The Trusted Adviser
March 2022 | Volume 15 · Number 2

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ATG Insures $115 Million Transaction

Largest Multi-Residential Sale in Champaign County History

Attorneys' Title Guaranty Fund, Inc., (ATG®), as agent of First American Title Insurance Company, recently closed on a $115 million transaction, the largest multi-residential sale in Champaign County history.

The transaction involved multiple residential buildings on or around Green Street, the heart of Champaign's "Campustown." The properties were amassed over a 60-year period by the late Leon Bankier in his long career as a real estate investor. The portfolio was held in the Leon Bankier Family Limited Partnership and was acquired by R2 Companies and Concord Capital Partners.

The transaction included 35 properties, 580 residential units, more than 80,000 square feet of retail, and four assemblage sites for future development. The academically-oriented student communities represent 1,323 beds for University of Illinois students.

Bankier Transaction Map 1  Bankier Transaction Map 2
(click image for larger map view)

The sellers were represented by Champaign attorneys Mike McCormick and Rick Aeilts of Erwin, Martinkus, and Cole, longtime ATG agents who made it a priority to work with a local title insurance company and selected ATG. ATG attorneys Donna Kogut (Vice President – Commercial Title and Escrow) and Deborah Feinen (Vice President – Downstate Operations) were closely involved in the project from the title and conveyancing side. Molly Vaulman of ATG's Commercial Department worked closely with Donna Kogut on all aspects of the multi-layered transaction.

Deborah Frank Feinen photoOf the transaction, Deb Feinen said, "We couldn't be more proud to be the title insurance agent on this transaction in ATG's hometown. There are a lot of exciting things happening at the University of Illinois and its Campustown hotspot, Green Street. The new developments and old-school charm have combined to create a new energy there. It's a boost for the community and we're proud to play a part in it. It was a great experience to work with colleagues at Erwin Martinkus, and Cole—a law firm with ties to ATG that date back to the mid-1960s, just after our founding."

Donna Gagliardo Kogut photoDonna Kogut, a 35-year veteran of commercial real estate summarized, "This was a very challenging transaction. ATG searched and examined 35 different properties, cleared the title, reviewed the 21 different LLCs that took title to the properties, complied with requirements of two different lenders, prepared the Settlement Statements, and assembled the various documents needed to close and disburse."

ATG's role in this historic transaction was a sizable undertaking illustrative of how our experienced Commercial Title Services staff aptly handles commercial transactions of all types and sizes. And while all real estate transactions require the involvement and expertise of many parties, especially real estate lawyers, commercial transactions are particularly complex. They involve many parcels of land, requirements from various municipalities, multiple individuals and/or entities who are owners or stakeholders, and several areas of the law.

ATG extends its appreciation to the many parties involved in this complex transaction. We greet every challenge with professionalism and enthusiasm and look forward to more high-impact, high-visibility projects in all the regions we serve. Can we help with one in your area? Learn more about our Commercial Title services

Bankier Campustown Development Properties
(photographs by Ed Sudlow Photography)

Bankier Campustown Development Pic 4
The revitalized Green Street entry to the evolving University of Illinois Campustown.
Bankier Campustown Development Pic 3
One of the new student apartment buildings.
Bankier Campustown Development Pic 6
The shopping and housing hub at Green and Sixth Streets near the heart of Campustown.
Bankier Campustown Development Pic 2
Two of the development's corporate tenants: Target, offering students department store shopping without the long commute to their main store; and Jimmy Johns, a long-time dining fixture in Campustown.
Bankier Campustown Development Pic 1
Beyond Target/Jimmy John's is one of the high-rise housing structures for students.
Bankier Campustown Development Pic 5
Gameday Spirit Fanstore started as Gary & Al's Sporting Goods and has been a part of Campustown since 1986. They enter their 36th year selling sports garb and souvenirs in a newly renovated space.

[Last update: 3-17-22]

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