BERKELEY, MO. — BridgeCore Capital Inc. has provided a $1.8 million loan for the refinancing of a 44-unit, two-story multifamily property in Berkeley, a northwest suburb of St. Louis. The asset was built in 1957. The borrower was experiencing multiple technical defaults resulting from complexities with the existing agency lender. BridgeCore coordinated directly with the mortgage advisory team and title company to close the transaction within the expedited timeframe. BridgeCore also solved a number of unexpected ancillary issues that arose during the due diligence and closing process, including removal of one of the guarantors, adjusting the insurance coverage period at loan commencement and restructuring an entity certification into a written consent.
ELKHART, IND. — Merchants Capital has arranged $70 million in financing for the construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart. Holladay Properties is the developer. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank. Flats at Pinecreek will be supported via an 18-year tax-increment financing structure. Roughly 25 percent of the units will be reserved for residents earning between 60 and 80 percent of the area median income, with the remaining units provided at market rate. Flats at Pinecreek will include seven three-story buildings and a clubhouse. There will be 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom residences. Amenities will include a fitness center, pool, dog park, lounge and coffee bar, grill stations and a package delivery hub. Construction has commenced, and completion is slated for January 2027.
WARREN, OHIO — CBRE has negotiated the $9.4 million sale of a 94,000-square-foot industrial research and development facility in Warren, a city in eastern Ohio. CBRE’s Steve Timmel, Will Roberts and George Stevens represented the seller, Industrial Commercial Properties. An entity doing business as PG Warren Industrial LLC was the buyer. Built in 1998 and renovated in 2014, the building at 4551 Research Parkway features a clear height of 22 feet, 10 drive-in doors and a reinforced concrete foundation on an 11.9-acre site. The property was fully occupied by Aptiv at the time of sale and is part of the company’s broader Warren campus.
HALES CORNERS, WIS. — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million loan for Hales Corners Plaza, a 94,207-square-foot retail center in the Milwaukee suburb of Hales Corners. The property is fully leased to tenants such as Great Clips, AT&T, a nail salon and a physical therapy clinic. Michael Hughes of MMCC arranged the financing on behalf of the private client. A credit union provided the five-year loan, which features a 75 percent loan-to-value ratio, 6 percent interest rate and 30-year amortization period.
MINNEAPOLIS — Zimmerman Reed has signed a long-term renewal of its 15,179-square-foot lease at IDS Center, a Class A office building in downtown Minneapolis. Kevin Salmen and Danny Callahan of Transwestern Real Estate Services represented the law firm, which has been headquartered at IDS Center since 2011. The firm plans a full-scale renovation of its space. Jon Dahl of JLL represented the landlord, Accesso.
LYONS, ILL. — eXp Commercial, a division of eXp World Holdings Inc., has brokered the sale of a 12-unit multifamily property located at 4337 Prescott Ave. in the Chicago suburb of Lyons. Randolph Taylor of eXp Commercial represented the buyer and seller. The asset features a mix of one- and two-bedroom units. Recent improvements include a new heating system, security camera installation and renovated bathrooms in select units. The seller was a long-term private owner. The buyer, a Chicago-based private investor, purchased the property in an all-cash transaction to expand its multifamily portfolio into suburban Cook County.
DETROIT — Bedrock has completed the 12-story office building at 1240 Woodward Ave. that is part of the Hudson’s Detroit development. Designed by SHoP Architects, the building adds more than 400,000 square feet of Class A office space, retail space, an event venue and a rooftop lounge on the 12th floor that will open in 2026. The project’s 56,000-square-foot event space, dubbed The Department at Hudson’s, opened earlier this year. Bedrock expects to open the 45-story tower component of Hudson’s Detroit in 2027. The 685-foot skyscraper, the second-tallest building in the state, will include dining space, The Detroit EDITION hotel and The Residences at The Detroit EDITION, rounding out the development’s total square footage to 1.5 million square feet. Hudson’s Detroit is the redevelopment of the former J.L. Hudson Department Store, which once stood as the tallest department store in the world, according to Bedrock. The store shuttered in 1983 and was imploded in 1998, according to Crain’s Detroit Business. Construction on Hudson’s Detroit began in December 2017. The development faced design changes, delays and project costs that ballooned to more than $1 billion. “Ten years in the making, Hudson’s Detroit is elevating downtown and creating space for the …
ASHWAUBENON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged $18 million in financing for The Common Place, an 88-unit multifamily property located at 686 Mike McCarthy Way in Ashwaubenon, a suburb of Green Bay. The property is located in the city’s Sports & Entertainment District, blocks away from Lambeau Field and Titletown. Odyssey Climbing & Fitness occupies the first floor of the building. Units range from studios to two-bedroom floor plans, and amenities include a courtyard and bike storage. Robert Bhat of MMCC arranged the five-year, nonrecourse CMBS loan with a national bank. The loan features a 70 percent loan-to-value ratio, 6.45 percent interest rate and interest-only payments for the full term.
ELKHART, IND. — Graycor has completed a 171,000-square-foot distribution center for Amazon at 2675 Aeroplex Drive in Elkhart. The facility, dubbed DII5, will be Amazon’s first owner-occupied mass timber delivery station, with the project seeking Zero Carbon Certification from the Living Future. The 39-acre project features mass timber construction as opposed to traditional concrete and structural steel. ZGF was responsible for the building design, and Atlantic AE served as the architect of record throughout construction. More than 200 Amazon and contract employees will work at the facility handling local fulfillment.
BELVIDERE, ILL. — Lee & Associates of Illinois has negotiated the sale of a 131,811-square-foot industrial building in the Chicago suburb of Belvidere. The property is located on 27.8 acres at 2964 Newburg Road. Jeff Galante of Lee & Associates represented the buyer, NexGen Manufacturing. Al Caruana of Cushman & Wakefield the seller, an entity doing business as 2964 Newburg Road LLC. The transaction marks the largest user sale in the Rockford submarket in the third quarter, according to Lee & Associates.