WESTLAND, MICH. — Cohen Financial has arranged an $11.2 million CMBS loan to refinance Westland Colonial Village Apartments in Westland, approximately 25 miles west of Detroit. The Class B property, located at 8181 N. Wayne Road, was built in the 1960s and features 304 units. Cathy Bronkema of Cohen Financial placed the fixed-rate, 10-year loan with Morgan Stanley. The borrower was undisclosed.
INDIANAPOLIS — Dougherty Mortgage LLC has closed an $8.3 million Fannie Mae loan for the acquisition of a 192-unit apartment property in Indianapolis. Amenities at Madison Village include a clubhouse, laundry facilities, grilling stations, swimming pool with sundeck, technology lounge and fitness center. Oak Hills Village LLC was the borrower. The loan features one year of interest-only payments and a 30-year amortization schedule.
OMAHA, NEB. — Investors Realty Inc. has brokered the $3.2 million sale of the Airport Commerce Center in Omaha. Baceline Airport Commerce Center LLC sold the 65,101-square-foot industrial and office property, which is located at 1102-1234 E. Harman Ave. PPP Lot 4 LLC purchased the multi-tenant building. Ember Grummons and Lee Ehlers of Investors Realty represented the seller, and Mike Moylan represented the buyer.
SYLVANIA, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of Timberstone Center, a 35,347-square-foot retail property in Sylvania, approximately 15 miles west of Toledo, for an undisclosed price. CSFB 2004-C5 Sylvania Avenue LLC sold the center through Ten-X.com to Parviz Benhuri. Timberstone Center, situated on 6.8 acres at 7561-7633 W. Sylvania Ave., is shadow-anchored by Kroger. Other tenants include Hallmark, Pizza Hut, Subway and Weight Watchers. Rich Deptula of Friedman represented both parties in the transaction.
CHICAGO — American Realty Advisors has acquired 1K Fulton, a Class A office property in Chicago, for $257 million. The complex consists of a 10-story building, formerly a cold storage facility that was built in 1923, and a six-story building that was added in 2015. Sterling Bay was the seller of the 550,000-square-foot property, which is currently 97 percent leased. Hartshorne Plunkard Architects designed the complex. Google’s Midwest headquarters currently occupies roughly two-thirds of the office space. “We were attracted to this asset because it has long-term leases with quality tenants, such as Google,” says Martha Shelley, senior portfolio manager for American Realty Advisors. “We anticipate that this property will remain a key driver of the continued growth of the River West Fulton Marketplace over time given the abundance of street level amenities, immediate proximity of public transportation, new hotels and housing adjacent to this asset.” Floor plates at 1K Fulton range from 38,500 square feet to 71,000 square feet. Amenities at the property include indoor parking, a rooftop deck, shuttle service, Pressbox dry cleaning, ZipCar, bicycle detailing and repair station, a fitness center and ground-floor retail and restaurants. “This acquisition fulfills all of our criteria: superior location, great tenants, …
COLUMBUS, OHIO — Lancaster Pollard has arranged both the sale of, and acquisition financing for, Columbus West Park Nursing and Rehabilitation Center, a 100-bed skilled nursing facility in Columbus’ Westgate neighborhood. In the sale transaction, Chad Elliott and Steve Kennedy represented the seller, a family that has owned the property since 1992. The MacIntosh Company purchased the facility for an undisclosed price, expanding the company’s Central Ohio seniors housing portfolio to six communities. Columbus West Park was built in 1984, and the sale included excess land for potential future expansion. In the financing transaction, Chris Mauger and Brendan Healy arranged a balance-sheet loan to fund the acquisition. The financing was structured as a bridge-to-HUD loan.
CHICAGO — U.S. Bank has invested $5.9 million in low-income housing tax credits equity and provided a $6.8 million construction loan for a 30-unit apartment project in the Chicago Lawn neighborhood. Southwest Organizing Project and Brinshore Development are heading up the project that will turn nine vacant buildings into apartments that are below the market rate. The nine buildings will provide two one-bedroom, 16 two-bedroom, 10 three-bedroom and two four-bedroom units. Four of the units will be fully disabled-accessible. Tenants will earn between 30 percent and 60 percent of the area median income, and rents will range from $270 to $1,005 per month. Construction on the buildings, which cover a six-block area, is expected to be complete next June.
EVANSVILLE, IND. — CBRE has assisted Raben Tire Company Inc. in the sale-leaseback of 19 property across five states. A private REIT, Broadstone Net Lease, acquired the assets, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri. The properties total 450,711 square feet. Raben Tire Co. currently operates 28 stores, three retreading facilities and two wholesale distribution centers. Andrew Sandquist, JC Asensio and Briggs Goldberg of CBRE’s Chicago office, along with Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Atlanta office, represented Raben Tire Co. in the transaction.
MASON CITY, IOWA — Anchor Housing Development has completed construction of Legacy Manor of Mason City II, a 48-unit affordable seniors housing community, in Mason City, approximately 120 miles north of Des Moines. WNC, a California-based real estate investor, provided $5.9 million in low-income housing tax credit (LIHTC) equity to fund the development. Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for residents aged 55 and older. Daniel Tonnesen was project developer for the development, which took one year to complete.
CHICAGO — Interra Realty has brokered the sale of a three-property portfolio located in Chicago’s Jefferson Park neighborhood for a total of $3.5 million. The properties include a mixed-use asset at 5802 W. Catalpa Ave. that sold for $2.1 million, and two multifamily properties located at 5402 W. Windsor Ave. and 4518 N. Long Ave. The multifamily properties sold for $657,500 and $702,500, respectively. The portfolio included a total of 32 apartment units and eight commercial spaces. Joe Smazal of Interra Realty represented both undisclosed parties in the transaction.
