Midwest

Prime Finance Provides $19.5M Refinance Loan for 195,000 SF Office Building in Suburban Chicago

by Christina Cannon October 16, 2015

NORTHBROOK, ILL. — Prime Finance has provided the owners of a 195,000-square-foot office building, located at 400 Skokie Blvd. in Northbrook, with a $19.5 million refinance loan arranged by Draper and Kramer. The ownership group, a partnership between Romanek Properties, Bachmann Associates and Syndicated Equities, will use $2.5 million of the loan proceeds to make building improvements. Upgrades will include a conference center, expanded fitness center and improvements to all common areas. The Class A office building is leased and managed by CBRE. Dan Graham and Peter Clifton of CBRE lead leasing efforts at the building. Bill Barry and Bill Stewart of Draper and Kramer arranged the financing for the owners.

October 16, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $9M Sale of 54-Unit Apartment Building in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Marcus & Millichap has brokered the $9 million sale of Dean Parkway, a 54-unit apartment property located at 2920 Dean Parkway in Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of Marcus & Millichap represented the undisclosed seller. Talberg also represented the undisclosed buyer.

October 16, 2015

Loans Midwest Minnesota Mixed-Use

Oak Grove Capital Originates $9.3M FHA Loan for New Mixed-Use Property in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Oak Grove Capital has originated a $9.3 million FHA loan for the construction of Broadway Flats, a mixed-use property located in north Minneapolis. The property will include commercial space and workforce housing. Ken Dayton and Pat McMullen of Oak Grove Capital arranged the loan. The property is being built in an effort to revitalize the damage resulting from a tornado in 2011. The 19,000-square-foot commercial space is slated to open in April 2016, followed by the opening of 103 housing units in July 2016. Building amenities will include a business center, fitness room, conference room and underground parking. Plans to integrate a metro transit shelter into the exterior of the building should go into effect in 2017.

October 16, 2015

Loans Michigan Midwest Multifamily Student Housing

Latitude Management Closes Senior Bridge Loan for 65-Unit Student Housing Complex in Grand Rapids, Michigan

by Christina Cannon October 16, 2015

GRAND RAPIDS, MICH. — Latitude Management, which specializes in providing short-term, floating-rate loans to middle-market commercial real estate sponsors, has closed on a senior bridge loan for a student housing complex, The Lofts at 5 Lyon, in Grand Rapids. The loan was used for the acquisition, renovation and conversion of a multifamily property into student housing. Renovations at the 65-unit, 175-bed property include interior unit upgrades, aesthetic improvements and the addition of common areas. The housing complex is fully occupied. The loan was originated out of Latitude Management’s third discretionary debt fund, Latitude Management Real Estate Capital III.

October 16, 2015

Midwest Mixed-Use Wisconsin

U.S. Bank Invests $7.2M in New 110,000 SF Mixed-Use Development in Milwaukee

by Christina Cannon October 16, 2015

MILWAUKEE, WIS. — U.S. Bank has provided $7.2 million in equity for the development of a 100,000-square-foot mixed-use project on eight acres in Milwaukee. Freshwater Plaza will be located in Walker’s Point at the corner of South First Street and East Greenfield Avenue. The construction cost of the initial phase is $28.8 million. The $7.2 million in equity was raised through the federal New Markets Tax Credit Program, which is designed to spur revitalization efforts of low-income and impoverished communities across the country. The development will feature 76 apartments, including 20 percent to be set aside for lower-income residents; a Cermak Fresh Market grocery store; and other as yet unnamed retailers. The City of Milwaukee is providing tax-increment financing, and the Wisconsin Economic Development Corp. provided a brownfield grant. The property is slated to open by the end of 2016. Endeavour Corp., Wangard Partners Inc. and Freshwater Plaza Corp. are the project developers. Catalyst Construction LLC is the general contractor.

October 16, 2015

Illinois Midwest Office

CBRE Brokers $83M Sale of 380,360 SF One O’Hare Center Office Building

by Christina Cannon October 15, 2015

ROSEMONT, ILL. — CBRE has brokered the sale of the 380,360-square-foot One O’Hare Center in Rosemont, a northwest Chicago suburb. A partnership between MDC Realty Advisors and Nicola Crosby acquired the property for $83 million. Paul Lundstedt and Dan Deuter of CBRE represented the ownership group in the transaction. The 12-story office building was built in 1986 and is currently 95 percent leased. The building houses 24 tenants including Reyes Holdings and Colliers International. Amenities of the office building include a fitness center, covered parking, on-site cafe and a shuttle service.

October 15, 2015

Kansas Loans Midwest

KeyBank Secures $19.5M Freddie Mac Financing for Mobile Home Park in Olathe, Kan.

by Christina Cannon October 15, 2015

OLATHE, KAN. — KeyBank Real Estate Capital has secured a $19.5 million Freddie Mac financing for Santa Barbara Estates. The 484-pad mobile home park was built in 1972. The property is located in Olathe, approximately 20 miles southwest of Kansas City. Alex Buecking of KeyBank arranged the financing.

October 15, 2015

Midwest Minnesota

Stahl Construction Breaks Ground on 600-Seat Performing Arts Center in Minneapolis Suburb

by Christina Cannon October 15, 2015

PLYMOUTH, MINN. — Stahl Construction has broken ground on a 56,000-square-foot performing arts center for Providence Academy in Plymouth, a western Minneapolis suburb. The new arts center will be an all light-emitting diode (LED) performance theater. Studio 55 Architects designed the building, which is being constructed over a 15-month period. The three-story building will include 600 seats, an auditorium, lobby, parking garage and mechanical and storage areas. Providence Academy is a private school for grades K-12.

October 15, 2015

Illinois Loans Midwest Multifamily

American Street Capital Arranges $2.3M Acquisition Loan for Multifamily Property in Chicago

by Christina Cannon October 15, 2015

CHICAGO — American Street Capital has arranged a $2.3 million acquisition loan for a multifamily property in Chicago. The property consists of 85 units and 64,390 square feet of rentable space. The borrower was undisclosed. The non-recourse CMBS loan features a 10-year term and 30-year amortization. Igor Zhizhin of America Street Capital arranged the loan.

October 15, 2015

Michigan Midwest Retail

Friedman Brokers Sale of 9,080 SF Retail Building in Detroit Suburb

by Christina Cannon October 15, 2015

WYANDOTTE, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 9,080-square-foot retail building located at 1079-1081 Fort St. in Wyandotte, a southern Detroit suburb. Emanuel and Joy Pasquini LLC sold the building to Wheeler’s Complete Auto Care for an undisclosed price. Wheeler’s Complete Auto Care is currently located in Lincoln Park, and the property was purchased for business expansion. Greg Hornby of Farmington Hills, Mich.-based Friedman represented both the buyer and seller in the transaction.

October 15, 2015

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