Midwest

Colliers Mortgage Provides $12.9M HUD-Insured Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow January 17, 2023

FORT DODGE, IOWA — Colliers Mortgage has provided a $12.9 million HUD-insured loan for the refinancing of District 29 Apartments and Townhomes in Fort Dodge, about 90 miles north of Des Moines. The 118-unit property features studio, one- and two-bedroom apartment units as well as two- and three-bedroom townhome units. Amenities include a fitness center, community room, mail room and dog park. The loan features a 35-year term and a 35-year amortization schedule. Fritz Waldvogel of Colliers originated the loan on behalf of the borrower, District 29 Apartments LLC.

January 17, 2023

Acquisitions Content Partner Features Midwest NAI Northeast Southeast Texas Western

Despite Stormy Credit Conditions, Multifamily Sector Still in Demand Among Investors

by Sarah Daniels January 17, 2023

The mere flipping of the calendar to mark a new year has done nothing to inject certainty into the next 12 months. The higher cost of credit that muted commercial real estate investment sales in the second half of 2022 and the attitude of some sellers who refuse to recognize the new pricing reality remain in place in the new year. Many eyes are on the Federal Reserve, hoping for a respite in interest rate hikes after the central bank raised the effective benchmark federal funds rate some 400 basis points to 4.33 percent in less than a year, according to the Federal Reserve Bank of New York. Some investors are even hoping for a rate cut. Neither of those is likely, at least in the short term, observes Arthur Milston, a senior managing director of NAI Global in New York City. While inflation has cooled to an annual rate of 6.5 percent from a high of 9.1 percent in June, that’s still far off from the roughly 2 percent annual target that the Fed desires, he adds. That should translate into continued tightening, Milston says, although the question is, how long will the central bank keep raising rates, and …

January 17, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Schafer Richardson Receives $77M for New Affordable Housing Project in St. Paul

by Kristin Harlow January 16, 2023

ST. PAUL, MINN. — Minneapolis real estate development company Schafer Richardson has received more than $77 million in financing for the development of Soul, a mixed-use development in St. Paul with an affordable housing component. Multifamily financing provider Merchants Capital arranged the debt financing for Soul, securing a $33 million Merchants Bank of Indiana (MBI) construction loan, a $16.6 million MBI equity bridge loan and a $27.4 million Freddie Mac Tax-Exempt Loan to comprise the total $77 million. RBC Capital Markets served as the equity provider for the project. The City of St. Paul also contributed to the project through the allocation of American Rescue Plan Act funds and grants. Located at the intersection of Robert Street and Plato Boulevard, Soul will comprise 178 one-, two-, three- and four-bedroom units. Of the total 178 units, 23 three-bedroom and 12 four-bedroom apartments will be restricted at 30 percent area median income (AMI). These units will remain affordable at 30 percent AMI for 30 years. The remaining 143 units will be restricted to individuals earning 60 percent AMI or lower, and will remain so for 40 years. Soul will be constructed on a redevelopment site of a current city infill location, with all construction completed as …

January 16, 2023

Loans Midwest Multifamily Nebraska Northmarq

Northmarq Arranges $67M in Acquisition Financing for Two Apartment Communities in Omaha

by Kristin Harlow January 16, 2023

OMAHA, NEB. — Northmarq has negotiated more than $67 million in Freddie Mac acquisition financing for two multifamily properties in metro Omaha. Northmarq arranged the floating-rate loan on behalf of the borrower, Hamilton Point Investments. The transactions were each structured with a seven-year term with three years of interest-only payments followed by a 30-year amortization schedule. Vantage at Coventry is a 294-unit class A property located at 5575 S. 206th Court in Elkhorn, Neb., at the western edge of Omaha. The community offers studio, one-, two- and three-bedroom floor plans. Construction on Vantage at Coventry was completed in 2019. The property is located two miles from the 180th Plaza shopping center and just under seven miles from Two Rivers State Recreation Area. Community amenities at Vantage at Coventry include a pool with tanning ledge seating and poolside grills, media lounge with internet café, urban clubhouse with tech center, business center, gated access, detached garages and onsite storage units, two dog parks and a package concierge. Individual units feature stainless-steel appliances, glass backsplashes, ceiling fans, in-unit washers and dryers, USB wall ports, balconies or patios and large fenced yards in select units. Northmarq arranged $31.6 million in acquisition financing for Vantage at …

January 16, 2023

Acquisitions Illinois Loans Midwest Multifamily

Bayshore Properties Acquires 586-Unit Multifamily Property in Arlington Heights, Illinois

by Kristin Harlow January 16, 2023

ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in the Chicago suburb of Arlington Heights. The Conor Group sold the asset for $131 million. Built in 1973, Stonebridge of Arlington Heights features a mix of one- and two-bedroom floor plans averaging 1,075 square feet. Amenities include a pool, fitness center, dog park, basketball courts and bike storage rooms. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks and Eric Rosenstock of Greystone originated a $94.4 million Fannie Mae loan for the acquisition. The fixed-rate loan features a 10-year term and amortization schedule.

January 16, 2023

Illinois Leasing Activity Midwest Office

Zoro.com Signs 41,875 SF Office Lease Expansion at Accenture Tower in Chicago

by Kristin Harlow January 16, 2023

CHICAGO — Zoro.com has signed a 41,875-square-foot office lease expansion at Accenture Tower in Chicago. The company sells tools, industrial equipment and business supplies. Zoro.com previously occupied the 16th floor at Accenture Tower and will now occupy the 39th and 40th floors. The office building, owned by KBS, was recently renovated to include a new conference center, outdoor terrace with high-speed internet and modernized elevators.

January 16, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $3.1M Sale of Apartment Community in Chicago’s Morgan Park

by Kristin Harlow January 16, 2023

CHICAGO — Chicago real estate brokerage Kiser Group has arranged the sale of 1901 W. Pryor, an apartment community located in Chicago’s Morgan Park area for $3.1 million. A Chicago land trust sold the property to an investor based out of New York. Kiser Group’s Birk-Sklar team, including Noah Birk and Aaron Sklar, brokered the sale. The property offers 34 units, all of which comprise just under 700 square feet and have been remodeled. The building has a parking lot in both the front and rear for tenants and recently was equipped with a new roof. According to Apartments.com, 1901 W. Pryor rises two stories and includes features such as community laundry facilities and high speed internet access.

January 16, 2023

Acquisitions Midwest Minnesota Retail

Atlantic Capital Partners Arranges $64.8M Sale of Shopping Center in Metro Minneapolis

by Jeff Shaw January 13, 2023

ST. LOUIS PARK, MINN. — Atlantic Capital Partners has arranged the sale of The Shops at West End, a 381,804-square-foot shopping center located southwest of downtown Minneapolis in St. Louis Park. An undisclosed buyer purchased the property for $64.8 million. Duke Realty Corp. developed The Shops at West End in 2009. The center, which was 81 percent leased at the time of sale, features 36 retail tenants as well as office space. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic worked with Kris Schisel and Anthony Strauss of Transwestern to arrange the transaction. The seller was also undisclosed.

January 13, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges Sale of 130-Unit Multifamily Portfolio in Chicago

by Jeff Shaw January 13, 2023

CHICAGO — Chicago-based commercial real estate investment services firm Interra Realty has arranged the sale of a three-building, 130-unit multifamily portfolio in Chicago’s Hyde Park neighborhood. The properties included in the portfolio are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The portfolio sold for an undisclosed price. The three buildings comprise 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95 percent occupied at the time of sale. All three properties are served by the Metra Electric and South Shore lines, as well as multiple Chicago Transit Authority bus routes. Interra’s senior managing partner, Joe Smazal, represented the seller, an affiliate of the Chicago-based Tricap Residential Group. The brokerage firm’s managing partner, Patrick Kennelly, and director, Paul Waterloo, represented the undisclosed, private West Coast-based buyer.

January 13, 2023

Acquisitions Kansas Midwest Retail

JLL Brokers Sale of 363,076 SF Retail Center in Metro Kansas City

by Jeff Shaw January 13, 2023

MERRIAM, KAN. — JLL Capital Markets has brokered the sale of Merriam Town Center, a 363,076-square-foot open-air retail center located at 8800 Johnson Drive in Merriam, approximately 10 miles southwest of Kansas City. Built in 1998, the property was 97 percent leased at the time of sale. Tenants include The Home Depot, Dick’s Sporting Goods, Cinemark, Ross Dress for Less and PetSmart. Amy Sands and Michael Nieder of JLL represented the undisclosed seller in the transaction. The R.H. Johnson Co. acquired the property for an undisclosed price.

January 13, 2023

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