REBusinessOnline

Walker & Dunlop Arranges $48.3M Bridge Loan for Apartment Property in Suburban Grand Rapids

GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy …

Hunt Real Estate Capital Provides $26.8M Refinancing for Four Multifamily Properties in Wisconsin

PLEASANT PRAIRIE, WIS. — Hunt Real Estate Capital has provided four Freddie Mac small balance loans totaling $26.8 million to refinance four multifamily properties in Pleasant Prairie. The properties, totaling 202 units, include Fountain Ridge II through V. The borrower, Jeff Marlow, purchased the land for all four properties in September 2016 and completed construction in 2018. All properties are currently fully occupied. The 10-year, fixed-rate loans feature 30-year amortization

Four Retail Tenants Sign Leases at Apartment Complex Nearing Completion in Chicago

CHICAGO — Fifield Cos. has signed leases with three restaurants and one retailer to occupy ground-floor space at its Logan Apartments in Chicago. Big Wig Tacos, Jersey Mike’s Subs, K-Fire Korean BBQ and Verizon will occupy a combined 6,800 square feet. Target previously leased 27,000 square feet at the new complex and will serve as the anchor retail tenant. The 220-unit Logan Apartments is slated to open in spring 2020. It is situated on the site of the former Mega Mall in the Logan Square …

Cushman & Wakefield | Boerke Negotiates $2.7M Sale of Retail Center in Wisconsin

GRAFTON, WIS. — Cushman & Wakefield | Boerke has negotiated the $2.7 million sale of Creekside Plaza in Grafton, about 25 miles north of Milwaukee. The 11,823-square-foot retail center is located at 2225 W. Wisconsin Ave. It is fully leased to Athletico, Country Financial, H&R Block, Pizza Hut, Royal Nails and Sherwin-Williams. John Kuhn, David Tighe, Matthew Medvecz and Daniel McBride of Cushman & Wakefield | Boerke brokered the sale. Coastal Partners LLC sold the asset to an …

Marcus & Millichap Brokers $1.7M Sale of Building Net Leased to NAPA Auto Parts in Columbus

COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of a 7,776-square-foot building net leased to NAPA Auto Parts in Columbus for $1.7 million. Dan Yozwiak and Nathan Coe of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Blatner of Marcus & Millichap represented the out-of-state, 1031 exchange buyer. The tenant recently completed an early extension on its

Sears to Close 96 More Stores by February 2020

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since …

Two Longtime Real Estate Professionals Launch New Development Company With 230,000 SF Technology Park in Ann Arbor

ANN ARBOR, MICH. — Cameron McCausland and Joe Vig have formalized their longtime development, construction and property management relationship with the formation of Portage Capital Partners. The company has unveiled its first project, a 230,000-square-foot life sciences and technology park in Ann Arbor. Known as The Tech [email protected] Arbor Research Park, the speculative project will be situated on 16.5 acres near I-94 and State Street. The first phase will consist of a 79,000-square-foot …

McShane to Build 259-Unit Multifamily Community in Warrenville, Illinois

WARRENVILLE, ILL. — McShane Construction Co. has been selected by Atlantic Residential to build a 259-unit multifamily community in Warrenville, a suburb of Chicago. Known as Everton Flats, the seven-building property will comprise sustainable features such as solar panels and LED lighting. Amenities will include a pool, grilling area, lounge and playground. Floor plans will range from studios to two-bedroom units. Completion is slated for summer 2021. HKM is the project

Uber Capital Group Arranges $12.5M Acquisition Loan for Chicago Mall

CHICAGO — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the …

Upland Negotiates $8.9M Sale of Walgreens-Occupied Property in Minnesota

ROBBINSDALE, MINN. — Upland Real Estate Group Inc. has negotiated the $8.9 million sale of a single-tenant retail property occupied by Walgreens in Robbinsdale, about seven miles northwest of Minneapolis. Walgreens has a triple net lease with more than 16 years remaining. The property is situated at the corner of West Broadway and 41st avenues. Buyer and seller information was not

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