TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 11,800-square-foot retail building in Trenton, approximately 20 miles southwest of Detroit. Land Holding LLC sold the building, named Animal Crackers, to Trinity Realty Group LLC for an undisclosed price. The property is located at 124 Elm St. Paul Feldman of Friedman Integrated Real Estate Solutions represented the seller in the transaction.
LIBERTY, MO. — Developers have broken ground on Norterre, a master-planned seniors housing community in the Kansas City suburb of Liberty. Development costs are estimated at $66 million for the first phase, which will include a health center, café, single-family homes for seniors and short-stay rehabilitation. Norterre will be built on a 17-acre site adjacent to Liberty Hospital. A 50,000-square-foot healthy living center will act as the center of the community. The seniors housing portions of the community will be based on the household model where up to 20 seniors share a set of amenities. When complete, the community will feature 60 assisted living units, 20 assisted living units and 60 skilled nursing beds. The first phase is expected to open in spring or summer 2017.
PARK FOREST AND UNIVERSITY PARK, ILL. — Cohen Financial has arranged three acquisition loans totaling $35.9 million for multifamily properties in the suburbs of Chicago. The Ferndale Realty Group LLC is the borrower. In the first deal, Dan Rosenberg of Cohen Financial secured a $4.7 million loan for Governors House Apartments, a 96-unit property in University Park. Rosenberg also arranged an $11.4 million loan for the 220-unit Central Park Apartments and a $19.8 million loan for Autumn Ridge Apartments, a 384-unit property. Both Central Park Apartments and Autumn Ridge Apartments are located in Park Forest. All three fixed-rate loans featured a 10-year term with 30-year amortization schedule and were financed through Morgan Stanley’s CMBS program.
MINNEAPOLIS, MINN. — Investor WNC has completed the conversion of a 106-year-old warehouse building to a 44-unit affordable housing community in Minneapolis. WNC provided nearly $4 million in low-income housing tax credit equity and historic tax credit equity to fund the adaptive reuse project. The Cameron Apartments, located at 756 N. Fourth St., features 23 studio units, 17 one-bedroom units and four two-bedroom units. The four-story building was originally constructed in 1910. Amenities at the apartment property include a fitness center, picnic and grilling area, laundry facility and bike storage. Unit amenities include appliances, secure intercom entry and a patio or balcony. SR Development LLC is the project developer.
AKRON/TALLMADGE, OHIO — Namdar Realty Group has acquired Midway Plaza Shopping Center, a 165,450-square-foot retail property in Ohio, for $1.2 million. A private investment partnership sold the center, which is located on the Akron/Tallmadge city line. The single-story property is situated on an 18.8-acre site. Current tenants at Midway Plaza include Rent-A-Center, Petra Middle Eastern Foods supermarket, Save-A-Lot, A & A Beauty Supply, Doll House, Liberty Tax Service, Appliance Mart Parts & Repair and Goodwill. Joel J. Gorjian represented Namdar in the transaction.
CHICAGO — Wool Finance Partners has arranged a $3.8 million refinancing loan for a 36,730-square-foot industrial property in the Fulton Market district of Chicago. The single-tenant, net-leased building is situated on a nearly one-acre site. Matt Lebenson of Wool Finance Partners originated the floating-rate, three-year loan through an undisclosed regional bank.
ST. PETERS, MO. — GBT Realty Corp. has unveiled plans to develop a $54 million retail center, the largest project of its kind in the St. Louis metro area since 2008. The Shoppes at Mid Rivers, which will be located on 28 acres in St. Peters, a northwestern suburb of St. Louis, is slated to open in late 2017. Current plans for the 300,000-square foot regional center include three anchor tenants, five to seven junior anchors, small shop space and four, one-acre outparcels. Demolition of existing buildings will start immediately upon acquisition of the site later this year.
LISLE, ILL. — Grandbridge Real Estate Capital has arranged a $26.2 million refinancing loan for a 308-unit multifamily property in Lisle, approximately 30 miles west of Chicago. Arboretum Village Apartments features amenities such as an outdoor pool, playground, Internet café and 24-hour fitness center. The fixed-rate, non-recourse loan features a 10-year term. Ben Fazendin of Grandbridge Real Estate Capital originated the Fannie Mae financing for the undisclosed borrower.
DETROIT — Bernard Financial Group has arranged a $15.5 million refinancing loan for Broderick Tower, a 34-story mixed-use building in Detroit. The high-rise, located at the southeastern corner of Woodward Avenue and Grand Circus Park, features office space on floors 2-4, apartment units on floors 5-34, with floors 25-34 consisting of penthouses. Motown Construction Partners LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing through Fifth Third Bank.
GLENVIEW, ILL. — The Boulder Group has arranged the sale of a building net leased to Bank of America for $6.9 million. The property is located at 1400 Waukegan Road in Glenview, approximately 20 miles northwest of Chicago. Other retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate development company, in the transaction. The buyer was a local 1031 exchange investor. The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10 percent rental escalations every five years throughout the primary term and renewal option periods.