ST. CLOUD, MINN. — KeyBank Real Estate Capital has provided a $12 million Fannie Mae loan for the refinancing of Heritage Park Estates in St. Cloud, located in central Minnesota. The multifamily property was built in 2003 and includes 150 units. Fred Dockweiler of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.
MONTGOMERY, ILL. — Kiser Group has brokered the sale of Victorian Apartments in Montgomery, a western suburb of Chicago, for $10.8 million. The 152-unit property, located at 800-834 Victoria Drive, was built in the 1970s. John Meyer of Kiser Group represented both parties in the sales transaction. A Chicago-based investor purchased the property from the private owner in a 1031 exchange.
LAKEVILLE, MINN. — The Opus Group has completed construction of the newest Schneiderman’s Furniture store in Lakeville, a suburb of Minneapolis. Construction on the 110,000-square-foot retail store began in September 2016. A grand opening celebration took place in May. The furniture store features a second-story patio, which showcases outdoor furniture for sale. Located on Kenyon Avenue off Minnesota State Highway 50, the building is visible from I-35. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for the project.
CHICAGO — J.C. Anderson Inc. will complete a 30,000-square-foot renovation at DePaul University’s Richardson Library on the Lincoln Park campus. The library is located at 2350 N. Kenmore Ave. in Chicago. Scheduled for completion in August, J.C. Anderson will renovate the second floor of the library to replace paint and carpeting, provide a green room, studios, offices, media creation studios and conference rooms. Joe Maguire and Larry Regovic of J.C. Anderson are leading the project team. Vasilko Architects & Associates Inc. will provide architectural services.
DETROIT — Olympia Development has unveiled the initial phase of residential development at The District Detroit, featuring six buildings. The plan includes the redevelopment of four existing buildings — The Alhambra, The American, The Eddystone and 150 Bagley — as well as the construction of two new buildings. Of the 686 total units, 139 will be designated as affordable housing for those making no more than 80 percent of the area median income. This is Detroit’s single largest project of new market-rate apartment units, affordable units and redeveloped historic buildings in more than 20 years, according to Olympia Development. Olympia Development has teamed up with American Community Developers Inc. on five of the properties near Little Caesars Arena. Bagley Development Group will assist with the redevelopment of 150 Bagley. Construction of the new buildings is expected to begin later this year, with the renovation of existing buildings beginning in 2018. The District Detroit is a 50-block, mixed-use development led by Ilitch Holdings Inc. encompassing theaters, sports venues, restaurants, shops, offices and residential space.
CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property. “This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.” Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.
SHARONVILLE, OHIO — NorthMarq Capital has arranged a $7.7 million refinancing loan for Crescent Centre in Sharonville, about 15 miles north of Cincinnati. The 131,400-square-foot industrial property spans the addresses of 12071-12082 Champion Way, 12092-12108 Champion Way and 2511 East Crescentville Road. The 10-year loan includes a 25-year amortization schedule. A life insurance company provided the loan.
O’FALLON, ILL. — Tremont Realty Capital, a division of The RMR Group, has arranged a $5.5 million loan for the refinancing of Valley View Estates in O’Fallon, about 17 miles east of St. Louis. Tremont arranged the 10-year loan for the 223-unit manufactured home community through a lending relationship.
COLUMBUS, OHIO — Following a multi-year collaboration, M+A Architects has formally acquired KMA Design Partners’ (KMA/DP) institutional practice. KMA/DP, an architectural design and planning partnership also headquartered in Columbus, will cease to exist. KMA/DP focused on healthcare, civic and urban development, community and educational facilities. P’Elizabeth Koelker, co-founder of KMA/DP, has been directing M+A’s healthcare and higher education practices during the merger, and will continue in that role as principal with M+A Architects. Three other employees, Dottie Stamm, Ken Cleaver and Wes Hawkins, will also transition into roles with M+A Architects as associates.
The pace of retail construction remains brisk in Wichita with national retailers showing an increased interest in the market. In the first quarter, developers started construction on nine buildings totaling 112,961 square feet, reports brokerage firm NAI Martens. Completions during the first quarter totaled 117,300 square feet. Notable store openings included Sprouts Farmers Market at Central Avenue and Rock Road; Save-A-Lot grocery store at 1640 S. Broadway; Cavender’s western wear store in Greenwich Place at K-96 and Greenwich Road; Andy’s Frozen Custard at NewMarket Square along 21st Street; and a freestanding Starbucks at Wichita State University on the school’s innovation campus. In short, developers in Wichita appear to be making up for lost time. As a result of the Great Recession, the local economy shed 30,000 jobs between 2009 and 2011, many of them related to the aviation industry, according to the Wichita Metro Chamber of Commerce. Commercial real estate activity ground to a halt at that point. “Between 2008 and 2012 and maybe into 2014, we just didn’t have much development at all. There were some plans on the drawing boards, but nothing really reached fruition,” recalls Thomas Johnson, president of NAI Martens. But consumer confidence gradually began to …
