Midwest

GREEN BAY, WIS. — Associated Bank has provided $2.3 million of Wisconsin Historic Tax Credit (HTC) equity for the renovation of the Green Bay Ferguson Family YMCA. The 112,000-square-foot building is located at 235 N. Jefferson St. The building received extensive structural and mechanical improvements, as well as updates to the gymnastics center and pool. A new family adventure center was also constructed. Associated Bank also provided a $7 million loan last year when renovations at the facility began. Teresa Gutierrez of Associated Bank managed the equity investment, while Julian Lamue handled the loan arrangements and closing.

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INTERNATIONAL FALLS, MINN. — Kraus-Anderson has completed Phase I construction of the new passenger air service terminal building at the Falls International Airport in International Falls, located near the border of Canada. The $10 million project replaces approximately two-thirds of the old terminal. Architecture firm Alliiance designed the 17,894-square-foot building. Phase I includes new arrival and departure services with check-in ticketing counters and kiosks, a secured gate lounge, baggage handling, passenger boarding bridge, TSA screening area, car rental services and waiting area. Phase II of the construction — a separately funded project — will complete the full replacement of the old terminal, and provide new space for U.S. Customs processing, the Weather Bureau office, Transportation Security Administration (TSA) offices and Airport Commission conference room. Construction is scheduled to begin in the spring of 2018 and is slated for completion in March 2019.

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FAIRFIELD, OHIO — Becknell Industrial has purchased a 14-acre site to develop a 176,800-square-foot speculative industrial building in Fairfield, a northern suburb of Cincinnati. Completion is slated for the first quarter of 2018. The building, located on Commerce Center Drive, will feature 32-foot clear heights, 18 docks and two drive-in doors.

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MENASHA, WIS. — Pillar has arranged a $13.6 million HUD 232/223(f) loan for the refinancing of Oakridge Gardens Nursing Center in Menasha, five miles south of Appleton. The 143-bed skilled nursing facility is located at 1700 Midway Road. Don Husi of Pillar arranged the 30-year loan, which includes a 30-year amortization schedule. Husi also arranged a $7.2 million loan for Oakwood Terrace, an assisted living facility in Pennsylvania.

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MINNEAPOLIS — CBRE has arranged the sale of Lee Lofts Apartments in the Minneapolis Warehouse District for $3.2 million. Located at 280 N. Second Ave., the property was originally built in 1906 and converted into loft-style apartments in the 1960s. SRRT Lee LLC, an affiliate of SR Realty Trust Inc., purchased the 24-unit apartment property, which was 96 percent occupied at the time of sale. CBRE also arranged a $2.2 million Freddie Mac loan for the acquisition. Ben Bastian, Joel Torborg and Mark Roos of CBRE represented the buyer. Harmony Lofts LLC was the seller.

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RACINE, WIS. — Evergreen Real Estate Group has acquired Durand Plaza in Racine, 25 miles south of Milwaukee. The purchase price was not disclosed. The 72-unit affordable seniors housing community is located at 3003 Durand Ave. Residents can qualify for occupancy by being either elderly or disabled. Originally constructed in 1970, the four-building property will undergo a $2 million renovation within the next six to nine months. Evergreen will make kitchen and bath upgrades to most units.

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The northern suburbs of Indianapolis aren’t just following the latest trend of developing dense urban cores within suburban markets — they’re on the leading edge. In particular, Fishers and Carmel boast flourishing downtown environments that are walkable and bike-friendly. The idea is to develop a core urban area amid the suburban sprawl by creating activities and concepts that serve various community needs such as cool restaurants, shops, office and living space, evening events for adults, family activities and music and arts entertainment. It’s a lifestyle choice that more and more people prefer. While retail is struggling to regain balance in traditional environments, these mixed-use developments are resonating with their communities. Consumers are looking for experiential opportunities with multiple touch points, such as living, shopping, fitness, dining and entertainment options that integrate open green space. The suburbs of Indianapolis are responding to this trend. Grocery stores and medical facilities also are key to these types of developments, as residents desire the convenience of making one stop.  Fishers blazes its own trail Fishers, located just northeast of Indianapolis in Hamilton County, officially became a city in 2015. The community elected a mayor with a strong vision. That vision included the urban core …

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BLOOMINGTON, ILL. — Core Acquisitions LLC has acquired Bloomington Commons shopping center in Bloomington for an undisclosed price. The 188,250-square-foot center is located at the intersection of Veterans Highway and Empire Street. Schnucks grocery store anchors the property. Other tenants include Olive Garden, Chuck E. Cheese’s, Barnes & Noble and Jo-Ann Fabrics. May Real Estate represented the seller, an affiliate of Kimco Realty Corp. Old National Bank financed the acquisition.

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WESTMONT, ILL. — Pathway to Living has opened Aspired Living of Westmont in suburban Chicago. The 107-unit assisted living and memory care community is located on a three-acre site at 407 W. 63rd St. Aspired Living of Westmont is the first seniors housing community in the United States to provide residents with Spark of Life, a dementia care and support program. The property features 73 independent and assisted living apartments, including studio, one- and two-bedroom units ranging in size from 400 to 1,180 square feet, as well as 34 memory care studios. The community’s common areas include a restaurant and bistro, resident lounge with demonstration kitchen, cocktail lounge, library, technology center, movie theater, art studio, salon and spa. Residents also have access to fitness options including a yoga studio, gym with personal trainers and outdoor walking paths. In addition, an on-site therapy gym offers physical, occupational and speech therapy.

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EAGAN, MINN. — Dougherty Mortgage LLC has arranged a $13.7 million Fannie Mae loan for the refinancing of Aspenwoods Apartments in Eagan. The 162-unit apartment property features one- and two-bedroom units. Amenities include an outdoor pool, grilling area, 24-hour fitness center and tennis court. The 12-year loan features a 30-year amortization schedule. Eagan Apartment Associates LLP was the borrower.

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