MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.
FORT WAYNE AND SOUTH BEND, IND. — KeyBank Real Estate Capital has provided two first mortgage loans totaling $12.6 million for the acquisition of a two-property manufactured housing portfolio in northern Indiana. Both transactions were arranged through Freddie Mac. KeyBank provided a $6.4 million loan for the acquisition of Countryside Village at Fort Wayne, a 295-pad manufactured housing community (MHC) located in Fort Wayne. KeyBank also provided a $6.2 million loan for the purchase of Countryside Village at South Bend, a 276-pad MHC located in South Bend. Both properties were constructed in 1977. Timothy Weldon of KeyBank arranged the 10-year loans, which include 30-year amortization schedules. The borrower was not disclosed.
MUNSTER, IND. — Vista Capital Co. has arranged a $9.3 million loan for the refinancing of the Hampton Inn & Suites in Munster. Opened in 2004, the 91-room hotel is located 25 miles from Chicago. A European-based investment bank provided the 10-year loan. The borrower was not disclosed.
INDIANAPOLIS — Huff, Niehaus & Associates Inc. has brokered the sale of the Holiday Inn Express Indy NW-Park 100 in Indianapolis for $6 million. Park Property Investments LLC purchased the 121-room hotel, with plans to convert the property into a Best Western Plus by the end of the year. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller in the transaction.
SOUTH BEND, IND. — Dougherty Mortgage LLC has arranged a $6.3 million Fannie Mae loan for the refinancing of Legacy Village at Notre Dame. The 14-unit student housing property is located in South Bend. The 12-year loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending. RWD Campus Developments LLC was the borrower.
INDIANAPOLIS — Electronics and home appliances retailer hhgregg’s Inc.’s decision last week to close 88 stores — or roughly 40 percent of its total outlets — and three distribution facilities over the next two months came in the wake of a rough financial stretch for the company. Net sales decreased 23.7 percent on a year-over-year basis during the company’s most recent fiscal quarter, which ended Dec. 31, 2016, and the gross operating margin declined 4.1 percent. The net loss for the quarter was roughly $58.3 million, despite the fact that this period encompassed the holidays. The company was recently delisted from the New York Stock Exchange for failing to meet minimum requirements. Most commonly, delisting occurs when a security trades below $1 per share for 30 consecutive business days; hhgregg had not closed at or above this level since Jan. 9 of this year As a supplier of consumer goods that span several different sectors, hhgregg has been hit equally hard by the rising popularity of e-commerce and competition from other multichannel retailers like Walmart and Home Depot, both of which have enjoyed upward-trending stock prices throughout the year’s early stages. Its electronics division, in particular, was hit hard by this …
GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
BLOOMINGTON, IND. — FM Capital has acquired a 408-bed student housing portfolio near Indiana University. The purchase price was not disclosed. The portfolio consists of five buildings adjacent to campus and downtown Bloomington. FM Capital plans to upgrade the properties with amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.
INDIANAPOLIS — Dougherty Mortgage LLC has arranged a $26.6 million Fannie Mae loan for the acquisition of Coppertree Apartments, a 772-unit multifamily property located in Indianapolis. The property was built in 1969 and renovated in 2012. The seven-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office for the borrower, Tanglewood Apartments LLC.
ELKHART, IND. — Marcus & Millichap has negotiated the sale of two manufactured home communities in Elkhart, 15 miles southeast of South Bend, for $24.4 million. Together, Parke Place Estates and Boardwalk Retirement Community feature 559 homesites on 155 acres. The properties are located at 2231 Osolo Road. Jonathon McClellan, Kyle Baskin and Michael DiCillo Jr. of Marcus & Millichap represented the undisclosed seller and procured the buyer, UMH Properties Inc.