GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
FLINT, MICH. — Mid-America Real Estate Corp. has brokered the sale of Oak Brook Square in Flint for $14.2 million. The 152,073-square-foot center is located near Linden and Miller roads, across from Genesse Valley Mall. Hobby Lobby and TJ Maxx anchor the center. Other tenants include Dollar Tree, Shoe Carnival, Buffalo Wild Wings, Plato’s Closet and Sally Beauty Supply. Atlanta-based RCG Ventures purchased the center. Ben Wineman and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, Ramco-Gershenson Properties Trust.
BLOOMINGTON, IND. — FM Capital has acquired a 408-bed student housing portfolio near Indiana University. The purchase price was not disclosed. The portfolio consists of five buildings adjacent to campus and downtown Bloomington. FM Capital plans to upgrade the properties with amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.
LOMBARD, ILL. — Millennium Properties has arranged the sale of Colonial Commons in Lombard for $1.2 million. The 15,500-square-foot retail center is located at 418-436 S. Main St. Improvements have been made to the center in the last few years, including an updated façade, new monument sign, windows, lighting and awnings. Two of the units were vacant at the time of sale. Neither the buyer nor seller was disclosed.
Millennials are the future, they’re concerned about the future and they’re bringing all of us into the future. This generation wants to live where they do their “living.” They want green space, bike paths, access to transit or shared transportation and an active neighborhood. In short, they want to live in downtown Columbus. Not the downtown of years ago, where the streets rolled up at 5 p.m. and you’d be hard-pressed to find a coffee shop open on the weekend. But the downtown of today, where green space is king, rooftops have followed, retail is popping up and there’s so much to do that sometimes it’s hard to decide what to choose. In 2002, the Columbus Downtown Development Corp. (CDDC) was formed and tasked with reshaping and revitalizing downtown Columbus into an urban hub. But would it work? Fifteen years later, we have the answer: the Millennials are coming, and they’re bringing everyone else with them. CDDC was created to lead game-changing city projects. Our ultimate goal is to give people and companies reasons to live, work and play downtown. We took an empty mall and turned it into an activated, mixed-use hub in the center of the city. We …
DETROIT — The Griswold, a $24 million apartment community, has opened in Detroit. The apartments, which sit atop a 10-story parking garage and retail structure, occupy floors 11 through 15 and consist of 80 one-, two- and three-bedroom units. The apartment homes feature open floor plans with nine-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances and concrete floors. Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500. The community is located at 1117 Griswold St. The Griswold is Detroit’s first new residential downtown construction project in 25 years, according to Fourmidable, which is managing the property. Roxbury Group was the developer, Walbridge was the construction manager and Kraemer Design Group served as the architect.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
NEW BERLIN, WIS. — Grandbridge Real Estate Capital has arranged a $4.7 million loan for the refinancing of an industrial property in New Berlin near Milwaukee. The building consists of 80,720 square feet and sits on approximately seven acres. The 15-year, fixed-rate loan includes a 15-year amortization schedule. An insurance company provided the capital.
LISLE, ILL. — National Express has signed a new long-term lease for 54,000 square feet of office space at Navistar Headquarters Campus in Lisle, approximately 25 miles west of Chicago. The campus is located at 2601 Navistar Drive. National Express previously occupied office space at 4300 Weaver Parkway, and is expected to move into the new office in the second quarter of this year. Jon Springer and Gary Fazzio of CBRE represented the tenant in the transaction. John Musgjerd of Jones Lang LaSalle represented the landlord.
AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.