Midwest

KeyBank Originates $39.5M Construction Financing for Affordable Housing Project in Minnetonka, Minnesota

by Kristin Harlow November 13, 2018

MINNETONKA, MINN. — KeyBank Real Estate Capital has originated $39.5 million in construction financing for Legends of Minnetonka, an affordable housing property in Minnetonka. The project will consist of six stories and 262 age-restricted units. All of the units will be restricted to those earning up to 60 percent of the area median income. KeyBank provided a $32.4 million Freddie Mac tax-exempt loan and a taxable tail of $7.1 million. Jeff Rodman of KeyBank originated the fixed-rate financing. Upon conversion, the permanent loan will have a 15-year term and a 35-year amortization schedule.

November 13, 2018

Acquisitions Industrial Midwest Missouri

Marcus & Millichap Brokers $14.8M Sale of Industrial Building in Hazelwood, Missouri

by Kristin Harlow November 13, 2018

HAZELWOOD, MO. — Marcus & Millichap has brokered the $14.8 million sale of a 261,380-square-foot industrial building in Hazelwood, a northwest suburb of St. Louis. Located at 8840-8850 Pershall Road, the property was originally built as a Pillsbury baking facility before being converted to a food production facility housing two different tenants. Claire Roberts of Marcus & Millichap secured the buyer, St. Paul Properties. Bradley Barham assisted in closing the transaction. The seller was not disclosed.

November 13, 2018

Industrial Leasing Activity Michigan Midwest

ABC Supply Signs 50,000 SF Industrial Lease in Chesterfield Township, Michigan

by Kristin Harlow November 13, 2018

CHESTERFIELD TOWNSHIP, MICH. — ABC Supply Co. has signed a 50,000-square-foot industrial lease in Chesterfield Township, about 35 miles north of Detroit. The property is located at 50405 Patricia St. The construction supply company specializes in roofing, windows, gutters and siding for both residential and commercial buildings. The company is relocating from a smaller facility in Macomb Township. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International represented the undisclosed landlord.

November 13, 2018

Acquisitions Industrial Kansas Midwest

Colliers Negotiates Sale of 46,748 SF Industrial Property in Olathe, Kansas

by Kristin Harlow November 13, 2018

OLATHE, KAN. — Colliers International has negotiated the sale of a 46,748-square-foot industrial building in Olathe for an undisclosed price. The property is located at 220 N. Mahaffie St. John Stafford of Colliers represented the seller, Steven Rogers. Chimney Corner Investments LLC purchased the asset. Tenants were not disclosed.

November 13, 2018

Leasing Activity Michigan Midwest Office

Google Opens 30,000 SF Office at District Detroit

by Kristin Harlow November 12, 2018

DETROIT — Google has opened its first Detroit office at The District Detroit, which is linked to Little Caesars Arena. Approximately 100 employees will work out of the 30,000-square-foot, two-floor office, which is located at 52 E. Henry St. Designed by Detroit-based architecture firm SmithGroup, the office features interior décor showcasing the history and landmarks of the Motor City. The space also includes workout amenities and kitchens. Google will join the Detroit Red Wings, Olympia Entertainment and 313 Presents as tenants in the office space adjacent to the arena. More than 600 employees work for Google in the state of Michigan. The District Detroit is a $1.4 billion project undertaken by Olympia Development.

November 12, 2018

Loans Michigan Midwest Multifamily

Greystone Provides $46.5M Refinancing for Two Multifamily Properties in Suburban Detroit

by Kristin Harlow November 12, 2018

NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.

November 12, 2018

Development Illinois Midwest Multifamily

Holland Construction Breaks Ground on $34M Apartment Community in Edwardsville, Illinois

by Kristin Harlow November 12, 2018

EDWARDSVILLE, ILL. — Holland Construction Services has broken ground on a $34 million apartment community known as Whispering Heights in Edwardsville, located near St. Louis. Fireside Financial is the developer. The community will feature two six-story buildings with a total of 153 luxury units. The development will also include 18,000 square feet of retail and restaurant space. Additional features include a fitness center, business center and rooftop amenity deck with grilling stations, fire pits and a bar area. Completion is slated for fall 2019. Gray Design Group is the project architect. David Garfinkel of NorthMarq Capital arranged a $21.8 million construction loan for the project through Illinois National Bank.

November 12, 2018

Development Illinois Midwest Office

Skender Begins Interior Construction of Vital Proteins Headquarters in Chicago’s Fulton Market

by Kristin Harlow November 12, 2018

CHICAGO — Skender is underway with the interior construction of the future 40,000-square-foot headquarters for Vital Proteins, a retailer of health supplement products. The company is assuming full occupancy of the four-story building at 939 W. Fulton St. and relocating 130 employees from its current office at 1201 W. Washington Blvd. The company’s new space will include open office workstation areas as well as private offices and conference rooms, two reception areas and a large café. The interior design will retain the historic building’s high ceilings, exposed brick walls and wood floors. Completion is slated for July 2019. SCB and JLL are project partners.

November 12, 2018

Loans Midwest Retail Wisconsin

Mag Mile Capital Arranges $1.6M Loan for Refinancing of Retail Property in Green Bay

by Kristin Harlow November 12, 2018

GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.

November 12, 2018

Acquisitions Midwest Minnesota Office Wisconsin

R2, Skydeck Acquire 11-Building Office Portfolio in Minneapolis, Milwaukee

by Kristin Harlow November 9, 2018

MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.

November 9, 2018

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