SHEBOYGAN, WIS. — Charter Senior Living has partnered with DMK Development Group and American Cos. to build a new senior living community in Sheboygan, about 57 miles north of Milwaukee. Charter Senior Living of Sheboygan, in conjunction with Van Horn Real Estate, will be located within the North Town master-planned development. It will offer a total of 175 senior apartments in a variety of floor plans, including 108 independent living units, 46 assisted living units and 21 memory care suites. Development costs are estimated at $50 million. Construction is expected to begin in spring 2024.
COLUMBIA, MO. — A joint venture between Reinhardt Construction LLC and S. M. Wilson & Co. will serve as the construction manager at risk for Columbia Pacific Schools’ bond program aimed to improve and expand the district’s facilities. Over the coming year, Reinhardt/Wilson and the architect team, DLR Group and SOA, will provide pre-construction and design services, respectively. The firms will work to maximize the budget, establish plans for various projects and hire project teams. Plans call for renovations and new construction at the Columbia Area Career Center, an addition at Battle Elementary School and construction of a new elementary school next to the John Warner Middle School. Construction is expected to begin in late 2023 or early 2024. Funding for these projects comes from a no-tax-rate-increase bond referendum, which was approved by voters in April 2022. Columbia is located about 30 miles north of Jefferson City.
KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of The Gabriel, a 13-unit apartment property in Kansas City. The sales price was undisclosed. The asset consists of one building at 535 Gladstone Blvd. and a vacant building at 531 Gladstone Blvd. Aaron Kuroiwa, Jack Beckett and Jacob Carroll of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an individual trust. The buyer was interested in the opportunity to renovate the vacant building, according to the brokerage.
CHICAGO — Global financial services firm Raymond James has signed an office lease for nearly two full floors at 120 South Riverside Plaza in Chicago’s West Loop. Ivanhoé Cambridge owns the building, and Hines is the property manager. Raymond James will relocate its regional office operations to the building, which is part of a two-building office complex totaling 1.4 million square feet, in April 2024. Floor plates at the property average 37,000 square feet. Both buildings are currently being repositioned, completion of which is slated for next summer. Renovations include expanded lobbies, a tenant lounge, private outdoor areas and enhanced indoor and outdoor exercise options such as a personal training offering and a pickleball court. The public plazas overlooking the river area also being repositioned with new seating areas and landscaping. Todd Brandon, Steve Schneider, Chip Evans and Presley Norby of Cushman & Wakefield represented Raymond James in the lease. Kelsey Scheive and Kelsey Morgan of CBRE represented ownership.
WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.
CHICAGO — Bradford Allen Investment Advisors has acquired The Henry, a multifamily and retail building located at 4346 N. Honore St. in Chicago’s Ravenswood neighborhood. The purchase price was undisclosed. The five-story building, completed in 2019, features 38 apartment units and one retail space occupied by Culver’s. At the time of sale, the property was 97 percent occupied. Rents range from $1,751 to $3,000 per month. John Butler and Danielle Morse represented Bradford Allen on an internal basis. Tyler Hague and Lauren Stoliar of Colliers represented the undisclosed seller.
WARSAW, ILL. — Marcus & Millichap has brokered the $1.1 million sale of a 7,489-square-foot retail property occupied by Dollar General in Warsaw, a city in western Illinois along the Mississippi River. The net-leased property is located at 511 Main St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. Edward Nelson and Jake Parker of Marcus & Millichap secured and represented the buyer, an individual trust completing a 1031 exchange.
PADDOCK LAKE, WIS. — Ashish Merchant, an operator of the Culver’s restaurant chain, has purchased 1.6 acres of vacant land on Highway 83 in Paddock Lake, about 15 miles west of Kenosha. The sales price was undisclosed. Tom Treder of Founders 3 Real Estate Services represented the buyer. The seller was PL 83 Development Inc., an affiliate of Bear Development. There are nearly 900 Culver’s restaurants across the United States. The first location opened in Wisconsin in 1984.
CHICAGO — Greystar Real Estate Partners LLC has opened One Six Six, a 223-unit luxury apartment building rising 21 stories in Chicago’s Fulton Market district. The developer is hosting a grand opening celebration Thursday, Aug. 10 with local businesses such as Goddess and the Grocer, Levain Bakery, Pour Souls Cocktail Club, Dipsy Desserts and Tucker Pups. Local band The Holy Cows will provide live music and entertainment. Located at 166 N. Aberdeen St., One Six Six features studio, one- and two-bedroom floor plans along with three-bedroom penthouses. The building features a third-floor amenity level with an indoor private dining room, coworking space, entertainment lounge and fitness center. The 5,650-square-foot outdoor area includes a pool and spa, outdoor kitchen, lounge areas and a dog agility course. The 14th-floor sky garden features an outdoor lounge with a beverage station and views of the city. Monthly rents start at $2,040. Residents can now earn up to two months of free rent, according to the property’s website. The property has earned two Green Globes, part of a certification system developed by the Green Building Initiative that evaluates environmental sustainability, health and wellness and resilience of all types of commercial real estate.
KANSAS CITY, MO. — Cronheim Hotel Capital has arranged a $25.8 million loan for the refinancing of Hotel Phillips in Kansas City. The loan will replace the existing note plus anticipated capital expenditures. The borrowers, Arbor Lodging and Lubert-Adler, acquired the property in 2018. The 216-room hotel, built in 1931, is located in the city’s central business district. It was once the tallest building in town, rising 20 stories. Today, Hotel Phillips is part of Hilton’s Curio collection and is listed on the National Register of Historic Places.