Midwest

JLL Arranges $17.9M in Acquisition Financing for Two Seniors Housing Properties in Iowa

by Kristin Harlow February 26, 2024

INDIANOLA AND MASON CITY, IOWA — JLL Capital Markets has arranged $17.9 million in acquisition financing for Vintage Hills of Indianola and Country Meadow Place in Iowa. The assisted living and memory care communities total 118 units. Jeff Lepley and Alex Sheaffer of JLL arranged two loans on behalf of the borrower, affiliates of Jaybird Senior Living. Jaybird managed both communities prior to the acquisition. JLL arranged one loan through a regional bank, while the other utilized the HUD 232/223(f) program. The loans represent greater than 80 percent of the total purchase price. Vintage Hills of Indianola is a 62-unit facility located in Indianola, a southern suburb of Des Moines. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and community parlor. Country Meadow Place is a 56-unit property in Mason City, a city in northern Iowa. The community offers the same amenities as Vintage Hills of Indianola.

February 26, 2024

Illinois Loans Midwest Retail

Bernard Financial Group Secures $7.8M Acquisition Loan for Shopping Center in Suburban Chicago

by Kristin Harlow February 26, 2024

DOWNERS GROVE, ILL. — Bernard Financial Group (BFG) has arranged a $7.8 million acquisition loan for a 124,005-square-foot shopping center in the Chicago suburb of Downers Grove. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Downers Grove Associates LLC. Securian Life Insurance Co. was the lender.

February 26, 2024

Acquisitions Kansas Midwest Multifamily Seniors Housing

Blueprint Negotiates Sale of 58-Unit Assisted Living Community in Central Kansas

by Kristin Harlow February 26, 2024

KANSAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 58-unit assisted living community in Central Kansas. Built in the early 1990s, the property was well maintained by current ownership, including a $400,000 capital expenditure investment to ensure the community remained competitive within the local market, according to Blueprint. The buyer was a Kansas-based owner-operator. Further details were not provided. Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint brokered the sale.

February 26, 2024

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $2.7M Sale of Caliber Collision-Occupied Property in East Moline, Illinois

by Kristin Harlow February 26, 2024

EAST MOLINE, ILL. — Marcus & Millichap has brokered the $2.7 million sale of a Caliber Collision-occupied property in East Moline, a city in northwest Illinois. The net-leased building, located at 3912 17th St., was recently upgraded with $400,000 in renovations, including parking lot resurfacing, new HVAC and new LED lighting. Jake Carter, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.

February 26, 2024

Industrial Leasing Activity Midwest Wisconsin

Kleen Test Products Corp. Signs 30,000 SF Industrial Lease in Mequon, Wisconsin

by Kristin Harlow February 26, 2024

MEQUON, WIS. — Kleen Test Products Corp. has signed a 30,000-square-foot industrial lease at 1000 W. Donges Bay in Mequon, a northern suburb of Milwaukee. Paul McBride and John Davis of Founders 3 Real Estate Services represented the owner, Stern Real Estate LLC. The tenant develops, manufactures and packages items such as wet wipes and dryer sheets.

February 26, 2024

Illinois Midwest Retail

Mid-America to Manage University of Chicago’s Commercial Real Estate Operations Portfolio

by Kristin Harlow February 23, 2024

CHICAGO — Mid-America Asset Management Inc. has been awarded the management and accounting services for The University of Chicago’s Commercial Real Estate Operations (CREO) portfolio in Chicago, with more than 600,000 square feet of commercial retail, office and entertainment space near the university’s main campus. CREO maintains a tenant base near 53rd Street in Hyde Park. The retail portfolio is comprised of several independently owned and operated businesses. Some of the tenants include LA Fitness, Starbucks, Ulta, Stan’s Donuts, Sweetgreen and Five Guys. Mid-America Building Services has supported the team assisting with cleaning, day-porter and maintenance services. Jean Zoerner, Matt Tomasek and Tracee Johnson of Mid-America Asset Management secured the opportunity with the University of Chicago.

February 23, 2024

Affordable Housing Loans Midwest Missouri Multifamily

BWE Arranges $18.5M in Financing for Three Workforce Housing Properties in St. Louis

by Kristin Harlow February 23, 2024

ST. LOUIS — BWE has arranged $18.5 million in permanent financing for One Loop Apartments, Broadway Park Apartments and Park Vue Flats in St. Louis. The three workforce housing communities total 247 units across 23 buildings. Dan Baker of BWE secured three loans on behalf of the borrowers, Affinity Capital LLC and a St. Louis-based housing developer. The loans for Broadway Park and One Loop were originated through Fannie Mae’s Sponsor Dedicated Workforce Housing program, which enabled the borrowers to receive a lower interest rate, according to BWE. All three loans feature fixed interest rates with five-year terms and full-term interest-only payments. Having been financed through the Sponsor Dedicated Workforce Housing program, 50 percent of the units in Broadway Park and One Loop will be restricted to residents earning up to 80 percent of the area median income (AMI), with 20 percent of the units having a 60 percent AMI requirement. The borrowers will use the financing to pay off existing rehabilitation loans, which were used to substantially upgrade the communities.

February 23, 2024

Illinois Industrial Leasing Activity Lee & Associates Midwest

Lee & Associates Negotiates Pair of Industrial Lease Renewals in Suburban Chicago

by Kristin Harlow February 23, 2024

ITASCA AND ELMHURST, ILL. — Lee & Associates of Illinois has negotiated a pair of industrial lease renewals totaling 112,917 square feet in DuPage County. Jeff Janda and Mike Plumb of Lee & Associates represented tenant Atlas Wire in its lease of 54,690 square feet at 1601 Glenlake Ave. in Itasca. Building owner, Prologis, was self-represented. Janda also represented landlord DRA Advisors on a lease of 58,227 square feet at 951-953 Larch Ave. in Elmhurst. Kevin Segerson of CBRE represented the tenant, Closet Works.

February 23, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $4.2M Sale of Apartment Building in Chicago’s Ravenswood Neighborhood

by Kristin Harlow February 23, 2024

CHICAGO — Interra Realty has brokered the $4.2 million sale of a 16-unit apartment building located at 5073 N. Wolcott Ave. in Chicago’s Ravenswood neighborhood. The boutique property features 13 two-bedroom units and three three-bedroom floor plans. All residences feature modernized kitchens and bathrooms, and the building has onsite laundry and storage lockers. Built in 1927, the vintage asset sold for full list price and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, ICM Properties, a local real estate investor. Smazal also represented the seller, a private New York-based investor.

February 23, 2024

Loans Midwest Minnesota Multifamily

Northmarq Arranges $39.9M Loan for Refinancing of Apartment Complex in Maple Grove, Minnesota

by Kristin Harlow February 22, 2024

MAPLE GROVE, MINN. — Northmarq has arranged a $39.9 million Freddie Mac loan for the refinancing of Terra Residences in the Minneapolis suburb of Maple Grove. The 250-unit apartment complex was built in 2023. Amenities include an outdoor pool, golf simulator, fitness center and underground heated parking. Andy Finn and Dan Trebil of Northmarq arranged the 10-year, fixed-rate loan with seven years of interest-only payments followed by a 35-year amortization schedule. Roers Cos. was the borrower.

February 22, 2024

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