Chicago Leader Hirsh Mohindra: Expertise in Multiple Industries

The landscape of residential real estate financing in Illinois is undergoing a fundamental transformation. As traditional mortgage lending collides with new capital models — such as shared appreciation agreements, equity-participation deals, fractional investment structures, and hybrid consumer–investor financings — the state’s regulatory regime is adapting in real time. What once fell comfortably outside the scope of mortgage regulation has now triggered closer scrutiny, culminating in the significant 2025 amendments to the Illinois Residential Mortgage License Act (“RMLA”) , which formally brought shared appreciation agreements within the definition of a regulated residential mortgage loan. The shift reflects a broader national trend: funding models that blur the line between debt and equity are no longer niche products offered by experimental fintech players. They are becoming mainstream alternatives for homeowners seeking liquidity without taking on traditional amortizing debt. Bu...

For years, Illinois real-estate transactions operated under a flexible structure: buyers often relied on informal or verbal understandings with their agents, trusting that custom and professional norms would guide the relationship. But as of January 1, 2025 , that era has come to an end. A regulatory update highlighted by the Kepple Law Group’s “Illinois Real Estate Law Update 2025” confirms a significant shift— Illinois now requires buyer’s agents and buyers to enter into written brokerage agreements , replacing handshake arrangements that long dominated residential practice.   This change is more than procedural. It represents a modernization of the state’s real-estate licensing framework and a broader acknowledgment that buyers deserve the same clarity and contractual transparency that sellers have relied upon for decades. For agents, brokerages, and consumers alike, 2025 marks the beginning of a new chapter—one where legal expectations are clearer, fiduciary duties are more exp...

In recent years, Illinois has witnessed a subtle but significant shift in its housing landscape: the rapid growth of build-to-rent (BTR) communities. These developments—entire neighborhoods of newly constructed single-family homes designed specifically for renters—are reshaping how families find housing, how investors allocate capital, and how first-time buyers navigate an increasingly competitive market.   While the trend is national, Illinois has become a particularly interesting case study. With its mix of suburban stability, midwestern affordability, and strong rental demand, the state has drawn the attention of institutional investors, regional developers, and real-estate funds seeking reliable returns in a shifting economy. As housing preferences evolve and interest rates remain unpredictable, BTR communities have quietly emerged as a resilient asset class—and one that is changing the way Americans think about homeownership.   Why Investors Are Pouring Into Build-to-Ren...

While much of the Illinois real estate market has experienced rapid price fluctuations in recent years, the luxury sector has maintained a unique position of stability and consistent growth. The demand for high-end properties in Chicago and its elite suburbs remains strong, driven by a resilient class of wealthy buyers who are less sensitive to interest rate hikes and broader economic shifts. For those operating in this market, success is defined not just by price points, but by a nuanced understanding of client needs, an eye for enduring quality, and a strategic focus on locations that offer a premium lifestyle. The luxury market operates on a different set of rules, where value is measured not just in dollars, but in exclusivity, craftsmanship, and a seamless buying experience. The Illinois luxury market, particularly in North Shore suburbs like Kenilworth and Hinsdale , and in select Chicago neighborhoods, is a world apart from the rest of the state. These markets are defined by li...

Demographic trends are a powerful, often overlooked, force shaping the Illinois real estate market. The movement of populations, changes in household size, and the aging of the population all have profound implications for housing demand, property values, and the types of homes being built. For real estate professionals, a deep understanding of these trends is essential for anticipating future market needs and making strategic, long-term decisions. It is about looking beyond the current market conditions and forecasting where people will live, work, and retire in the coming decades, creating a blueprint for future development. Illinois’s real estate market is grappling with a shifting population landscape. While the state has seen a net migration of residents to other parts of the country, many of its key regions are still experiencing population growth, particularly in the Chicago metropolitan area and its surrounding suburbs. This growth is being driven by a steady influx of young pr...

  Technology is fundamentally reshaping every aspect of the Illinois real estate market, from how properties are marketed to how transactions are closed. For real estate professionals and consumers alike, this digital transformation is streamlining processes, increasing efficiency, and providing an unprecedented level of access to information. It's a shift that is empowering buyers and sellers, while demanding that agents and developers embrace new tools to stay competitive. The days of solely relying on physical open houses and paper contracts are quickly becoming a relic of the past as the industry moves toward a more digital-first approach, where every step of the transaction can be handled remotely and securely. This is a profound shift that is altering the relationship between the consumer and the agent, making the latter more of a strategic advisor than a gatekeeper of information.   The impact of technology is visible across the entire real estate lifecycle. Online plat...

The commercial real estate market in Illinois, particularly in the urban core of Chicago, is at a critical juncture. The shift to remote and hybrid work models has left a significant number of office buildings underutilized, with a 14% vacancy rate in the Chicago office market, a figure that has been steadily climbing since the pandemic. However, where some see a liability, forward-thinking real estate professionals see a profound opportunity. The future of commercial real estate is not about maintaining the status quo but about creative repurposing and strategic redevelopment. This is a chance to breathe new life into downtown areas by converting underutilized office towers into vibrant, mixed-use spaces that can serve a variety of needs, from residential to retail and hospitality. This is a fundamental shift from a single-use model of urban development to a more integrated, resilient one that can adapt to changing economic and social needs. The key to this transformation lies in adap...

The Illinois real estate market is undergoing a significant transformation, with a notable shift in demand from dense urban cores to the surrounding suburbs. This suburban renaissance is not just a temporary trend but a fundamental re-evaluation of lifestyle priorities that gained momentum during the pandemic and continues to shape the market today. Buyers, particularly young families and remote workers, are increasingly drawn to suburban areas for their promise of more space, better value, and a higher quality of life.  This migration is revitalizing communities, driving up home values, and creating new opportunities for development in areas that were previously overshadowed by their urban neighbors. The allure of a bigger backyard, a dedicated home office, and access to top-tier schools has become a powerful economic driver, shifting capital and talent away from the city center. This sustained trend is a testament to a permanent change in how many people view the balance between...

If Chicago’s office and retail markets reveal uncertainty, its multifamily housing sector tells a different story: one of resilience, demand, and renewed investor enthusiasm. The confluence of demographic shifts, constrained housing supply, and favourable rent growth has elevated multifamily real estate into the premier asset class across Illinois. Yet beneath the surface of prosperity lies a policy debate: how to reconcile private capital’s appetite for returns with public concerns over affordability. Demand Drivers: Urban and Suburban Dynamics Chicago’s population dynamics remain complex. The city has lost some residents over the past decade, particularly in lower-income areas, yet demand for rental housing in core urban and affluent suburban markets continues to rise. By 2022, occupancy rates in Class A downtown apartments consistently exceeded 94% , with rent growth averaging 6–8% annually post-pandemic. This reflects broader national trends: younger households delay homeowner...

Retail real estate in Chicago has long been a barometer of consumer confidence and urban vitality. From the bustling crowds along Michigan Avenue’s Magnificent Mile to the suburban malls that once defined post-war affluence, retail was more than an economic category: it was the city’s public theatre. Yet, in recent years, the sector has been buffeted by forces both global and local. The rise of e-commerce, shifting consumer behaviour, pandemic-induced disruptions, and urban safety concerns has together unsettled a market once deemed impregnable.   The Magnificent Mile in Transition   Michigan Avenue’s Magnificent Mile has historically been the jewel of Chicago’s retail crown. Anchored by iconic department stores such as Macy’s (formerly Marshall Field’s) and Neiman Marcus, it drew tourists and suburban shoppers alike. But vacancy rates have climbed alarmingly. By 2023, reports suggested one in five storefronts on the Mile stood empty , an unprecedented figure in its modern hi...