CANTON, BELLEVILLE AND CARLETON, MICH. — Associated Bank has provided a $9 million acquisition loan for three manufactured housing communities in the Ann Arbor area. Zeman Homes is acquiring Wagon Wheel at 51000 Mott Road in Canton, Wagon Wheel South at 51000 Michigan Ave. in Belleville and Carleton Mobile Home Park at 12500 Jones St. in Carleton. The Wagon Wheel properties were constructed in the 1970s and have a total of 377 sites. The Carleton Mobile Home Park features 228 sites. All three properties include both single-wide and double-wide homes. Jerry Rotunno of Associated Bank originated and managed the loan transaction.
NORTHBROOK, ILL. — Avison Young has brokered the sale of a 117,000-square-foot industrial property in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Molto Properties sold the asset to Atlas Fibre Co. The property, situated on 4.7 acres, is located within the Sky Harbor Industrial Park. The asset features 20-foot clear heights, new mechanical systems, six interior docks, two drive-in doors and 168 parking spaces. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction.
MILWAUKEE — Siegel-Gallagher has arranged the sale of a 2,714-square-foot office property in Milwaukee. FM-MKE Wisconsin LLC sold the Commission House, located at 400 N. Broadway (Suite 303), to Richards Pieper Sr. and Sue Pieper for an undisclosed price. John Dulmes, Dan Walsh and Marianne Burish of Siegel-Gallagher brokered the transaction.
BUFFALO, N.Y. AND CLEVELAND — Shareholders of First Niagara Financial Group (NASDAQ: FNFG) and KeyCorp (NYSE: KEY) have overwhelmingly approved the proposed merger between the two financial giants. The votes were held today at special meetings in each of the companies’ headquarters — Buffalo for First Niagara and Cleveland for KeyCorp. Over 90 percent of shareholders who voted approved of the merger. Shareholders who did not participate counted as “no” votes, but even with those accounted for, approximately 75 percent voted in favor of the merger, according to The Buffalo News. The deal totals $3.5 billion and is structured as KeyCorp acquiring First Niagara, The News reported. “I would like to thank our shareholders for their support and their vote of confidence,” says Beth Mooney, chairman and CEO of KeyCorp. “KeyBank and First Niagara are indeed better together — a powerful combination that will bring a new level of capabilities and expertise to our clients, new opportunities for our employees, and even greater investment in our communities.” KeyCorp and First Niagara entered into a merger agreement on Oct. 30, 2015. The merger is still subject to regulatory approvals. Closing is expected during the third quarter of this year. KeyCorp is …
ELGIN, ILL. — Kinzie Real Estate Group will construct a new luxury rental community in Elgin, approximately 40 miles northwest of Chicago. Kinzie, which will serve as the general contractor for Watermark at the Grove, is expected to break ground on the project in April. Watermark at the Grove will be situated on 11 acres and will include 258 units within five three-story buildings. Floor plans will include studios, one- and two-bedroom units. Amenities will feature a clubhouse, event space, a fitness facility, theater room, outdoor pool, dog park, walking trails and secure auto and bike parking. Interstate Partners LLC is the project developer.
INDIANAPOLIS —RESOURCE Commercial Real Estate has brokered the sale of a 121-unit apartment community, Abbey Meadows Apartments, for an undisclosed price. KAG Indy I LLC purchased the property from Brayden James Investments LLC. Abbey Meadows, located in Indianapolis, features all two-bedroom/one-bathroom units, which are approximately 750 square feet. The apartments were constructed in 1960. Michael Wernke of RESOURCE Commercial Real Estate arranged the transaction.
CINCINNATI — Marcus & Millichap has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. Continuing care retirement communities are comprised of various operational models that include independent living, assisted living, memory care and skilled nursing. An East Coast-based private owner/operator purchased the 75-year-old property from a national owner/operator for $4.5 million, or $25,000 per unit. The names of the parties were not disclosed. Mark Myers, senior vice president of investments, and Joshua Jandris, vice president of investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all from Marcus & Millichap’s Chicago office, handled the sale.
HAZEL CREST, ILL. — Baceline Investments LLC has acquired The Commons at Hazel Crest shopping center for $4 million. The Commons at Hazel Crest is located at 18220-18244 Kedzie Ave. in Hazel Crest, approximately 30 miles southwest of Chicago. Dollar Tree and CSL Plasma anchor the 51,222-square-foot shopping center. The property was built in 1972. The seller in the transaction was undisclosed.
CHICAGO — Target is set to open a 21,000-square-foot location at Vue53, a mixed-use development located in Chicago. Peak Campus and Avison Young are currently developing the project, which is located just north of Nichols Park within a few blocks of the University of Chicago campus. The complex will offer 267 apartment units, approximately 28,000 square feet of ground-floor retail and 230 parking spaces. The residential component, set to open in September, will offer studio, one- and two-bedroom units with washers and dryers. Community amenities will include a multi-purpose clubhouse with Wi-Fi, a 24-hour desk attendant, fitness center and business center, study and conference lounges, an outdoor terrace and a rooftop sundeck. The Target store is projected to open by early spring 2017.
FERGUSON, MO. — Love Funding has closed a $15.3 million loan for the refinancing of Christian Care Home, an assisted living and skilled nursing senior community in the St. Louis suburb of Ferguson. Christian Care Home offers 178 beds in 92 units and is one of only two nursing homes in the area that provides on-site dialysis services to its residents. Christian Woman’s Benevolent Association owns the facility. Robyn Cunningham and Adrian Hartman of Love Funding’s St. Louis office secured the financing through HUD. This is the second time in less than three years that Love Funding has refinanced the property’s debt. Love originally financed the construction of the facility under HUD’s Section 232 program in June 2009.