Midwest

KeyBank Provides $14.9M Acquisition Financing for Affordable Housing Properties

by Kristin Harlow February 12, 2018

CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the loans on behalf of the borrower, Harmony Housing, which is a nonprofit organization dedicated to providing safe and clean affordable housing throughout the United States.

February 12, 2018

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 36,203 SF Industrial Building in Sussex, Wisconsin

by Kristin Harlow February 12, 2018

SUSSEX, WIS. — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 36,203-square-foot industrial building in Sussex, about 19 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Main Street. Sussex Crossings LLC purchased the asset from Rosenow Creek LLC. Nick Keys and Zach Noble of the Dickman Co. brokered the transaction. Three units are currently available for lease at the property.

February 12, 2018

Loans Midwest Office Wisconsin

Walker & Dunlop Arranges $80M Loan for Refinancing of Office Tower in Downtown Milwaukee

by Kristin Harlow February 9, 2018

MILWAUKEE — Walker & Dunlop Inc. has arranged an $80 million non-recourse loan for the refinancing of 833 East Michigan in downtown Milwaukee. The 359,000-square-foot, Class A office tower, which opened in 2016, is one of the newest additions to the city’s skyline. The property is situated adjacent to the planned Milwaukee streetcar route. Tenants include PricewaterhouseCoopers, KPMG, Godfrey & Kahn and Rare Steakhouse. Jim Cope and Andrew Schoene of Walker & Dunlop arranged the three-year loan on behalf of the borrower, Irgens. PGIM Real Estate Finance provided the loan.

February 9, 2018

Michigan Midwest Office

Bedrock to Redevelop Former Detroit Police Department Headquarters

by Kristin Harlow February 9, 2018

DETROIT — Bedrock, in partnership with Pike Pointe Holdings LLC, has unveiled plans to redevelop 1300 Beaubien in Detroit’s Greektown neighborhood. The 240,000-square-foot building formerly served as the headquarters of the Detroit Police Department. The partnership plans to preserve the historic nature of the building, which dates back to 1921. The property has been vacant since the police department moved into its new headquarters in 2013. A development timeline has yet to be finalized.

February 9, 2018

Midwest Minnesota Multifamily

Timberland Partners to Develop $53.8M Apartment Building in Minneapolis

by Kristin Harlow February 9, 2018

MINNEAPOLIS — Timberland Partners has attained the land and financing needed to begin construction of Green on Fourth Apartments in Minneapolis near the University of Minnesota-Twin Cities campus. The $53.8 million, 243-unit project is a joint venture between Timberland Partners and Prospect Park Properties. Tushie Montgomery Architects is the project architect and Frana Cos. is the contractor. Dougherty Mortgage LLC arranged a $42.7 million loan for the construction of the project. Hennepin County, the city of Minneapolis and the Metropolitan Council provided additional financing. Timberland Partners plans to preserve public green space and coordinate with the city for a design that includes sidewalk furniture, bike lanes, pedestrian lighting and vegetation along Fourth Street. Building amenities will include a rooftop deck, fitness center, yoga studio, community room, playground and dog run. Floor plans will range from studios to three-bedroom units with penthouse options. Completion is slated for June 2019.

February 9, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $16M Loan for Acquisition of Manufactured Housing Community in Fair Haven, Michigan

by Kristin Harlow February 9, 2018

FAIR HAVEN, MICH. — KeyBank Real Estate Capital has provided a $16 million Fannie Mae loan for the acquisition of The Shores at Anchor Bay in Fair Haven, about 40 miles north of Detroit. The 656-pad manufactured housing community was built in two phases in 1969 and 1985. Timothy Weldon of KeyBank originated the seven-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 9, 2018

Healthcare Midwest Minnesota

Cushman & Wakefield Arranges Sale of 83,378 SF Medical Office Building in Bloomington, Minnesota

by Kristin Harlow February 9, 2018

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of TRIA Orthopaedic Center in Bloomington for an undisclosed price. The 83,378-square-foot medical office building is located at 8100 Northland Drive near I-494. The three-story building was constructed in 2004. Scott Pollock, Tom O’Brien, Avery Ticer and Terry Kingston of Cushman & Wakefield represented the seller, United Properties. A private investor acquired the asset.

February 9, 2018

Illinois Industrial Midwest

Hilco Redevelopment Partners Acquires Former Power Plant, Plans $100M Industrial Development

by Kristin Harlow February 8, 2018

CHICAGO — Hilco Redevelopment Partners, a unit of Hilco Global, has acquired the Crawford Power Generating Station site in Chicago’s Little Village neighborhood for an undisclosed price. NRG Energy sold the site, which had previously operated as a coal-fired power plant beginning in the late 1920s before being decommissioned in 2012. Hilco plans to demolish the facility and replace it with up to 1 million square feet of warehouse space as part of a $100 million project, according to the Chicago Tribune. Remediation work is slated to begin soon and may take anywhere from 14 to 24 months, depending on site conditions.

February 8, 2018

Loans Midwest Multifamily Nebraska

Bellwether Enterprise Arranges $55.8M Acquisition Financing for Workforce Housing Property in Lincoln, Nebraska

by Kristin Harlow February 8, 2018

LINCOLN, NEB. — Bellwether Enterprise Real Estate Capital LLC has arranged a $43 million acquisition loan and a $12.8 million equity placement for Links at Lincoln in Nebraska. The 612-unit workforce housing property is situated on 100 acres. Residents have access to the onsite nine-hole golf course. Other amenities include a fitness center, tennis court, playground, hot tub and tanning rooms. Phil Melton and John Roberts of Bellwether Enterprise arranged the $43 million Freddie Mac loan. Todd Johnson of Bellwether Enterprise arranged the $12.8 million equity investment.

February 8, 2018

Midwest Ohio Retail

IPA Brokers $55.7M Sale of Shopping Center in Aurora, Ohio

by Kristin Harlow February 8, 2018

AURORA, OHIO — Institutional Property Advisors (IPA) has brokered the sale of Marketplace at Four Corners in Aurora for $55.7 million. The 525,708-square-foot shopping center, located at 7155-7175 Aurora Road, opened in 2002. The property was 99 percent occupied at the time of sale. Anchor tenants include Walmart, Kohl’s Dick’s Sporting Goods and HomeGoods. Scott Wiles, Erin Patton and Craig Fuller of IPA represented the Florida-based seller, which Crain’s Cleveland Business cites as an affiliate of MPG Development. Along with Dean Zang of IPA, the team also secured the buyer, a New York-based 1031 exchange investor. IPA is a division of Marcus & Millichap.

February 8, 2018

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