FRANKLIN AND WAUKESHA, WIS. — BMO’s Healthcare Real Estate Group has provided a $70.6 million bridge loan for the recapitalization of two senior living communities totaling 290 units in Franklin and Waukesha. The borrower is a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. Loan proceeds include capital allocated for future improvements and value enhancement.
CHICAGO — BWE has arranged a $17 million loan for the acquisition of 939 North Avenue, a Class A mixed-use property in Chicago’s Lincoln Park neighborhood. The asset features roughly 200,000 square feet of retail, fitness and medical office space as well as a 350-space parking garage. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the loan on behalf of the borrowers, Farpoint Development and MCZ Development Group. A debt fund provided the loan, which features interest-only payments.
OAK BROOK, ILL. — Oak Brook, Ill.-based Devon Self Storage, a member of The Inland Real Estate Group of Cos. Inc., has been awarded the property management contract for six self-storage properties in Indiana, Colorado, Michigan, Nevada and Louisiana totaling roughly 361,000 square feet. The assets include a 603-unit property in Fort Wayne, Ind.; a 487-unit property in Northglenn, Colo.; a 459-unit facility in Waterford, Mich.; a 387-unit facility in Las Vegas; and a 595-unit property in Baton Rouge, La. To date, Devon manages 119 properties for 12 owners across the U.S. The firm expects to add approximately 100 additional self-storage facilities by year’s end.
CHICAGO — SVN Chicago Commercial has brokered the $3.4 million sale of an 11-unit apartment building in Chicago’s Pilsen neighborhood. The property is located at 1800 S. Carpenter St. Paul Cawthon and Angelo Labriola of SVN represented the buyer and seller. The out-of-state buyer secured a Freddie Mac SBL loan.
OAK CREEK, WIS. — Illinois-based developer Heyday has opened Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The property consists of single-family attached rental homes averaging 1,350 square feet. High-speed electric vehicle charging outlets are installed in every garage. Residents have access to outdoor spaces. Daniel Management Group will manage and market the property for lease.
JORDAN, MINN. — Kraus-Anderson has begun a $29.5 million renovation project for Jordan Public Schools in Jordan, about 40 miles southwest of Minneapolis. Designed by ISG, the 96,435-square-foot project will take place in 2024 and 2025. The elementary school portion comprises two separate additions totaling 28,000 square feet. One addition includes an 8,500-square-foot gymnasium space intended for use as a storm shelter. The other addition features the construction of new classrooms, cafeteria, kitchen, gymnasium, loading dock and secure front entry. Extensive interior renovations will be made to the existing classrooms, storage spaces and media center. The project will also replace windows, upgrade bathrooms and enhance mechanical and electrical systems.
ORLAND PARK, ILL. — Orland Park Medical Pavilion, a two-story medical office building totaling 42,000 square feet, has opened in the southwest Chicago suburb of Orland Park. Located at 17047 S. LaGrange Road, the facility is anchored by Silver Cross and Premier Suburban Medical Group (PSMG). The property houses primary care physicians, advanced practice providers and a wide range of specialists for cardiology, endocrinology, gastroenterology, general surgery, hematology/oncology, orthopedics and rheumatology. Perry Higa of NAI Hiffman represented Silver Cross and PSMG by negotiating the land purchase and bringing in Remedy Medical Properties as the developer, Leopardo Construction as the general contractor, Jensen and Halstead as the architect and Kimley-Horn as civil engineer. Higa also negotiated the ground lease and long-term lease for both providers. The new facility houses comprehensive lab, imaging and pharmacy services; a 20-bay cancer care and infusion center; an endoscopy suite with two procedure rooms; and 38 exam rooms.
AUBURN HILLS, MICH. — Dominion Real Estate Advisors has brokered the sale of a 121,263-square-foot industrial building located at 1700 Atlantic Blvd. in Auburn Hills for an undisclosed price. The property sits on roughly eight acres along I-75. The tenant is Grupo Antolin, a supplier of automotive interiors. Eric Banks, Andrew Boncore and Alex Tokarz of Dominion represented the seller, CORE BKG 1700 Atlantic LLC, a Burton-Katzman entity. Chris Dowell of Newmark represented the buyer, 1700 Atlantic Blvd. LLC. The property will become the new headquarters of Superior Electric Great Lakes Co., an electrical contracting company.
DETROIT — Bernard Financial Group (BFG) has arranged a $3.8 million loan for the refinancing of a 142-unit multifamily property in Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Cityside Owner LLC. Genworth Life and Annuity Insurance Co. provided the loan.
ST. LOUIS — Washington University School of Medicine has opened the new Jeffrey T. Fort Neuroscience Research Building, an 11-story academic building located at 4370 Duncan Ave. in St. Louis. The project represents an investment of $616 million, according to the general contractor, locally based McCarthy Building Cos. Inc. Considered one of the largest neuroscience research buildings in the world, the facility will help accelerate research in areas that include Alzheimer’s disease and brain tumors. The project team, including architectural firms CannonDesign and Perkins+Will, designed the facility to achieve LEED Gold certification. Situated on the eastern edge of campus, the 609,000-square-foot building accommodates 1,000 faculty and staff, including 95 research teams. Additional space could be built out in the future to accommodate another 350 faculty and staff, including about 145 research teams. The building includes an 1,846-space parking structure with bicycle racks and electric vehicle charging stations, as well as an elevated pedestrian connection that links the research building to an existing parking garage. The facility is named after Jeffrey Fort, a philanthropist and longtime donor to the university. The name was revealed at a ceremony held in January. McCarthy and the university broke ground on the research building in …