DETROIT — Love Funding has secured a $7 million HUD 223(f) loan for the refinancing of Central Towers Apartments in Detroit. The affordable seniors housing property features 232 units within two buildings. David Strachan and Bruce Gerhart of Love Funding secured the 35-year loan. Financing proceeds will be used to pay off current debt, complete repairs and fund the reserve account.
KANSAS CITY, MO. — Hunt Mortgage Group has provided a $5 million Freddie Mac small balance loan for the acquisition of Holly Ridge Townhomes in Kansas City. The 54-unit apartment property consists of 27 three-story townhome buildings. Built in 2007, the property is currently 94 percent occupied. The 10-year loan features a 30-year amortization schedule. PI Holly Ridge LLC was the borrower.
PRAIRIE DU SAC, WIS. — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have acquired the Sauk Prairie medical office building in Prairie du Sac near Madison for $19.5 million. Built in 2014, the 55,000-square-foot building is currently fully leased to multiple healthcare service providers. Sauk Prairie Healthcare occupies 59 percent of the property, which is connected to the 36-bed Sauk Prairie Hospital. Chris Bodnar and Lee Asher of CBRE represented the seller, Sauk Prairie MOB LLC. As of this acquisition, the REIT has purchased a portfolio of 43 medical office buildings, seniors housing facilities and skilled nursing facilities for an aggregate contract purchase price of approximately $508 million.
ROMEOVILLE, ILL. — Principle Construction Corp. has broken ground on a 43,227-square-foot, speculative office development in Romeoville, about 30 miles southwest of Chicago. Known as the OWL 3 Spec Office, the property is located at 1250 Windham Parkway. The project, slated for completion this October, will be able to accommodate 10 tenants. This will be the first LEED-certified office building in Romeoville, according to Principle. The project is being developed in partnership with Lakeview Realty Investors LLC. SKJN Architeckten is providing architectural services.
CHICAGO — Cresset Partners, the private investment affiliate of Cresset Wealth Advisors, has purchased Wells Place in the heart of Chicago’s South Loop for an undisclosed price. The 84-unit apartment community is located at 837 and 839 S. Wells St. The property features a mix of one- and two-bedroom units with in-unit washers/dryers and private patios. The seller was not disclosed.
KANSAS CITY, KAN. — Marcus & Millichap has brokered the sale of a 10,000-square-foot property net leased to Fortiline Waterworks in Kansas City. The sales price was not disclosed. Fortiline is a wholesale distributor of underground water, sewer and storm utility products. The property, built in 2017 as a build-to-suit for Fortiline, is located at 330 S. 59th Lane on a four-acre lot. Patrick Doherty, Douglas Diffie, David Houston, Bruce Bentley III and Scott Ryan of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. An individual trust purchased the asset.
CHICAGO — The Boulder Group has arranged the sale of a single-tenant property, net leased to Fresenius Medical Care in Chicago, for $4.4 million. The 9,396-square-foot building is located at 9924 S. Vincennes Ave. Fresenius, which provides renal services via its dialysis facilities, has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A West Coast-based real estate investment firm was the buyer.
ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …
SUZHOU, CHINA — Designed by Chicago-based Goettsch Partners and developed by Tishman Speyer, a large mixed-use development known as The Summit has opened in Suzhou, China. The city is located in the southeastern Jiangsu Province of East China with a population of 4.3 million people. On the north parcel, a 16-story building features four floors of retail space and 12 floors of office space. On the south parcel, a 39-story building features four levels of retail space, 16 levels of office space and 17 levels of residential space. A bridge connects the two-building mixed-use complex, which spans 1.6 million square feet. The project is certified LEED Gold and features direct connection to mass transit. This is the 14th project that Goettsch Partners has completed in Suzhou.
ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.