Midwest

CHICAGO — Related Midwest has completed Adler Place, a 275-unit condominium building in downtown Chicago. The 32-story tower is the last in the trio of previously stalled South Loop condo towers that were re-launched by the developer. Related has redesigned the building’s common areas and amenity spaces, including the lobby, corridors and an entertainment suite on the 32nd floor with a full kitchen and access to an outdoor pool and grilling area. The developer has also redesigned the units to feature wide-plank wood floors, stainless steel appliances and quartz countertops in the kitchen. Adler Place includes one-, two- and three-bedroom units that range from 900 to 1,582 square feet. Residences are priced from the mid-$200,000s to the $600,000s. Adler Place is located at 1629 S. Prairie Ave. in the historic Prairie Avenue District. More than half of the condos in Related Midwest’s South Loop Luxury collection have sold.

MINNEAPOLIS — Dougherty Mortgage LLC has arranged $22.9 million in construction financing for Grain Belt Terraces, a 150-unit, market-rate multifamily property in Minneapolis. Grain Belt Terraces is a part of the Grain Belt Brewery redevelopment in the historic Sheridan neighborhood. Plans for the property include upgrading the community’s amenities and appliances within the units. The penthouse units will feature stainless steel appliances, upgraded flooring and 10-foot ceilings. Dougherty Mortgage’s Minneapolis office arranged the 40-year loan for Orth-Grain Belt LLC.

SAINT PAUL, MINN. — Marcus & Millichap has arranged the $1.9 million sale of Maple View, a 34-unit apartment property in Saint Paul. The sales price equates to $55,000 per unit. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Linnell also represented the buyer, a California-based limited liability company. Maple View is located at 380 and 400 Larpenteur Ave.

CLEVELAND, OHIO — Marcus & Millichap has arranged the $11.8 million sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The sales price equates to approximately $22,736 per site. Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. UMH Properties Inc., a public equity REIT based in Freehold, Township, N.J., was the buyer. The Melrose Portfolio includes 519 developed manufactured home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent.

SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $9 million loan for The Pines Apartments in Southfield. The multifamily complex consists of 100 units. The borrower was Pine Investors LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP was the lender. The Pines Apartments is located at 29500 Franklin Road.