Midwest

Cooper Commercial Brokers $7.5M Sale of 30,493 SF Shopping Center in Columbus Suburb

by Christina Cannon April 22, 2016

DUBLIN, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 30,493-square-foot retail property located in Dublin, approximately 17 miles northwest of Columbus, for $7.5 million. An private investment group from the East Coast sold Emerald Town Center to an undisclosed California-based buyer. Tenants at Emerald Town Center include Mango’s Place, NXStage Dialysis, The Gyro Shoppe, Ty Ginger, Jets Pizza, Snap Fitness, Rancho Alegre Mexican Restaurant, Michael Hendrick’s Veterinary Clinic and Ellie Nail Spa. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.

April 22, 2016

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Provides $6.7M in Financing for 80-Unit Affordable Housing Project in Madison

by Christina Cannon April 22, 2016

MADISON, WIS. — Associated Bank has provided two loans totaling $6.7 million for an 80-unit multifamily property in Madison. The financing consisted of an affordable housing construction loan and a Low-Income Housing Tax Credit (LIHTC) bridge loan. Maple Grove Commons, which will located at 3204-3228 Golden Copper Lane, will consist of one-, two- and three-bedroom units, 68 of which will be reserved for tenants earning below 60 percent of the median income for the county. The project, situated on 3.2 acres, will be delivered next summer. Maple Grove Housing LLC is the borrower, and McGann Construction of Madison is the general contractor. Knothe & Bruce is the design architect of record, and Oakbrook Corp. and Movin’ Out Inc. are co-developing the project. Steve Sosnowski of Associated Bank originated the loan. Associated Bank provided the majority of the loan tax credit equity through a Boston Capital syndicated fund.

April 22, 2016

Illinois Loans Midwest Multifamily

American Street Capital Arranges $5.5M Refinancing Loan for 18-Unit Apartment Building in Chicago

by Christina Cannon April 22, 2016

CHICAGO — American Street Capital has arranged a $5.5 million cash-out refinancing loan for an 18-unit multifamily property in Chicago. Amenities at the property include a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The building is comprised of nine three-bedroom/2.5-bathroom units and nine two-bedroom/two-bathroom units. The non-recourse loan features a five-year adjustable-rate mortgage, a 20-year term and 30-year amortization schedule. The loan was funded through the Freddie Mac Small Balance Program. Igor Zhizhin of American Street Capital originated the loan.

April 22, 2016

Affordable Housing Midwest Multifamily Wisconsin

Boston Capital Invests $4M in Construction of 32-Unit Affordable Housing Community in Milwaukee Suburb

by Christina Cannon April 22, 2016

BURLINGTON, WIS. — Boston Capital has invested approximately $4 million in the construction of a 32-unit apartment community in Burlington, 40 miles southwest of Milwaukee. Boston Capital is teaming up with Bear Development to deliver Fox Crossing II, which will utilize the Low-Income Housing Tax Credit (LIHTC) program. The property will consist of three market-rate units, 29 units for tenants earning less than 60 percent of the area’s median income and eight units for tenants earning 30 percent less. Units will feature dishwashers, washer and dryer hookups, walk-in closets and patios or balconies. Community amenities will include a 635-square-foot community room with a kitchen, fitness center, laundry facility, interior storage units and secure entry.

April 22, 2016

Illinois Loans Midwest Office

HFF Arranges $99.5M Loan for 573,276 SF Office Building in Chicago

by Christina Cannon April 21, 2016

CHICAGO — HFF has arranged a $99.5 million loan for a 573,276-square-foot office building in Chicago. Borrowers Blue Star Properties and the Wolcott Group LLC will use the loan proceeds to payoff existing financing and complete building renovations. The building, located at 125 S. Clark St., was constructed in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago. The property is currently undergoing a renovation and rebranding as The National. The 20-story, steel and concrete building will feature loft office space, an outdoor terrace, an artisanal marketplace and lounge, record shop and fitness center. HFF arranged the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Christopher Carroll, Michael Kavanau and Christopher Knight of HFF represented the borrower.

April 21, 2016

Loans Midwest Minnesota Multifamily

New York Life Real Estate Investors Provides $30M Loan for 191-Unit Multifamily Property in Minneapolis Suburb

by Christina Cannon April 21, 2016

EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.

April 21, 2016

Indiana Midwest Retail

Pine Tree Acquires Town Square Shopping Center in Northwestern Indiana for $23M

by Christina Cannon April 21, 2016

SCHERERVILLE, IND. — Pine Tree Commercial Realty LLC has acquired Town Square shopping center, a 138,571-square-foot center located approximately 15 miles southwest of Gary, for $23 million. Bed Bath & Beyond and TJ Maxx anchor the center, which is also home to tenants including Old Navy and Shoe Carnival. The acquisition was brokered by HFF, and Wells Fargo provided financing. The seller in the transaction was undisclosed.

April 21, 2016

Michigan Midwest Multifamily Student Housing

Annex Student Living Begins $6M Redevelopment Near Kellogg Community College in Michigan

by Christina Cannon April 21, 2016

BATTLE CREEK, MICH. — Annex Student Living is set to begin the redevelopment of a newly acquired housing property located across the street from Kellogg Community College in Battle Creek. The currently vacant asset will be rebranded as student housing and named The Annex of Battle Creek. Renovations are expected to be completed by this August. The 118-bed community, which is currently accepting leases, will be comprised of 64 one-, two- and three-bedroom apartments and townhomes. The full renovation will include improvements to the exterior and interior, all new furnishings and a fully equipped security system. A new clubhouse will also be built on the property and will feature a fitness center, TV lounge, laundry center and ample study space with computers.

April 21, 2016

Michigan Midwest Retail

Northville Park Place in Michigan Secures New Retail Tenants

by Christina Cannon April 21, 2016

NORTHVILLE, MICH. — Schostak Brothers & Co. and REI Investment Group Inc. have secured several new leases at Northville Park Place, a 500,000-square-foot mixed-use development located at the intersection of Seven Mile and Haggerty roads in Northville, approximately 30 miles northwest of Detroit. Trader Joe’s will occupy an outparcel once construction on the 12,500-square-foot building is completed in the first quarter of 2017. Other recent lease signings include DentalWorks leasing 3,097 square feet, One Society inking a deal for 2,694 square feet and Brain Balance Achievement Centers leasing 2,595 square feet. All three tenants are expected to be open by this fall. Current tenants at the center include MOD Pizza, Tom + Chee, Chipotle, Red Olive, SVS Vision Optical Centers, Jimmy John’s, Sherwin Williams, Gazelle Sports, Orangetheory Fitness, BurgerFi, Rusty Bucket, Sports Clips and Granite City Food & Brewery.

April 21, 2016

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Why Omaha Apartment Owners Should Expect Another Banner Year

by Christina Cannon April 21, 2016

With a three-year average occupancy of 96 percent, Omaha’s apartment market has displayed strong fundamentals that we expect to continue this year and beyond. Given the strong tailwinds created by Omaha’s healthy economy — the local unemployment rate stood at 3.6 percent in January compared with 4.9 percent nationally — it is not surprising that occupancy is high, rents and revenues are rising and new developments continue. According to the recently released IREM fall 2015 Omaha Metropolitan Area Apartment Survey, the year-end market occupancy rate was a strong 96 percent, with the lowest submarket at 94 percent and the highest at an outstanding 98 percent. On a 10-year historical basis, the Omaha market’s occupancy rate has ranged from a low of 92 percent in 2008 to a high of 96 percent in both 2013 and 2015. Any owner will tell you a solid two percent gain in occupancy over a multi-year period has a significant impact on net operating income. Both rents and revenues continue to grow within the Omaha market. Most owners have been raising rents between 2 and 4 percent a year, and in some cases 5 percent. The general expectation is that rents and revenues will both …

April 21, 2016

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