CHICAGO — The Community Builders has completed development of Canvas at Leland Plaza, a $44 million affordable housing property in Chicago’s Lincoln Square neighborhood. The equitable transit-oriented development (ETOD) features 63 units with commercial space, outdoor seating and parking. The Chicago Housing Authority (CHA) is providing funding for 16 of the units through its project-based voucher program, representing an investment of more than $13.3 million over the next 30 years. Amenities at the property include package and bike rooms, storage space, a resident lounge and terrace. Financial partners include the City of Chicago, the CHA, CIBC, Stratford Capital Group, Benefit Chicago and ComEd. DesignBridge was the architect, and Leopardo Cos. and KMW Communities served as general contractors.
FARGO, N.D. — Gindi Equities has acquired Amber Crossing Apartment Homes in Fargo for an undisclosed price. The 117-unit multifamily community is situated at 5170 Amber Valley Parkway. Property Resources Group was the seller. The transaction marks Gindi’s third investment in the Fargo market. Gindi plans to make interior refurbishments, such as updating kitchen and bathroom features as well as revamping common spaces and outdoor amenities. Constructed in 2002, Amber Crossing features one- to three-bedroom units and is located just off I-29.
REYNOLDSBURG, OHIO — Laurel Real Estate Co. has arranged the sale of the Days Inn Columbus East Airport hotel in Reynoldsburg for an undisclosed price. Lauren D’Souza-Faze of Laurel Real Estate represented the undisclosed seller. The buyer was a first-time hotelier based outside of the United States. Located at 2100 Brice Road, the property features 152 units as well as an outdoor pool, meeting space and full bar and restaurant. Scientific Capital arranged acquisition financing.
CHILLICOTHE, MO. — Crossland Construction Co. has broken ground on the new 11,600-square-foot police department headquarters for the City of Chillicothe, located in northern central Missouri. Hoefer Welker designed the facility, which is located at 624 Cherry St. The new headquarters replaces the existing police station. Upon completion, the building will feature spacious training facilities to support officer development as well as private and open office areas. Officer resource areas will be complete with mailboxes, copy machines, radio charging stations and space for evidence processing and storage. To enhance safety, the property will feature a fully enclosed sallyport, which provides direct access to the station and holding areas. There will be dedicated space for taking public reports and conducting private interviews as well as advanced communication technologies integrated throughout. Staff will have access to an exercise room, outdoor patio space, quiet room and communal break room. Additional project partners include BHC Engineering, J&S Structural Engineers and Landworks Studio.
CINCINNATI — Noble Chicken, a new fast-casual restaurant concept from the creators of Wings and Rings, is set to open its flagship location in Cincinnati in March. The idea for Noble Chicken began in 2019 as an entry into a local wing competition in Cincinnati. The concept evolved via a ghost kitchen and a licensed, non-traditional food court location that opened in 2020. Noble Chicken is now backed by a franchise with over 40 years of experience in growing restaurants and supporting franchisees. In addition to chicken sandwiches, tenders and wings, Noble Chicken’s menu includes Nashville hot slaw, hatch chile queso mac & cheese, hush puppies and carnival-inspired deep-fried cookie dough. All main and side items are designed with portions significantly larger than those found at competitors. For franchisees, the initial investment ranges from $449,750 to $698,342. Restaurant sizes range from roughly 1,400 to 1,800 square feet. The brand is targeting growth in the Midwest, South and Southwest, with immediate focus on Ohio, Indiana, Kentucky, Florida and Texas.
INDIANAPOLIS — Cronheim Hotel Capital has provided a $30 million loan to finance the recently converted 128-room Aloft Indianapolis Downtown hotel. The borrower, Everwood Hospitality Partners, converted the historic Stock Yards Bank & Trust Co. office building into the hotel. Beau Williams of Cronheim originated the loan. The asset is within walking distance of the Indiana Convention Center, Lucas Oil Stadium, Gainbridge Field and Monument Circle.
CHICAGO — Greenstone Partners has brokered the sale of 821 W. Eastman, a 23,150-square-foot multi-tenant property in Chicago’s Lincoln Park neighborhood. The British International School of Chicago anchors the building, occupying 65 percent of the rentable square footage with 17 years remaining on its lease. Other tenants include Bright Horizons, a provider of early education that has occupied the space since 2007, and Hill Family Pet Care, which offers daycare, boarding, grooming and training services. Danny Spitz of Greenstone represented the seller and procured the buyer, a partnership between Honore Properties and Peerless Development.
TROY, MICH. — L. Mason Capitani/CORFAC International has negotiated the sale of a 70,000-square-foot office building in Troy for an undisclosed price. The three-story property is located at 950 Stephenson Highway with convenient access to I-75. Amenities include ample parking, onsite property management, day porter service, shared conference rooms, a shared common area kitchen and an auditorium on the first floor. Robert Gojcaj of L. Mason Capitani represented the buyer, which plans to undertake cosmetic improvements.
MINNEAPOLIS — Meyer Borgman Johnson has signed a long-term office lease to occupy the 20th floor of RSM Plaza in Minneapolis. The multi-specialty structural design practice plans to move its corporate headquarters into the 12,277-square-foot space on June 1. Trinette Wacker and Reed Christianson of Transwestern Real Estate Services represented the owner, Golub & Co. Jeffrey LaFavre and Zach Synstegaard of IAG Commercial represented the tenant, which maintains seven offices across the U.S. and is relocating from 510 Marquette Ave. RSM Plaza, a 416,000-square-foot office tower, underwent a $10 million renovation in 2018 that revitalized the lobby and added amenities such has The Perch Lounge, The Pocket Park and conferencing and collaborative meeting spaces. The property is home to 801 Chophouse and 8th Street Grill & Taphouse.
SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a multifamily portfolio comprised of 112 units across four properties in Michigan’s “Thumb Region.” Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization. The portfolio features a mix of studio to three-bedroom units and is located near the Lake Huron shoreline.
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