Indiana

GARY, IND. — Colliers Mortgage has provided a $14.5 million Fannie Mae loan for the refinancing of Gary NSA I & II Apartments in Gary, a city in Northwest Indiana. Constructed between 1914 and 1928, the affordable housing property features 249 units across 14 buildings. The community is covered entirely by a HUD rental Housing Assistance Payments (HAP) contract throughout the loan term. The 10-year loan features a 30-year amortization schedule. An entity doing business as Gary NSA I & II Housing LLC was the borrower.

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FREMONT, IND. — Marcus & Millichap has arranged the $4.9 million sale-leaseback of a 129,920-square-foot industrial building in Fremont, a city in northeast Indiana that is a few miles south of the Michigan state line. Koester Metals Inc. (KMI) occupies the property, which is located at 301 W. Water St. and was built in 1975. Nikalos Beery, Joseph DiSalvo and Forest Bender of Marcus & Millichap represented KMI in the transaction. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap secured and represented the buyer, a limited liability company.

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FORT WAYNE, IND. — Caliber Collision and Starbucks have signed leases to open at Southtown Centre in Fort Wayne. Caliber Collision will open a store at 7851 Southtown Crossing, marking its second location in Fort Wayne. Starbucks will lease a 2,225-square-foot building set to be constructed later this year at 7800 S. Anthony Blvd. Barry Sturges, Neal Bowman and Phil Hagee of Sturges Property Group represented Caliber Collision. Sturges worked with the Fort Wayne Redevelopment Commission and the developer, The Elia Group, on the Starbucks deal.

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FORT WAYNE, IND. — BMO Harris Bank’s healthcare real estate finance group has provided an $18.2 million loan for the acquisition of a 58,000-square-foot medical office building in Fort Wayne. The property is fully leased. Lutheran Health Network, an affiliate of Community Health Systems, is the anchor tenant. Caddis was the borrower. Loan terms were not released.

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The United States has been experiencing a housing crisis for years, one that is perpetuated by the COVID-19 pandemic. Whether it’s a lack of affordable housing properties for low-income families, a steady increase in housing prices over the years or exponentially high demand for new homes, the U.S. housing market within the past decade has been a wild ride.  Indianapolis growth  In the heart of Indiana, we’re seeing a hopeful trend. Indianapolis (Indy) was ranked as the fourth best housing market positioned for growth in 2022. A variety of factors could contribute to this distinction. For one, Indy is a thriving city and centrally located — not just within the state, but in the U.S. It’s home to two professional sports teams, and recently named one of the best cities for creating tech jobs by Forbes, with Fortune 500 corporations like Eli Lilly and Salesforce headquartered throughout the vibrant downtown. Marquee universities such as IUPUI, Butler and IU Medical School also bring more jobs into the fold. The 2020 Census found that metropolitan areas like Indianapolis are at the forefront of the state’s growth. Marion County remains the most densely populated county with more than 950,000 residents. Currently, the average …

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MICHIGAN CITY, IND. — Flaherty & Collins Properties has formed a partnership with Michigan City and the Northern Indiana Commuter Transportation District (NICTD) for the development of an $80 million apartment project. Located in Northwest Indiana, Michigan City is situated on the south shore of Lake Michigan. With a placeholder name of 11th Street Central, the 12-story project will feature a new train station for the South Shore Line stop at 11th Street. It will also include 208 luxury apartment units, more than 10,000 square feet of commercial space and a 558-space parking garage. A $649 million double track improvements project is expected to shorten the commute from Michigan City to downtown Chicago to 67 minutes, according to Michael Noland, president of South Shore Line. “With the additional trains that will be added and the reduction in travel time to and from Chicago, we expect to more than triple our daily ridership out of Michigan City,” he says. A first for the greater Chicago metropolitan region, the project is a joint development as defined by the Federal Transit Administration (FTA). An FTA joint development enables a private developer to undertake a public responsibility — in this case, the construction of …

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JEFFERSONVILLE, IND. — Mumford Co. has negotiated the sale of the Sheraton Louisville Riverside Hotel in Jeffersonville, just north of Louisville along the Ohio River. The 180-room hotel rises 10 stories. Affiliates of Sotherly Hotels Inc. sold the property to Riverside Hotel LLC, a partnership of two multi-unit hotel ownership groups with holdings across the eastern half of the U.S. The buyer plans to continue operating the hotel under the Sheraton brand and undertake a renovation program. Our Town Hospitality will be retained as property manager. David Mumford, Burton Brooks and George Arvanitis of Mumford Co. brokered the transaction.

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FORT WAYNE, IND. — Swiss Re, a provider of reinsurance and insurance, has signed a 24,772-square-foot lease to occupy the second and third floors of The Riverfront at Promenade Park in Fort Wayne. The office property is still under development but is slated for completion by the end of the year. Swiss Re will relocate its regional office, which employs nearly 200 people, from 1670 Magnavox Way in Fort Wayne. Brad Sturges, Neal Bowman and Philip Hagee of Sturges Property Group represented the undisclosed developer.

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ILLINOIS, INDIANA AND WISCONSIN — Ryan Cos. US Inc. has completed three new healthcare facilities in the Midwest. The properties include Edward-Elmhurst Health Center in Woodridge, Ill.; U.S. Department of Veterans Affairs community-based outpatient clinic in Brownsburg, Ind.; and Froedtert & the Medical College of Wisconsin Community Hospital in Mequon, Wis. The Woodridge facility rises two stories and spans 36,100 square feet at the southwest corner of Route 53 and 75th Street. The property includes offices for primary care physicians and specialists. Additional services include a walk-in clinic, behavioral health, physical therapy, laboratory and diagnostic imaging. The Brownsburg facility is located just west of Indianapolis. The clinic provides primary care and specialty services such as mental health, orthopedics, podiatry, neurology, cardiopulmonary, women’s health, blood draw, optometry, audiology, radiology, prosthetics and physical therapy to veterans. The building also houses a pharmacy, meeting spaces for 175 staff members, food services, a chem lab, training classroom, locker rooms and police services. Lantz-Boggio Architects served as architect. The 17,000-square-foot hospital in Mequon is located across the street from the 89,300-square-foot Froedtert Mequon Health Center that Ryan developed in 2017. The suburban Milwaukee facility will house eight inpatient beds, a seven-bed emergency department, laboratory, pharmacy …

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Hobbs-Station-Plainfield-Indiana

PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. Phase I of the project will consist of 300 apartments with 30,000 square feet of street-level commercial space, 99 single-family homes and 500,000 square feet of logistics space. The industrial component will be known as Terminus at Hobbs Station. Phase I’s residential amenities will include a pool, fitness center, remote workspaces, a pet washing facility and various open green spaces. As part of the project, the development team is investing in local infrastructure, including a two-mile extension of the Vandalia Trail across the southern boundary of the site. The trail network will connect to a public park with pickleball courts, a playground and space for festivals and events. Additional planned infrastructure improvements include new sidewalks, landscaping, hardscaping, utilities, stormwater facilities roads and parking. Construction of Phase I is slated to begin this summer. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and …

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