LOMBARD, ILL. — SVN Chicago Commercial has brokered the sale of a seven-unit multifamily property in the Chicago suburb of Lombard for $1.2 million. The sales price marked one of the highest price-per-door transactions in Lombard to date, according to SVN. The 5,950-square-foot property is located at 143 E. Grove St. Joe Connelly of SVN represented the seller, while David Szymanowski of SVN represented the all-cash buyer.
SOUTH LYON, MICH. — Mathnasium has signed a 1,500-square-foot retail lease at Brookdale Square in South Lyon, about 40 miles west of Detroit. The shopping center, located at the intersection of 9 Mile Road and Pontiac Trail, is now fully leased. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties.
COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.
OLIVETTE, MO. — Brinkmann Constructors has broken ground on The Irvington Place Apartments, a 205-unit apartment complex in Olivette, a western suburb of St. Louis. Balboa Real Estate Partners is developing the five-story, 218,000-square-foot development. Amenities will include a pool, fitness center, yoga room, outdoor courtyard, clubroom, work-from-home space and a dog wash station. Slaggie Architects Inc. is the project architect.
DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $7.5 million Freddie Mac loan for the refinancing of Lincoln Meadows, a 203-unit multifamily property in Dickinson, a city in western North Dakota. The three-story community was built in 2012. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Meadows Owner LLC.
CAROL STREAM, ILL. — Lee & Associates has negotiated the $1.5 million sale of a 4,500-square-foot, former bank property in the Chicago suburb of Carol Stream. The freestanding building at 1275 N. County Farm Road features six drive-thru lanes. Rick Scardino of Lee & Associates represented the buyer, Universal Metro Asian Services, which plans to relocate to the facility and utilize it for adult daycare services. Brendan Reedy and Jimmy Danaher of Mid-America Real Estate represented the seller, GW Carol Stream LLC.
STANDISH, MICH. — North Central Area Credit Union has purchased .85 acres of commercial land on South Huron Road in Standish, a city in northern Michigan. The sales price was undisclosed. Jack Melton, Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed seller. Sara Lewis of Century 21 Affiliated represented the credit union, which will soon begin construction at the site.
DETROIT— Immersive entertainment concept Cosm has signed on as the anchor tenant at Development at Cadillac Square, a 1.5 million-square-foot mixed-use project scheduled to break ground in Detroit in 2025. Cosm Detroit will feature an LED dome spanning roughly 90 feet with Shared Reality technology, offering experiential sports and entertainment programming. Content will include a production of Cirque du Soleil’s “O,” as well as immersive art experiences from members of the Cosm Studios Creator Program. The venue, designed by architecture firm Rosetti, will also feature a food-and-beverage element, with gastropub-style dining, craft cocktails and a curated beer selection.
ST. CLOUD, MINN. — Colliers has brokered the $10.7 million sale of Quarry Commons Apartments, a 102-unit property in the Minneapolis suburb of St. Cloud. The two-building, garden-style property is located at 1965 Quarry Road and was built in 1996 and 2003. Dan Linnell, Adam Haydon, Mox Gunderson and Devon Dvorak of Colliers represented the seller, Timberland Partners. Washington-based Weidner Investment Services Inc. was the buyer.
AUSTIN, MINN. — Marcus & Millichap has arranged the $4.2 million sale of Mandolin Place, a 72-unit multifamily property in Austin, a city in southern Minnesota. Located at 203 31st St. SW, the property features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the asset is located on 3.5 acres just off I-90. Chris Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide of Marcus & Millichap represented the buyer and seller, both of which were Minnesota-based limited liability companies. The buyer plans to make some in-unit and property upgrades.
