Midwest

NorthMarq Capital Arranges $42.2M Refinancing Loan for Apartment Community in Chicago Suburb

by Christina Cannon March 8, 2016

MOUNT PROSPECT, ILL. — NorthMarq Capital has arranged a $42.2 million refinancing loan for a multifamily property in Mount Prospect, approximately 24 miles northwest of Chicago. The Residences at 1550 is a 509-unit apartment complex that includes amenities such as a fitness center, laundry facility, swimming pools, pet waste stations, copy and fax service and access to public transportation. Unit amenities include kitchen appliances, walk-in closets, faux granite countertops and private balconies or patios. NorthMarq arranged the adjustable rate loan through Freddie Mac. The financing features a seven-year term with two years of interest-only payments and a 30-year amortization schedule.

March 8, 2016

Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $4.5M Sale of Holiday Inn & Suites Hudson Near Minneapolis

by Christina Cannon March 8, 2016

HUDSON, WIS. — Marcus & Millichap has arranged the $4.5 million sale of the Holiday Inn & Suites Hudson, a 68-room hotel located in Hudson, approximately 27 miles east of Minneapolis. An undisclosed partnership sold the asset, located at 1200 Gateway Blvd., to a private investor. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller. Ruzicka, along with Matthew Fitzgerald of Marcus & Millichap, also secured the buyer.

March 8, 2016

Illinois Industrial Midwest Office

Transwestern Brokers $2.7M Sale of Flex Building in Chicago Suburb

by Christina Cannon March 8, 2016

BUFFALO GROVE, ILL. — Transwestern has brokered the $2.7 million sale of a flex building in Buffalo Grove, a northwest Chicago suburb. A private investor bought the fully leased 24,620-square-foot building from FSGB LLC. The recently renovated building, located at 350-370 Lexington Drive, houses eight companies that occupy between 2,000 and 6,000 square feet. All tenants have at least two years remaining on their leases. Adam Schneiderman represented the undisclosed buyer in the transaction. Schwab Realty & Development represented the seller.

March 8, 2016

Illinois Midwest Office

Summit Design + Build Completes 24,000 SF Build-Out at Chicago Office Building

by Christina Cannon March 8, 2016

CHICAGO — Summit Design + Build LLC has completed an office space build out for The Nerdery, a custom software design and development company. The Nerdery renovated two floors of its seven-story building. The 84,000-square-foot facility is located at 1033 W. Van Buren St. in Chicago’s West Loop. The 24,000-square-foot build out included the addition of natural light, an open concept kitchen and a dining room with built-in bleachers for events. The space also features meeting space that includes over 25 conference rooms, huddle rooms and other informal areas.

March 8, 2016

Michigan Midwest Office

Friedman Brokers Sale of 10,285 SF Office Building in Southfield, Michigan

by Christina Cannon March 8, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 10,285-square-foot office building in Southfield, approximately 15 miles northwest of Detroit, for an undisclosed price. Camar Properties LLC sold the building, located at 23265 Northwestern Highway, to Alley Cat Holdings LLC, a law firm. Kevin George and Dan Verderbar of Friedman Integrated Real Estate Solutions represented both the buyer and seller in the transaction.

March 8, 2016

Arizona Loans Multifamily New Mexico Seniors Housing South Dakota Western

Cain Brothers Arranges $40M in Bond Financing for Good Samaritan Society

by Nellie Day March 7, 2016

SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.

March 7, 2016

Illinois Midwest Multifamily

Origin Investments, Randolph Street Realty Capital Sell 73-Unit Apartment Property for $35M

by Christina Cannon March 7, 2016

CHICAGO — Origin Investments and Randolph Street Realty Capital have sold a 73-unit apartment building in Chicago’s West Loop for approximately $35 million. Lux24, located at 24 S. Morgan St., was formerly known as Pure Condominiums. The duo acquired the failed condominium project in 2013, and at the time only 38 of the condos were completed and only four had been sold. Lux24 now features amenities such as a fitness center, clubroom, outdoor terraces with fire pits, on-site dry cleaning and shoe repair services, a secure package room and bike storage. Unit amenities include stainless steel appliances, in-unit washers and dryers, granite countertops and floor-to-ceiling windows. Danny Spitz of Baum Realty represented the buyer, a private investor, in the transaction.

March 7, 2016

Midwest Minnesota Multifamily

Dougherty Mortgage Closes $1.1M HUD Loan for 54-Unit Multifamily Property in Minnesota

by Christina Cannon March 7, 2016

WINONA, MINN. — Dougherty Mortgage LLC has closed a $1.1 million HUD loan for the acquisition and rehabilitation of a 54-unit multifamily property. River View Flats is located in Winona, approximately 50 miles east of Rochester. The project has obtained an allocation of Low Income Housing Tax Credits as well as subordinate funding from the Minnesota Housing Finance Agency and the City of Winona. Upgrades will include the replacement of major plumbing and mechanical systems and an improvement to property accessibility. River View Flats features off-street parking, on-site coin laundry and a patio with grill. The 40-year term loan was arranged for borrower Morningside Terrace LLC.

March 7, 2016

Midwest Missouri Multifamily Seniors Housing

Blueprint Arranges Lease of 147-Bed Skilled Nursing Facility Near St. Louis

by Christina Cannon March 7, 2016

DES PERES, MO. — Blueprint Healthcare Real Estate Advisors has arranged a lease for The Quarters of Des Peres, a 147-bed skilled nursing facility in the St. Louis suburb of Des Peres. The landlord, a private equity fund based in Dallas, will lease the community to local operator MGM Healthcare. MGM currently operates 30 facilities in the Midwest, and its headquarters are less than 10 miles from The Quarters. Blueprint’s Jacob Gehl and Ben Firestone were the lead advisors on the transaction.

March 7, 2016

Midwest Multifamily Wisconsin

Siegel-Gallagher Brokers Sale of Eight-Unit Multifamily Property in Milwaukee Suburb

by Christina Cannon March 7, 2016

WEST ALLIS, WIS. — Siegel-Gallagher has brokered the sale of a multifamily property in West Allis, approximately six miles from Milwaukee, for an undisclosed price. The Community Development Authority of the City of West Allis purchased the eight-unit building from the Milwaukee Center for Independence. The property is located at 7402 W. Washington Ave. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered the transaction.

March 7, 2016

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