Midwest

Marcus & Millichap Arranges $37M Sale of Two Multifamily Properties in Madison, Wisconsin

by Kristin Harlow November 1, 2017

MADISON, WIS. — Marcus & Millichap has arranged the sale of River’s Edge and Fordem Towers in Madison for $37 million. Together, the two multifamily properties total nine buildings and 420 units. Both are located approximately two miles east of the University of Wisconsin-Madison. River’s Edge, completed in two phases in 1974 and 1984, consists of seven three-story buildings totaling 312 market-rate units. Fordem Towers, built in 1982, features two seven-story buildings totaling 108 units. The units, 27 of which are earmarked for low-income housing through a housing assistance payments (HAP) contract, range from 390 to 1,666 square feet. Matthew Whiteside of Marcus & Millichap represented the seller, an Illinois-based limited liability company, and procured the buyer, a Colorado-based limited liability company.

November 1, 2017

Hospitality Indiana Midwest

DoubleTree by Hilton Opens in Lafayette, Indiana

by Kristin Harlow November 1, 2017

LAFAYETTE, IND. — DoubleTree by Hilton Lafayette East has opened in Lafayette, 63 miles northwest of Indianapolis. The 128-room hotel is located at 155 Progress Drive off I-65. Dora Hotel Co. LLC will own and operate the property in partnership with local developer Roy Meeks. Amenities include an indoor pool, business center, outdoor courtyard with fire pit, fitness center and 3,000 square feet of meeting space. Executive Chef Raul Roges heads the on-site Made Market restaurant and lounge as well as the banquet department.

November 1, 2017

Illinois Midwest Office

Jewel-Osco Renews 69,000 SF Office Lease for Corporate Headquarters in Itasca, Illinois

by Kristin Harlow November 1, 2017

ITASCA, ILL. — Jewel-Osco has renewed its 69,000-square-foot office lease for 10 years at Hamilton Lakes Business Park in Itasca. The grocery and drug retailer has maintained its corporate headquarters at the property, located at 150 Pierce Road, for the past 10 years. Hamilton Partners Inc. is the property landlord. Jewel-Osco has 187 locations across Illinois, Indiana and Iowa, and employs 31,000 associates.

November 1, 2017

Hospitality Indiana Loans Midwest Top Stories

Ashford Hospitality Trust Closes $427M Refinancing for 17-Property Hotel Portfolio

by Nellie Day November 1, 2017

DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …

November 1, 2017

Hospitality Illinois Loans Midwest Missouri Wisconsin

Aries Conlon Capital Arranges $62.4M Refinancing for Hotel Portfolio

by Kristin Harlow October 31, 2017

CHICAGO — Chicago-based Aries Conlon Capital has arranged a $62.4 million non-recourse loan for the refinancing of a seven-hotel portfolio in seven states. The portfolio, owned by Inner Circle Investments, includes six Radisson hotels, which are located in Cromwell, Conn.; Billings, Mont.; Highpoint, N.C.; Albany, N.Y.; Appleton, Wis.; and Cheyenne, Wyo; as well as one independent, boutique hotel in St. Louis. Rushi Shah of Aries Conlon arranged the interest-only loan with an international investment bank. Instead of refinancing its assets as fee-simple properties, Inner Circle split ownership of the land parcels and the hotels into leased-fee and leasehold entities respectively, entered into 99-year leases with its hotels as tenants and then refinanced the land/leased-fee portions at a higher loan-to-value ratio and more attractive terms. Aries Conlon is now refinancing the corresponding leaseholds to effectively close the loop.

October 31, 2017

Indiana Loans Midwest Multifamily

Pillar Provides $23.3M Refinancing for Two Apartment Properties in Indianapolis

by Kristin Harlow October 31, 2017

INDIANAPOLIS — Pillar Financial has provided $22.3 million in Fannie Mae loans for the refinancing of two apartment properties in Indianapolis. Echo Ridge, constructed in 2003, features 208 apartment units. English Village also consists of 208 one- and two-bedroom units. Both properties are located on the southeast side of Indianapolis in a workforce housing area, which targets renters earning incomes of approximately 80 percent of the area median income. Joe Markech of Pillar originated a $13.3 million loan for Echo Ridge and a $10 million loan for English Village. The 10-year loans feature 30-year amortization schedules. David Ross of Crossroads Realty Advisors arranged the financing.

October 31, 2017

Industrial Midwest Missouri

Binswanger Brokers Sale of 250,000 SF Industrial Building in Boonville, Missouri

by Kristin Harlow October 31, 2017

BOONVILLE, MO. — Binswanger has brokered the sale of a 250,000-square-foot industrial building in Boonville, about 25 miles west of Columbia. The sales price was not disclosed. The property is located at 2501 Boonslick Drive. Constructed in 1979 with renovations in 1988, the facility features 30-foot clear heights, 14,050 square feet of office space, 22 dock doors, two drive-in doors and parking for 310 vehicles. An individual buyer, Daniel E. Smith, purchased the property with plans to use it for speculative leasing of manufacturing or warehousing uses. Jim Medbery of Binswanger represented the undisclosed seller.

October 31, 2017

Michigan Midwest Retail

Costco Opens 165,000 SF Membership Warehouse in East Lansing, Michigan

by Kristin Harlow October 31, 2017

EAST LANSING, MICH. — Costco Wholesale Corp. has opened a 165,000-square-foot membership warehouse in East Lansing. The property is situated on a 64-acre parcel near I-69 that is the site of a former golf course. Shawn O’Brien of CBRE|Martin began working with Costco in 2012 for site selection in the Lansing market. This is Costco’s 15th store in the state of Michigan. A grand opening took place on Friday, Oct. 27.

October 31, 2017

Illinois Midwest Retail

Interra Negotiates $4.8M Sale of CVS Ground Lease in Highland Park, Illinois

by Kristin Harlow October 31, 2017

HIGHLAND PARK, ILL. — Interra Realty has negotiated the sale of a CVS ground lease in Highland Park for $4.8 million. The 13,225-square-foot building is located at 2000 Skokie Valley Road, approximately 25 miles north of Chicago. Craig Martin and Colin O’Malley of Interra represented both parties in the transaction. The seller, a local real estate development firm, developed the property in 2011. The buyer, a local family, was completing a 1031 exchange. CVS has approximately 20 years remaining on its lease.

October 31, 2017

Illinois Loans Midwest Mixed-Use

Walker & Dunlop Arranges $9.7M Refinancing for Mixed-Use Center in Chicago

by Kristin Harlow October 30, 2017

CHICAGO — Walker & Dunlop Inc. has arranged a $9.7 million loan for the refinancing of Portage Park in Chicago. Formerly a bank building, the mixed-use property now incorporates office and retail space. Situated on seven acres, the property features 60,500 square feet of rentable space and a 180-space parking lot. Tenants include Binny’s Beverage Depot, Retro Fitness and Immigration Lawyers PC. A portion of the vacant space is a historic theater that was formerly home to the Northwest Chicago Film Society, and will be preserved as a performing arts facility. Luke Erlandson, Jeff Robbins and Matt Ewig arranged the 10-year loan, which features a 30-year amortization schedule. Loan proceeds will be used to pay off an existing construction loan. Cui Properties was the borrower.

October 30, 2017

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