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Midwest

DevelopmentKansasMidwestMultifamilySeniors Housing

Hunt Midwest, Principal Senior Living Complete Memory Care Expansion at Benton House of Olathe in Kansas

by Kristin Harlow

OLATHE, KAN. — Hunt Midwest and Principal Senior Living have completed 21 new memory care residences at Benton House of Olathe in Kansas. The expansion project more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood, an exclusive neighborhood within the Benton House community dedicated to seniors experiencing memory loss. The first residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The property features a variety of indoor and outdoor amenity spaces around three landscaped courtyards. The project team included Lamas Architects, Schlagel and Associates and Meyer Brothers Building Co. Hunt Midwest and Principal currently own and operate a portfolio of six assisted living and memory care communities in metro Kansas City.

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DevelopmentMidwestMultifamilyNebraska

Sullivan Development Breaks Ground on 28-Unit Leavenworth Lofts Apartment Building in Omaha

by Kristin Harlow

OMAHA, NEB. — Developer Sullivan Development Co. has broken ground on Leavenworth Lofts, a 28-unit apartment building in Omaha. The project site at 3612 Leavenworth St. is within walking distance of the University of Nebraska Medical Center. Completion is slated for spring 2025. Leavenworth Lofts will feature one-bedroom units averaging 1,000 square feet. Penthouse units on the fifth floor will feature secured access and private rooftop terraces. Unique to the property is a short-term rental option for units on the lower level as well as a gallery in the lobby that will spotlight rotating exhibits by local artists. Residents will have access to concierge housekeeping services as well as a controlled-entrance garage. BVH Architecture and Ronco Construction make up the project team.

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Leasing ActivityMidwestNAIOfficeWisconsin

NAI Greywolf Negotiates Two Office Leases Totaling 22,500 SF in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — NAI Greywolf has negotiated two office leases totaling 22,500 square feet at Executive Center V in Brookfield, a suburb of Milwaukee. Heuer Law Offices SC leased 3,074 square feet with a lease term of more than five years. Common Ground Inc., a healthcare insurance solution for small businesses, nonprofits, individuals and families, leased 19,675 square feet. Matt Hock of NAI Greywolf represented the undisclosed landlord. The property is located at 300 N. Executive Drive.

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AcquisitionsIndustrialMidwestMinnesota

Marcus & Millichap Arranges $1M Sale-Leaseback of Industrial Facility in Becker, Minnesota

by Kristin Harlow

BECKER, MINN. — Marcus & Millichap has arranged the $1 million sale-leaseback of a 14,380-square-foot industrial facility in Becker, about 47 miles northwest of Minneapolis. The property is located at 14105 Commerce Drive. Brandon Houghtaling and Peter Doughty of Marcus & Millichap represented the seller, a private investor. The property was offered as a sale-leaseback with an initial five-year lease term. The buyer was undisclosed.

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Leasing ActivityMidwestOfficeWisconsin

Klement’s Sausage Co. Signs 3,091 SF Office Lease in Milwaukee

by Kristin Harlow

MILWAUKEE — Klement’s Sausage Co. has signed a 3,091-square-foot office lease at the Timbers Building within the Tannery Office Complex in Milwaukee. The property is located at 700 W. Virginia St. John Davis and Ned Purtell of Founders 3 Real Estate Services represented the owner, R2 Properties. Klement’s has been making small batch, handcrafted sausages in Milwaukee for more than 60 years.

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Affordable HousingIllinoisLoansMidwestMultifamily

Merchants Capital Provides $103M in Financing for Rehabilitation of Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago. The building is situated across from the Obama Presidential Center in the city’s Woodlawn neighborhood. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Merchants Capital maximized equity via a structure called “twinning,” which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. The 4 percent and 9 percent equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021. Planned renovations for Island Terrace include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with a community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 units. Prior to the recapitalization, only 88 of the community’s units carried affordable restrictions. The new financing structure enabled POAH to expand …

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DevelopmentMidwestMissouri

McCarthy Completes $20M Athletic Center at Saint Louis University

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. has completed construction of the O’Loughlin Family Champions Center at Saint Louis University in St. Louis. The $20 million, 25,000-square-foot athletic center is connected to the 10,600-seat Chaifetz Arena. The three-story project will provide support services for the university’s 400-plus Billiken student athletes with programming related to academic advising, spiritual development, sports performance, nutrition, and wellness and sports psychology. The building recently earned LEED Silver certification by the U.S. Green Building Council. The project team included Hastings+Chivetta and Perkins+Will. Construction began in May 2022. The $20 million center was privately funded with a lead gift by the O’Loughlin Family Foundation. Bob O’Loughlin is chairman and CEO of Lodging Hospitality Management.

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IllinoisLeasing ActivityMidwestRetail

Kinship PACE of Illinois Signs 15,310 SF Retail Lease at Bricktown Square in Chicago

by Kristin Harlow

CHICAGO — Kinship PACE of Illinois LLC has signed a 15,310-square-foot retail lease at Bricktown Square shopping center in Chicago. Kinship PACE of Illinois is a program of all-inclusive care for the elderly (PACE). The lease marks Kinship Health’s first location in Illinois. Donna Korn and Beau Ladwig of Cushman & Wakefield represented the tenant. Campbell Wickland, Liz Krebs and Kate Ruzevich of Mid-America Real Estate Group represented the undisclosed landlord.

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MichiganMidwestMultifamily

Friedman Communities to Manage 717-Unit Multifamily Property in Oak Park, Michigan

by Kristin Harlow

OAK PARK, MICH. — Friedman Communities, the multifamily management division of Friedman Real Estate, has been selected to manage The Loop on Greenfield in Oak Park, about 14 miles north of Detroit. Built in 1965, the multifamily property features 717 units with a mix of studios, one- and two-bedroom floor plans. Amenities include a fitness center, pool, playground and landscaped courtyard. The owner was not provided.

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MichiganMidwest

Cawley Commercial Real Estate Expands to Michigan with New Office in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Cawley Commercial Real Estate is expanding its footprint to Michigan with the opening of a new office in Grand Rapids. Commerce CRE, a Cawley Company, will be led by Frank Melchert, managing broker and principal of Cawley. The firm’s offices are now located in Chicago, Oakbrook Terrace and Grand Rapids. Cawley provides brokerage and property management services.

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