Midwest

L. Mason Capitani CORFAC International Brokers Sale of 30,760 SF Office Property in Troy, Michigan

by Kristin Harlow July 14, 2017

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 30,760-square-foot office property in Troy. Built in 2004, the multi-tenant building is located at 2150 Butterfield Drive. This is the sixth property acquisition in the Detroit area for California-based LSTC Michigan LLC. Mason L. Capitani represented both the buyer and seller, Wilson Real Estate II LLC. He will also continue to oversee leasing at the property for the new owner under the property’s new name, Butterfield Park Place. The final sales price was not disclosed, but the asking price was $3.99 million.

July 14, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Hospitality Illinois Midwest

MDG Sells Hyatt Centric Hotel in Chicago for $110M

by Kristin Harlow July 13, 2017

CHICAGO — Murphy Development Group (MDG) has sold its Hyatt Centric the Loop Chicago Hotel to Germany-based Deka Immobilien for $110 million in a long-term sale-leaseback agreement. The four-star Hyatt Centric is a full-service lifestyle brand designed for business and leisure travelers. MDG developed the 257-room hotel in 2015, which includes French restaurant Cochon Volant and rooftop bar AIRE. Integrated Clark Monroe, an affiliate of MDG, will maintain a long-term franchise agreement with Hyatt Hotels Corp. Jaime Fink and Jeff Bramson of HFF brokered the transaction, which amounts to $428,000 per room.

July 13, 2017

Midwest Missouri Mixed-Use

Alterra Worldwide Purchases Jefferson Arms Building in St. Louis, Plans $104M Renovation

by Kristin Harlow July 13, 2017

ST. LOUIS — Alterra Worldwide has purchased the historic Jefferson Arms building located at 401-415 N. Tucker Blvd. in downtown St. Louis. The company has also unveiled a $104 million renovation plan, which includes 240 apartments, a 220-room AC Marriott-branded hotel and commercial space with restaurants, retail and offices. Built in 1904 in anticipation of the first World’s Fair, the 520,000-square-foot Jefferson Arms development is a short walk from the Cardinals’ Busch Stadium, America’s Center Convention Complex, Keiner Plaza and the historic, newly renovated Arch Grounds. Amenities at the apartments will include a fitness and yoga studio, art room, music room, cinema room, karaoke room, community room, tanning salon and business center. Numerous floor plans will accommodate a variety of needs. The 18,603 square feet of commercial space located on the first floor will feature retail and restaurant space. The three restaurants include a motorcycle-inspired cafe called Motopia Café, a French and Belgian bistro called Mademoiselle Colette Brasserie, as well as George & Eddie’s Diner, serving classic comfort foods such as burgers, milkshakes and homemade pies. Additionally, the existing ballroom will be converted into a creative office space. Aimbridge Hospitality will operate the hotel and Merriman Anderson Architects will serve as …

July 13, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $18M in Loans for Recapitalization of Multifamily Portfolio in Indiana

by Kristin Harlow July 13, 2017

INDIANAPOLIS AND LAFAYETTE, IND. — CBRE Group Inc. has arranged $18 million in loans for the recapitalization of a three-property multifamily portfolio in Indiana. The loan proceeds will enable the borrower to reinvest in the assets. All three loans feature 10-year terms, 30-year amortization schedules and one year of interest-only payments. CBRE arranged a $4.9 million loan for South Haven Village, located at 1542 Citrin Place in Indianapolis. A $6.4 million loan was arranged for Georgetown South and a $6.8 million loan for Village Square Apartments, both located in Lafayette, about 60 miles northwest of Indianapolis. Dan Gable and Jason Brown of CBRE arranged the loans with Starwood Mortgage Capital on behalf of Michael James and James Management Group.

July 13, 2017

Indiana Industrial Midwest

HSA Commercial Negotiates 55,000 SF Industrial Lease in Suburban Indianapolis

by Kristin Harlow July 13, 2017

PLAINFIELD, IND. — HSA Commercial has negotiated a 55,000-square-foot industrial lease for Kuehne + Nagel at Gateway Business Park in Plainfield, a southwest suburb of Indianapolis. The Switzerland-based global logistics provider will occupy the space within the new Gateway Industrial IV building, constructed in early July. The 151,220-square-foot distribution center is located at 845 S. Columbia Road. The company currently occupies 160,230 square feet in a separate building at the business park. Gateway Industrial IV is the fifth and final building at the park developed by HSA Commercial in partnership with Boston-based Washington Capital Management. The building features 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for the remaining 95,720 square feet at Gateway Industrial IV. Mark Writt and Daniel Rose of CBRE represented Kuehne + Nagel in the lease transaction. Meyer Najem is the general contractor for the project, while KJG Architecture provided design services. The PrivateBank provided the project financing.

July 13, 2017

Illinois Midwest Office

Marcus & Millichap Arranges $4M Sale of Office Building in Chicago

by Kristin Harlow July 13, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 14,400-square-foot office building in Chicago for $4 million. The property is located at 60 W. Superior St. in the River North neighborhood. The sale presents a redevelopment opportunity, according to Marcus & Millichap. Alper Services, the seller, currently occupies the building. Centrum Realty & Development purchased the property. Kyle A. Stengle and Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

July 13, 2017

Illinois Midwest Multifamily

Interra Brokers $16.2M Sale of Condominium Deconversion in Chicago

by Kristin Harlow July 12, 2017

CHICAGO — Interra Realty has brokered the sale of a 101-unit condominium property in Chicago for $16.2 million. The sale of the property is a deconversion to rental units. The building, which consists of 63 one-bedroom units and 38 studio units, is located at 732 W. Bittersweet Place in the Buena Park neighborhood. The purchase price amounts to $160,742 per unit. Patrick Kennelly, Joe Smazal and Paul Waterloo of Interra represented the buyer, Skiritai Bittersweet LLC. Kennelly and Waterloo, along with Interra’s Jon Morgan and David Goss, represented the condominium association. The deconversion occurred because of the high percentage of rentals in the building and the rising rental rates in Chicago, according to Interra. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner.

July 12, 2017

Midwest Ohio Retail

Round 1 Signs 50,000 SF Retail Lease at Great Lakes Mall in Mentor, Ohio

by Kristin Harlow July 12, 2017

MENTOR, OHIO — Round 1, a family entertainment center, has signed a 50,000-square-foot retail lease at Great Lakes Mall in Mentor, about 25 miles northeast of Cleveland. Washington Prime Group Inc. owns the mall. Round 1 will anchor the $15 million redevelopment project and replace a former Dillard’s Men’s store. Earlier this year, Dillard’s consolidated its department stores at the mall into one space. This will be the first Round 1 location in Ohio. Round 1 offers bowling, karaoke, ping-pong, arcade games and dining. Washington Prime Group also plans to create a restaurant space adjacent to Round 1.

July 12, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing Loan for Apartment Property in Bellevue, Nebraska

by Kristin Harlow July 12, 2017

BELLEVUE, NEB. — NorthMarq Capital has arranged a $7.1 million Freddie Mac loan for the refinancing of Summit South Apartments in Bellevue, a southern suburb of Omaha. The apartment property, constructed in late 2016, consists of 75 units. Jason Kinnison of NorthMarq arranged the loan.

July 12, 2017

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