SAN ANTONIO, WACO AND CONROE, TEXAS, AND INDIANAPOLIS — KeyBank Real Estate Capital has provided a total of $43.2 million in financing to Harmony Housing, a 501(c)(3) nonprofit organization. KeyBank provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio and Park View at Beech Grove in Indianapolis. Additionally, the firm provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco and Park Village Apartments in Conroe. The four affordable housing properties total 698 units. John Gilmore IV and Jeff Rodman of KeyBank arranged the financing for the borrower.
CHICAGO — A joint venture between Bridge Development Partners LLC and Akard Street Partners has sold three industrial facilities in the Chicago area totaling 539,440 square feet for $64.3 million. The properties include 2475 Touhy Ave. in Elk Grove Village; 4800 S. Vernon Ave. in McCook; and 8401 W. 47th St. in McCook. The properties averaged 92 percent occupancy at the time of sale. The buyer was not disclosed. Steve Disse and Jeff Devine of Colliers International represented the seller.
JACKSON, SOUTHFIELD AND WESTLAND, MICH. — Pillar has originated $22.3 million in refinancing through HUD for three multifamily properties in Michigan. Springbrook Meadows is a 152-unit community built in 1998 and located in Jackson, 40 miles west of Ann Arbor. 12 North Apartments is a 171-unit apartment building built in 1976 and located in Southfield. Birch Hill is a 172-unit apartment building built in 1974 and located in Westland, about 16 miles west of Detroit. Erie Investments LLC owns and operates 12 North and Birch Hill. An undisclosed investor was the borrower for Springbrook Meadows. The fixed-rate, 35-year loans are fully amortizing. David Wilkins and Charles Krisfalusi of Pillar originated the loans.
OVERLAND, MO. — Operation Food Search has moved to its new headquarters in Overland, about 15 miles northwest of St. Louis. The 67,000-square-foot building is located at 1644 Lotsie Blvd and will serve as the hunger relief organization’s food distribution center. The property was formerly a window factory that had been vacant for years. OFS purchased the building for $2.3 million and invested an additional $2.5 million in renovations. A fundraising campaign began in January of this year. PARIC Corp. served as the project’s general contractor, and M + H Architects was the building’s architectural firm. OFS was previously located in a 25,000-square-foot building at 6282 Olive Blvd in University City.
FARGO, N.D. — Dougherty Funding LLC has closed a $12 million loan for the acquisition of the Radisson Hotel Fargo in Fargo. The 151-room hotel is located across the street from the Fargo Civic Center. The borrower was 201 Hospitality. Dougherty Funding served as lead lender and servicer for the loan.
ST. LOUIS — Dwight Capital has provided an $8.6 million loan for the refinancing of The Gotham Apartments in St. Louis. The property consists of 72 apartment units and is located at the corner of Delmar Boulevard and Hamilton Avenue. The 40-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.3 percent. The Gotham Buildings LLC was the borrower. Keith Hoffman and Josh Sasouness of Dwight Capital originated the loan.
BEAVER DAM AND WAUPUN, WIS. — KeyBank Real Estate Capital has provided $12.8 million in refinancing for a two-property assisted living portfolio in Wisconsin. Prairie Ridge at Beaver Dam consists of 27 assisted living units and is located in Beaver Dam, about 40 miles northeast of Madison. The property was built in 1998 and renovated in 2010. Prairie Ridge at Waupun consists of 47 assisted living units and is located in Waupun, 20 miles north of Beaver Dam. The property was built in 1999 with an addition constructed in 2008. The FHA loan was used to pay off existing debt on the property. Michael Eisenga, owner of Prairie Ridge Facilities, was the borrower. John Randolph of KeyBank arranged the loan.
CALUMET, MICH. — Dougherty Funding LLC has provided a $9.2 million bridge loan for the refinancing of Gardenview Assisted Living and Memory Care in Calumet in the Upper Peninsula. The 39-unit senior living facility is located at 26096 Elm St. Calumet Facility LLC and Calumet Operating LLC was the borrower. Dougherty Funding served as lead lender and servicer for the loan.
SHEFFIELD LAKE, OHIO — SkyView Advisors has arranged the sale of Lake Road Self Storage in Sheffield Lake, about 25 miles west of Cleveland. The 57,000-square-foot facility includes 418 non-climate controlled units. The property sits on 8.6 acres at 5360 Lake Road. Public Storage was the buyer. Ryan Clark of SkyView Advisors led the transaction.
Marcus & Millichap Brokers Sale of 7,368 SF Property Net Leased to Texas Roadhouse in Chicago Suburb
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of a 7,368-square-foot property net leased to Texas Roadhouse in Tinley Park, a southern suburb of Chicago. The property is located at 18345 LaGrange Road and was built in 2004. Bruce Bentley III of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a REIT. Steven Weinstock assisted in closing the transaction. Texas Roadhouse is a steakhouse restaurant.