Midwest

Midas Construction Tops Off 227-Unit Luxury Apartment Complex in Ellisville, Missouri

by Kristin Harlow July 16, 2024

ELLISVILLE, MO. — Midas Construction has topped off MILA Apartments in Ellisville, a far west suburb of St. Louis. The four-story, 227-unit luxury apartment complex is slated for completion in summer 2025. Midas Hospitality and Balke Brown are developing the project with affiliates Double Eagle Development and Diamond Income Fund. Designed by Rosemann & Associates, the property will feature a 141,000-square-foot parking garage. There will be eight floor plans ranging in size from 552 to 1,363 square feet. Amenities will include a courtyard, pool, bike storage, dog park, business center and fitness room. The project site was formerly home to a car dealership.

July 16, 2024

Indiana Loans Midwest Multifamily

Dwight Mortgage Trust Provides $26.8M Bridge Loan for Multifamily Property in Indianapolis

by Kristin Harlow July 16, 2024

INDIANAPOLIS — Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, has provided a $26.8 million bridge loan for Fountain Parc Apartments in Indianapolis. The 241-unit, garden-style multifamily property consists of 14 buildings on 15 acres. Amenities include a fitness center, pet wash station, dog park, playground, pool and firepit. The loan proceeds will retire existing debt and finance interior improvements. David Scheer of Dwight originated the loan on behalf of the borrower, Pepper Pike Capital Partners.

July 16, 2024

Development Healthcare Midwest Minnesota

Davis Opens 36,100 SF Surgical Facility in Eagan, Minnesota

by Kristin Harlow July 16, 2024

EAGAN, MINN. — Davis Healthcare Real Estate has opened Eagan Specialty Center, a 36,100-square-foot surgical facility in the Minneapolis suburb of Eagan. Located at 2975 Holiday Court, the building serves as the new home of Midwest Surgery Center, which occupies 27,000 square feet. Anne Madyun of Davis is marketing the available 9,000-square-foot space for lease. The project team included Synergy Architecture Studio and Timco Construction. Midwest Surgery Center, a joint venture between St. Paul Eye Clinic and Midwest ENT, relocated and expanded from its previous facility in Woodbury.

July 16, 2024

Loans Midwest Multifamily Nebraska

Colliers Mortgage Provides $29.9M Loan for Refinancing of Apartment Complex in Omaha

by Kristin Harlow July 15, 2024

OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments in Omaha. The 306-unit apartment complex consists of two buildings connected by a covered parking garage. Amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term.

July 15, 2024

Build-to-Rent Development Midwest Ohio Single-Family Rental

Cafaro Co. Nears Lease-up of Villas at Sandy Creek Townhome Rental Community in Sandusky, Ohio

by Kristin Harlow July 15, 2024

SANDUSKY, OHIO — Cafaro Co. is nearing the lease-up of its Villas at Sandy Creek townhome rental community in Sandusky, about 60 miles west of Cleveland. The 126-unit property marks a pivot for Cafaro, which focused on the development of retail centers for 75 years. In 2022, Cafaro partnered with Crossroads Group LLC to transform 15 acres of Sandusky Mall into multifamily use. Villas at Sandy Creek offers two floor plans — two-bedroom ranch suites and two-story, two-bedroom townhouses. Both types offer private entrances and attached garages. Tenants have access to a community clubhouse. Monthly rents range from $1,575 to $1,645. Sandusky Mall opened in 1976 and totals more than 1 million square feet of retail space.

July 15, 2024

Acquisitions Kansas Midwest Multifamily Student Housing

Tailwind Group Acquires 192-Unit Student Housing Property in Lawrence, Kansas

by Kristin Harlow July 15, 2024

LAWRENCE, KAN. — Tailwind Group has acquired The Reserve on West 31st, a 192-unit student housing property located 1.5 miles from The University of Kansas in Lawrence. Built in 1999, the community features a mix of three- and four-bedroom floor plans. Amenities include a study lounge, pool, fitness center and picnic area. Ryan Lang, Jack Brett and Ben Harkrider of Newmark arranged a structured equity facility on behalf of Tailwind to finance student housing acquisitions nationwide. Tailwind leveraged the facility to complete the acquisition of The Reserve on West 31st and plans to make capital improvements to the property.

July 15, 2024

Leasing Activity Michigan Midwest Retail

Two New Retail Tenants Join Lineup at Green Oak Village Place in Brighton, Michigan

by Kristin Harlow July 15, 2024

BRIGHTON, MICH. — Two new retail tenants are opening at Green Oak Village Place in Brighton, about 50 miles northwest of Detroit. Michigan Makers Marketplace offers a space for local craftsmen and artists to sell their work along with scheduled craft shows. The tenant opened a 4,920-square-foot store in June. StretchLab is a national tenant with nearly 400 studios in North America and 900 licensed locations globally that provides customized one-on-one stretching services. StretchLab is opening a 2,259-square-foot space later this summer. Green Oak Village Place, a retail lifestyle center, features more than 50 shopping and dining tenants.

July 15, 2024

Illinois Leasing Activity Midwest Office

Proper Title Opens New Office in Vernon Hills, Illinois

by Kristin Harlow July 15, 2024

VERNON HILLS, ILL. — Chicago-based Proper Title LLC, a full-service title insurance agency serving the residential and commercial real estate industries, has opened a new office in the Chicago suburb of Vernon Hills. Located at 175 E. Hawthorne Parkway, the office replaces Proper Title’s previous location in Libertyville. The company says it needed a larger space to accommodate increased business in the northwest suburbs. The new office totals 1,773 square feet and features three closing rooms, a large reception area and ample parking. Isabel Reyes, a senior escrow officer, will oversee the office along with additional staff as needed per closing.

July 15, 2024

Development Midwest Multifamily Ohio

The Bell Apartments Office-to-Multifamily Conversion Opens in Downtown Cleveland

by Kristin Harlow July 12, 2024

CLEVELAND — The Bell Apartments, an adaptive reuse project that involved the conversion of the former Ohio Bell Building into apartments, has opened at 45 Erieview Plaza in downtown Cleveland. Cross Street is handling leasing and marketing for the 367-unit luxury apartment building, while Peak Properties is the property manager. Formerly the Ohio Bell telephone headquarters, the property now features amenities such as a rooftop pool, coworking space, 10,000-square-foot fitness center, pet areas and 24-hour door attendant. Residents can choose from one- and two-bedroom floor plans. Monthly rents start at $1,224, according to the property’s website.

July 12, 2024

Development Illinois Industrial Loans Midwest

Associated Bank Provides $25.4M Construction Loan for 292,054 SF Industrial Project in Romeoville, Illinois

by Kristin Harlow July 12, 2024

ROMEOVILLE, ILL. — Associated Bank has provided a $25.4 million construction loan for Bridge Point I-55 Commerce Center in the southwest Chicago suburb of Romeoville. The speculative industrial project will total 292,054 square feet across two buildings. Bridge Industrial is the developer. The first building will total 120,012 square feet and feature a clear height of 36 feet, 25 exterior docks, two drive-in doors and 223 car parking stalls. The second building will span 172,042 square feet with a clear height of 36 feet, 43 exterior docks, two drive-in doors and 107 car parking stalls. The site also features an additional 3.8 acres to accommodate 75 more trailer parking stalls. Completion is slated for July 2025. Dan Leahy and Adam Roth of NAI Hiffman are marketing the project for lease.

July 12, 2024

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