MUSKEGO AND OAK CREEK, WIS. — Walker & Dunlop has arranged $16 million in HUD-insured loans for the acquisition of two assisted living properties in metro Milwaukee. Kevin Giusti and Daniel Barone of Walker & Dunlop arranged the financing on behalf of the borrower, a developer. The first property is Caring Alternatives of Muskego, a 30-unit community located on Pioneer Drive in Muskego. The second is Caring Alternatives of Oak Creek, a 45-unit property located on 13th Street in Oak Creek.
ROMULUS, MICH. — Marquette Cos. has reopened The Maxwell, a 312-unit apartment community in Romulus. The firm completed an $8 million revitalization project to address previously deferred maintenance issues as well as property updates. Exterior upgrades include new and repaired hardscaping, restoration of the pool and deck with new furnishings, repaired and upgraded building exteriors, replacement windows and the addition of a dog park. The community clubhouse now features a renovated fitness center, updated finishes in the resident lounge, a new catering kitchen and a new leasing office. Renovations to the units include new cabinetry and countertops in the kitchens with black appliances, along with new flooring and paint. Hallways and common areas throughout the community’s 26 buildings were also renovated. Marquette worked closely with city officials prior to acquiring the property and throughout the renovation, and used local vendors for the construction work. Built in 1972 as Morgan Manor, the property was a popular home for pilots and flight attendants due to its proximity to the Detroit Metropolitan Wayne County Airport. The community offers studio, one- and two-bedroom floor plans ranging from 650 to 850 square feet. Monthly rents start at $885. Marquette partnered with DRA Advisors on the …
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the $3.3 million sale of the former Ovation 10 Entertainment Complex in the Chicago suburb of Bloomington. Located at 415 Detroit Drive, the property originally opened as Carmike Cinemas in 1999 and was renovated in 2015 to include a full-size kitchen and bar with in-theater dining service. The Ovation Cinema Grill closed at the start of the pandemic and never reopened after parent company, New Vision Theaters, filed for bankruptcy. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the seller, NV Propco Acquisition. Sherye Przybyla of Berkshire Hathaway Home Services represented the buyer, FMB Holding Inc.
OTTAWA, ILL. — Goodwill Industries of Northern Illinois has purchased a 17,295-square-foot retail building located at 501 W. Stevenson Road in Ottawa. Marc Hildenbrand of Friedman Real Estate brokered the sale. The seller and sales price were not disclosed.
ST. LOUIS — McCarthy Building Cos. will construct a $400 million lithium iron phosphate (LFP) battery materials manufacturing plant for ICL (NYSE: ICL) in St. Louis. The facility is expected to be the first commercial-scale LFP battery materials manufacturing plant in the U.S., according to McCarthy. The 140,000-square-foot plant is expected to produce 30,000 metric tons for use in batteries that can store energy needed to run electric vehicles, charging stations or on the electric grid. ICL’s investment in the plant was augmented by a $197 million grant from the U.S. Department of Energy. The new plant will be located on ICL’s existing Carondelet campus in St. Louis. In addition to creating 800 to 900 union construction jobs, the new facility is estimated to create 150 high-paying union and professional jobs for ICL. The plant is expected to be operational by 2025 and will help meet growing demand from the energy storage, electric vehicle and clean-energy industries for U.S.-produced-and-sourced essential battery materials. ICL is a global specialty minerals company, creating solutions for sustainability challenges in the food, agriculture and industrial markets. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange. The company …
IOWA, NEBRASKA AND KANSAS — Tutera Senior Living & Health Care has acquired 10 communities in Iowa, Nebraska and Kansas, expanding the family-owned company’s footprint by more than 20 percent. The purchase price was undisclosed. The properties total 443 assisted living, memory care and residential care units with an average of 44 units each. Tutera is retaining all employees at the newly added communities to ensure continuity of care for residents. The properties include: Pinicon Place Senior Living in Anamosa, Iowa; Rolling Meadows Senior Living in Carroll, Iowa; Eiler Place Senior Living in Clarinda, Iowa; Amelia Senior Living in Council Bluffs, Iowa; Floyd Place Senior Living in Sergeant Bluff, Iowa; Cottonwood Place Senior Living in Columbus, Neb.; Pathfinder Place Senior Living in Fremont, Neb.; Morton Senior Living in Nebraska City, Neb.; Greene Senior Living in Seward, Neb.; and Abilene Place Senior Living in Abilene, Kan.
ROLLING MEADOWS, ILL. — Greystone has provided a $16.8 million HUD LEAN 232/223(f) green loan for the refinancing of Plum Creek at Rolling Meadows. The 102-unit supportive living facility is situated in the Northwest Chicago suburb of Rolling Meadows. The three-story property was constructed in 1986 as a hotel and converted into supportive living in 2006. The supportive living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. Adam Lipkin and Michael Zukerman of Greystone originated the 35-year loan. Brent Connell of Geneva Capital acted as correspondent on the transaction. The owner committed to implementing green improvements that will result in an estimated 15 percent in energy savings and 10 percent in water savings annually, amounting to projected savings of over $20,000 per year. The new HUD-insured green seniors housing program can cut closing costs by 75 basis points and reduce the interest rate by almost half a percent, according to Greystone.
CHICAGO — Greenstone Partners has brokered the $3.6 million sale of an 11,500-square-foot apartment and retail building in Chicago’s Lincoln Square neighborhood. Located at 2200 W. Lawrence Ave., the building is anchored by Roots Pizza and The Sixth, a two-concept retail tenant signed to a long-term lease. The property’s six apartment units were built in 2014 when the building underwent a full rehab. Danny Spitz, Jordan Multack and Tom Galvin of Greenstone represented the seller and procured the buyer, a New York-based private investor.
OAK BROOK, ILL. — General contractor Skender has completed a 6,877-square-foot build-out for Bettinardi Golf at 1225 W. 22nd St. in the Chicago suburb of Oak Brook. The experiential showroom opened Tuesday, Aug. 15. Bettinardi offers a high-tech putter fitting facility called Studio B. There is also The Hive, which sells unique and high-end putters built and designed in-house by master club designer Robert Bettinardi. There is also ample space for special events and workshops. Cresa managed the project’s design and build-out, and provided turnkey services such as site selection, building analysis, program confirmation, architect selection, design review, general contractor selection, owner integration, fixture integration and grand opening set-up. Cresa’s Bradley Metzger negotiated Bettinardi’s lease in October. Cresa’s Eric Nolin spearheaded the project management. RGLA Solutions designed the space. Bettinardi’s corporate headquarters and manufacturing facility will remain in Tinley Park.
VIOLET TOWNSHIP, OHIO — DHL Supply Chain has broken ground on a new 755,000-square-foot distribution center in Violet Township, an eastern suburb of Columbus. The facility, which will be located near DHL Supply Chain’s U.S. headquarters in Westerville, is slated to open in the second quarter of 2024 and create approximately 200 jobs in the region. The project brings DHL’s total footprint to more than 15 million square feet in its home state and 161 million square feet in North America. The Violet Township facility will leverage the latest robotics technology and automation processes as well as sustainable building planning and construction. DHL Supply Chain’s expansion of its warehousing footprint is led by DHL Real Estate Solutions.