CLEVELAND, OHIO — KeyBank Real Estate Capital has provided $163.1 million in financing through a Fannie Mae credit facility for the recapitalization of 14 manufactured housing properties in six states. Totaling 5,013 combined pad sites, the properties are part of a 23-property portfolio owned and operated by Inspire Communities. The property names were not disclosed. Todd Linehan of Key structured the financing with a 10-year term, five-year interest only period and 30-year amortization..
CAMBRIDGE, MASS. — Intercontinental Real Estate Corp. has acquired 1280 Massachusetts Ave. in Cambridge for an undisclosed price. Located in Harvard Square, the 43,120-square-foot mixed-use building features 33,828 square feet of office space and 8,540 square feet of retail space. The seller, Boston Residential Group, developed the property in 1985. Current office tenants include Harvard University, Equity Resources Investments and Mark of the Unicorn. Retail tenants include Tatte..
IOWA CITY, IOWA — CA Ventures and Janko Hospitality have topped off the Hyatt Place Iowa City. The 151-room hotel, currently under development, is located in one of two towers that comprise the venture’s RISE at Riverfront Crossings development. The 575,000-square-foot mixed-use development will also include a 332-unit apartment tower, retail and office space. Completion is slated for August 2018. Managed by Janko Hospitality, the hotel will feature guest suites with separate living..
KANSAS CITY, MO. — Copaken Brooks and 3D Development have completed the lease-up of Corrigan Station, a 110,000-square-foot property in Kansas City. CardConnect, a company specializing in advanced payment solutions, has signed an 11,150-square-foot lease on the second floor and is expected to take occupancy in the first quarter of 2018. The construction of Corrigan Station involved the redevelopment of the historic 10-story Corrigan Building and a new adjacent parking structure, which was..
BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Belvidere Plaza in Belvidere, about 13 miles east of Rockford, for $1.5 million. The 28,094-square-foot property is located at 342-390 W. Chrysler Drive. Anchored by Family Dollar, the retail center houses a mix of local and national tenants. Chad Firsel of Quantum represented the seller, a Michigan-based property owner. Jack Farritor of Quantum represented the buyer, private real estate investors based in..
WHEELING, ILL. — Millennium Properties R/E has brokered the sale of a 30,000-square-foot industrial warehouse in Wheeling for $1.4 million. The property, located at 140 Shepard Ave., is fully leased to multiple tenants. The building features 14-foot ceilings, two docks and 10 drive-in doors. Brad Thompson and Chet Evans of Millennium brokered the sale. Neither the name of the buyer nor the seller was disclosed.
The Detroit metropolitan area has experienced significant economic growth in recent years, fueled by a strengthening auto industry as well as the continued diversification of the local employment landscape. The hotel sector is benefitting from existing employers expanding operations locally and new entrants to the market. The Big Three automakers continue to invest in the region, while companies like e-commerce giant Amazon.com Inc. are building large warehouse facilities. [caption..
MILWAUKEE — Associated Bank has provided $20.6 million in total equity and $11.5 million in construction and bridge financing for the development of three affordable housing projects in Wisconsin spanning 130 units. Built in 1912, the former Washington School in Sheboygan, Wis., is on the National Register of Historic Places. The building will be converted into a two-story apartment community with 42 units known as Washington School Apartments. A three-story historic school building..
FENTON, MO. — BJC HealthCare’s Clinical Asset Management Division and CoreLink have signed industrial leases totaling 150,000 square feet at Fenton Logistics Park, on the site of the former Chrysler plant in Fenton. Starting in January 2018, BJC will occupy 80,000 square feet in Building I. The 160,000-square-foot facility was completed in May. CoreLink, which designs and manufactures precision surgical instruments and implants, will occupy 67,000 square feet in Building II upon completion..
KALAMAZOO, MICH. — CBRE has arranged a $31 million Freddie Mac loan for the refinancing of Candlewyck Apartments in Kalamazoo. The 487-unit apartment property is located at 132 Candlewyck Drive. Jason Brown and Dan Gable of CBRE arranged the loan on behalf of Zidan Management Group. The loan features a fixed rate of 4.13 percent and is amortized over 30 years. The borrower received an interest rate reduction from Freddie Mac in exchange for a commitment to invest approximately $225,000 in..