Midwest

Ryan to Build New Basketball, Hockey Arena at University of St. Thomas in Minnesota

by Kristin Harlow January 20, 2023

ST. PAUL, MINN. — Ryan Cos. US Inc. will build the new Lee and Penny Anderson Arena at the University of St. Thomas in St. Paul. Ryan A+E Inc., Ryan’s design studio, is collaborating with Crawford Architects on the design of the multi-purpose arena and practice facilities, which will serve as the new home for the men’s and women’s hockey and basketball programs. The private university is transitioning to NCAA Division I athletics from Division III. The arena will also host commencement ceremonies, academic convocations, conferences, career fairs and other events for the university and broader community. Meyer Borgman Johnson will provide structural engineering services and IMEG Engineers will provide mechanical, electrical and plumbing engineering. Construction is scheduled to begin in 2024 and be completed in fall 2025. The university received a $75 million gift from Lee and Penny Anderson for the project. Lee Anderson sold APi Group, a conglomerate of construction and fire-protection businesses, for $3.5 billion in 2019, according to the Star Tribune.

January 20, 2023

Loans Michigan Midwest Multifamily

Berkadia Provides $33.8M Acquisition Loan for Multifamily Portfolio in Midland, Michigan

by Kristin Harlow January 20, 2023

MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.

January 20, 2023

Acquisitions Illinois Midwest Retail

Feil Organization Acquires Vacant Carson’s Store at North Riverside Park Mall in Suburban Chicago

by Kristin Harlow January 20, 2023

NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.

January 20, 2023

Loans Midwest Missouri Multifamily

American Street Capital Arranges $5.9M Loan for Refinancing of Missouri Multifamily Portfolio

by Kristin Harlow January 20, 2023

ST. ROBERT, MO. — American Street Capital (ASC) has arranged a $5.9 million loan for the refinancing of a 152-unit multifamily portfolio in St. Robert, a city in central Missouri. The portfolio was more than 95 percent leased at the time of loan closing. Igor Zhizhin of ASC arranged the agency loan on behalf of the borrower, a seasoned owner-operator. The fixed-rate loan features a 10-year term and a 30-year amortization schedule.

January 20, 2023

Development Illinois Midwest Mixed-Use

Partnership Breaks Ground on 21-Story Mixed-Use Tower in Chicago’s Streeterville Neighborhood

by Kristin Harlow January 19, 2023

CHICAGO — A partnership between Mavrek Development, GW Properties, Luxury Living and Double Eagle Development has broken ground on The Saint Grand, a 21-story mixed-use tower in Chicago’s Streeterville neighborhood. Office tenant buildouts are slated for later this year, while the residential portion is scheduled for completion in early 2024. The development will include 248 luxury apartment units, 45,000 square feet of office space and 7,500 square feet of street-level retail space. The apartments will feature in-unit workspaces and private outdoor spaces. Amenities will include a package receiving service, coworking lounge, fitness center and pool. Office tenants will also enjoy all building amenities.

January 19, 2023

Acquisitions Kansas Midwest Missouri

Grayson Capital Acquires Monument Healthcare Development

by Kristin Harlow January 19, 2023

KANSAS CITY, MO. — Kansas City-based Grayson Capital has acquired Monument Healthcare Development. Financial terms of the transaction were undisclosed. Monument, now a wholly owned subsidiary of Grayson, was previously a wholly owned subsidiary of Nuterra Capital. Monument and Grayson plan to retain their individual identities and clients, but will combine their efforts to expand their offerings in multifamily and healthcare real estate development. Founded in April 2022, Grayson is a development firm specializing in transit-oriented multifamily projects and public-private partnerships. Leawood, Kan.-based Monument was founded in 2005 and builds healthcare facilities across the Midwest and Northeast.

January 19, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $12.5M Acquisition Loan for Multifamily Property in Rochester, Minnesota

by Kristin Harlow January 19, 2023

ROCHESTER, MINN. — Northmarq has provided a $12.5 million Freddie Mac loan for the acquisition of Timberland Heights in Rochester. The 147-unit multifamily property, built in 1975, is located at 1515 41st St. NW. Amenities include a fitness center, pool, clubhouse, playground and laundry facilities. Mike Padilla of Northmarq originated the 10-year loan, which features four years of interest-only payments and a 30-year amortization schedule. The borrower was not provided.

January 19, 2023

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 49,418 SF Office Building in Tinley Park, Illinois Slated for Industrial Use

by Kristin Harlow January 19, 2023

TINLEY PARK, ILL. — Cawley Chicago has brokered the sale of a 49,418-square-foot office building in the Chicago suburb of Tinley Park for an undisclosed price. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, a private local investor, and marketed the property for industrial reuse. The single-story property, built in 2001 and located at 18410 Crossing Drive, features 218 parking spaces and a clear height of 18 feet. Ted Gates of CBRE represented the buyer, a multi-national laboratory group.

January 19, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sale of 12,000 SF Retail Strip Center in Springfield, Illinois

by Kristin Harlow January 19, 2023

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property, which is located at 3422 Freedom Drive. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc. Buyer information was not provided.

January 19, 2023

Affordable Housing Development Illinois Midwest Multifamily Top Stories

Related Midwest Underway on 43-Story Multifamily Tower in Chicago’s Fulton Market District

by Katie Sloan January 19, 2023

CHICAGO — Related Midwest has released detailed plans for The Row Fulton Market, a 43-story multifamily development currently underway at 164 N. Peoria St. in Chicago’s Fulton Market district. The community will offer 300 units in one-, two- and three-bedroom configurations upon completion, currently scheduled for this June. Standard units will range in size from 617 to 1,929 square feet. The community is also set to offer six premium penthouse residences, which will range in size from 2,358 to 3,418 square feet in three- and four-bedroom configurations. Shared amenities at the development will include a fitness center and yoga studio; children’s play suite; reservable entertainment suite with an adjacent terrace including an outdoor kitchen with seating; multiple lounge and co-working spaces; a lap pool with lounge seating; three outdoor kitchens with dining and seating areas; green space with hammocks; and two fire pits offering views of the Chicago skyline. The property will offer a 24-hour concierge and door attendant, alongside services such as move-in coordination, housekeeping, package storage, on-site dry cleaning, and walking, grooming and daycare services for pets. The community will also feature 146 parking spaces, including 12 electric vehicle charging stations and complimentary bike storage. The property will …

January 19, 2023

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