INDIANAPOLIS — Johnson Capital has arranged a $22.1 million refinancing loan for Overlook at Valley Ridge, a 324-unit apartment complex in Indianapolis. The owners are a family business with several properties in the area. Scott Graber of Johnson Capital arranged the 35-year FHA loan through Huntoon Hastings, a subsidiary of Johnson Capital. The new debt was used to refinance an existing FHA loan.
WIXOM, MICH. — West Tech Development has acquired a 31,152-square-foot industrial property at 46925 W. Road in Wixom. Bruce Morrison and Steve Gordon of Signature Associates represented the seller, Bank of America, in the transaction. Jim Montgomery, also of Signature Associates, represented the buyer.
FREEHOLD, N.J. — Freehold-based UMH Properties has agreed to acquire 10 manufactured home communities for $67.5 million. There are five communities located in Indiana, four communities in Pennsylvania and one community in Michigan. The communities total 1,855 sites situated on 300 acres. The average occupancy for the properties is 83 percent. The transaction is expected to close during the first quarter of this year.
The St. Louis industrial market continues a slow and steady march toward recovery. The Midwest is often looked to for stability and consistency, and with the vacancy rate and lease rates changing little over the past two years, the description is holding true. In fact, the overall average lease rates for warehouse space have only dipped slightly after holding steady, while vacancy has been a consistent 8.7 percent for warehouse product. While the lease rates have been stable, we have begun to see sale prices drop, especially for vacant product. As these pricing changes begin to hit the market, the sense that we are at the bottom is prevalent, and the opportunities are there for anyone who can buy buildings with cash. Changing of the Guard While the real estate fundamentals may have remained the same for two years, the property ownership picture has changed quite a bit. The exit from the St. Louis market by TA Associates in January resulted in the entry of Cobalt Capital, which purchased the 13-building portfolio. Beverly Hills, Calif.-based Blue Real Estate has seen its flex portfolio of 850,000 square feet go back to the lender, opening the door for another player to get …
CHICAGO — Summit Design + Build has broken ground on a new 8,500-square-foot food processing facility for Upton's Naturals in Chicago. The building is under construction on a vacant site at 2054-58 Grand Ave. in the city's West Town neighborhood. Upton's Naturals is a Chicago-based vegan natural foods company, and the firm will be relocating to the new facility from 1939 W. Fulton. UrbanLand is the project architect and U.S. Bank provided the financing for the project. Completion is scheduled for late June 2013.
ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $47.2 million loan for the refinancing of River Crossing, a 313-unit apartment complex in St. Paul. Gateway Apartments Limited Partnership is the buyer. Dougherty Mortgage arranged the 35-year loan through the HUD 223(f) refinance program. The complex was built in 2005, and is part of the “Gateway Village” development on the west side of St. Paul.
WAUKEGAN, ILL. — Beech Street Capital has arranged a $9.6 million loan for the refinancing of Lake Park Center, a 210-bed skilled nursing facility in Waukegan. Joshua Rosen of Beech Street originated the loan through FHA 223(a)(7).
WEST LAFAYETTE, IND. — Developer Trinitas Ventures has completed construction of the Cottages on Lindberg, a 193-unit student housing property in West Lafayette, which serves students at Purdue University. The cottage-style development is located approximately 1.5 miles north of the university's main campus. Amenities include a 6,500-square-foot clubhouse, pool, hot tub, a basketball court and shuttles to campus. The property is nearly fully pre-leased for August 2013. A joint venture between Trinitas and Harrison Street Real Estate Capital provided equity financing for the project. Construction financing was provided by U.S. Bank.
OLMSTED FALLS, OHIO — UMH Properties has acquired Olmsted Falls, a 125-site manufactured home community in Olmsted Falls for $3.6 million. The property is situated on approximately 14 acres. With the purchase, UMH now owns 57 manufactured home communities consisting of 10,600 developed homesites. The company states that it has increased its portfolio by more than 50 percent over the previous three-year period.
CHICAGO — Marcus & Millichap Capital Corp. has arranged a $13.5 million refinancing loan for an office building and two multi-tenant retail properties in Illinois. Dean Giannakopoulos of Marcus & Millichap secured the seven-year loan, which amortizes at different schedules for each property (from 15 to 20 years). The loan-to-value is 75 percent. The office property is located in Chicago's River North neighborhood, and is fully occupied by local tenants. The two retail assets are located in Mt. Prospect and Woodstock.
