - Multifamily

WINNER! AMY GALVIN, LUXURY LIVING

Amy M. Rubenstein, Clear Investment Group

Anuja Gupta, Aman Living

Kenia Rivera, Daniel Management Group

Liz Ballman, Mavrek

Maggie Zach, Peak Properties

Woman of the Year - Professional Service Provider

Courtney Gordon, Beverly Companies

Karie Vagedes, Huntsman Architectural Group

Kim Dzadon, Wright Heerema Architects

Lauren Chipman, Chipman Design Architecture

WINNER! MICHELLE PALYS, GRAYCOR

Project Awards

Affordable Housing - North

Canvas at Leland Plaza

Apartments

Encuentro Square

WINNER! LAWSON HOUSE

Affordable Housing - West

Bellwood Gateway Apartments

WINNER! FIFTH CITY COMMONS

Pedro Albizu Campos Apartments

The Foglia Residences

Government / Community Facility - Suburban

Buffalo Grove Public Works

Downers Grove Civic Center

La Grange Park Public Library

Ottawa YMCA

WINNER! ROCKFORD PUBLIC LIBRARY

VASA Fitness

Waukegan Carnegie Library

Sawmill Sports Hub

Government / Community Facility - Urban

WINNER! COMER XCHANGE GRAND CROSSING

The Ark Chicago

Green / LEED Development of the Year

WINNER! 360 N GREEN

Industrial - Far West

Pheasant Run Industrial Park

Reyes Coca-Cola Bottling

WINNER! RIM LOGISTICS GLOBAL HEADQUARTERS

Venture Park 47

Industrial - Near West

1237 W. Division

WINNER! O’HARE 21 T5 PARKING GARAGE

Industrial - North

Nemera

Stotan Crossings O’Hare

WINNER! VALENT BIOSCIENCESBIORATIONAL RESEARCH CENTER EXPANSION

Industrial - South

Cabot Laraway

WINNER! MEATS BY LINZ

Ravago

Interior Design

WINNER! BARRY-HUGHES PERFORMING ARTS CENTER

LOT Polish Airlines Lounge

The Saint Grand

Interior Design - Office

222 S. Riverside

Confidential AM Law 10 Firm

WINNER! ILLINOIS SCIENCE + TECHNOLOGY PARK

The Drake Oak Brook Office Plaza

Medical Property

Northwest Community Healthcare Outpatient Care Center

WINNER! SILVER CROSS MEDICAL PAVILION

Multifamily - Suburban

WINNER! PORTER

Tapestry Station Vyne on Haven

Multifamily - Urban North

Flora

WINNER! SOLVERRE

The Leo

The Saint Grand

Multifamily - Urban South/West

1000M

WINNER! ARTHUR ON ABERDEEN

The Elizabeth Office - Suburban

Grumman|Butkus Associates

WINNER! UNIVERSITY OF ILLINOIS FOUNDATION PHILANTHROPY CENTER

Office - Urban North

311 West Huron

Burke, Warren, MacKay & Serritella P.C.

Pepper Construction Headquarters

WINNER! RIGHTSIZE FACILITY DESIGN SHOWROOM & SUSTAINABILITY CENTER

Office - Urban South/West

WINNER! 360 N GREEN

Curi RMB Capital

UTLX

West Randolph Offices

Redevelopment - Suburban

Invenergy

RUSH MD Anderson Cancer Center at Rush Lisle

WINNER! THE VARSITY

Redevelopment - Urban North

Lookingglass Theatre Lobby Renovation

WINNER! SAINT CLEMENT PARISH

Sonder

TAWANI Property Management’s Mission94 Firearms Education Center

Redevelopment - Urban South/West

10 & 120 S. Riverside Redevelopment Phases I-II

WINNER! 1516 W CARROLL AVE

222 S. Riverside

3638 S. King Drive Restoration Project

CABOT LARAWAY

Retail / Restaurant

Arhaus at Old Orchard Mall

Burdeen’s Jewelry

WINNER! IL CARCIOFO

Mercedes-Benz of Romeoville

The Greggory Hearth & Tavern

Senior Housing

WINNER! PLYMOUTH PLACE

Transaction Awards

Most Significant Investment Sale Transaction in 2024

WINNER! 150 N MICHIGAN, EASTDIL SECURED

1529 N Fremont, CRE Advising

Ravenswood Gardens, Kiser Group

Six-Building Portfolio Sale in the Western Suburbs, Colliiers

Most Significant Lease Transaction in 2024Retail

WINNER! CLUB STUDIO FITNESS AT THE SAINT GRAND, MAVREK DEVELOPMENT

Most Significant Lease Transaction in 2024Industrial

600 N Villa Ave, CRE Advising WINNER! UNIVERSITY PARK

Smurfit Westrock Lease in Pleasant Prairie, WI, Colliers

Most Significant Lease Transaction in 2024Office

Adyen at 333 N Green, Sterling Bay COUR Pharmaceuticals Lease at Evanston Labs, Trammell Crow Company

WINNER! MEDLINE AT 2375 WATERVIEW, TRANSWESTERN

At Path Construction, our mission is to deliver exceptional building services to our clients while fostering fulfilling, growth-oriented careers for our employees. We are committed to upholding the highest standards of integrity, safety, and quality while ensuring a balanced focus on accountability, community, and profitability. Our passion, vision, and expertise motivate us to be the best in the industry.

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