Midwest

JLL Provides $7M Loan for Refinancing of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow July 21, 2023

GARY, IND. — JLL Capital Markets has provided a $7 million Freddie Mac loan for the refinancing of Gary Manor, a 198-unit age-restricted community in Gary, a city in Northwest Indiana. All the units are secured under a Housing Assistance Payments (HAP) contract. Built in 1980 and renovated in 2011, Gary Manor consists of a 12-story building for seniors age 62 and above as well as four walk-up buildings for families. Leif Olsen and Kristian Lichtenfels of JLL worked on behalf of the borrower, Monroe Group Limited and Steele Properties. The 10-year loan features a fixed interest rate.

July 21, 2023

Development Industrial Midwest Ohio

Maddox Industrial Transformer Opens 45,000 SF Production Facility in Batavia, Ohio

by Kristin Harlow July 21, 2023

BATAVIA, OHIO — Maddox Industrial Transformer, a provider of electrical transformers, has opened a 45,000-square-foot production facility in Batavia, an eastern suburb of Cincinnati. Located in an old Ford transmission plant at 4330 Batavia Road, the development features a 40,000-square-foot shop and 5,000 square feet of office space as well as a four-acre storage yard. Once fully staffed, the facility will create 65 new jobs in the area. Maddox now maintains four major production facilities in addition to sales and support offices across the country.

July 21, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.4M Sale of Retail Center in Antioch, Illinois

by Kristin Harlow July 21, 2023

ANTIOCH, ILL. — Marcus & Millichap has arranged the $2.4 million sale of a 19,810-square-foot retail center in Antioch, a city in northern Illinois near the Wisconsin border. Advance Auto Parts is the anchor tenant at the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a partnership that had owned the center for over 20 years. The duo also secured and represented the buyer, a local private investor.

July 21, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $21.7M Loan for Refinancing of Minneapolis Apartment Community

by Kristin Harlow July 20, 2023

MINNEAPOLIS — Northmarq has provided a $21.7 million Freddie Mac loan for the refinancing of Oaks Minnehaha Longfellow, a 179-unit apartment community in Minneapolis. Built in 2020, the property is situated near Minnehaha Regional Park. Mike Padilla of Northmarq originated the five-year loan, which features three years of interest-only payments and a 35-year amortization schedule.

July 20, 2023

Acquisitions Midwest Multifamily Nebraska

Mogharebi Group Arranges Sale of 180-Unit Multifamily Property in Ralston, Nebraska

by Kristin Harlow July 20, 2023

RALSTON, NEB. — The Mogharebi Group has arranged the sale of Fireside Village, a 180-unit apartment community in Ralston, a southern suburb of Omaha. The sales price was undisclosed. Built in 1972, the property is comprised of 11 buildings. About one-third of the units have been renovated. Amenities include a sauna, fitness center, playground, dog park, business center and laundry facilities. The community was 75 percent occupied at the time of sale. The Mogharebi Group represented the seller, a Colorado-based private investment group. The buyer, ARTISAN Capital Group, plans to rebrand the property as Wildewood Commons. The transaction represents the seller’s exit and the buyer’s entry into the Nebraska market. As part of the sale, the buyer assumed an agency loan with five years remaining on its term.

July 20, 2023

Industrial Loans Michigan Midwest

iBorrow Provides $15.6M Loan for Refinancing of Cold Storage Facility in Taylor, Michigan

by Kristin Harlow July 20, 2023

TAYLOR, MICH. — iBorrow has provided a $15.6 million loan for the refinancing of a 238,575-square-foot cold storage facility in Taylor, a southwest suburb of Detroit. The borrower, a national industrial real estate firm, acquired the asset in 2021 and made substantial improvements. The property, now fully occupied, features a clear height of 27 feet, 25 dock doors, two drive-in doors, parking for 100 cars, 40 trailer spaces and a new concrete parking lot. The borrower intends to make further improvements to the facility, which is situated near Norfolk Southern rail service, the Detroit Metropolitan Wayne County Airport and I-94.

July 20, 2023

Affordable Housing Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights

by Kristin Harlow July 20, 2023

CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …

July 20, 2023

Development Industrial Midwest Minnesota

Kraus-Anderson Completes 17,200 SF Rental Store for Ziegler Cat in Dayton, Minnesota

by Kristin Harlow July 20, 2023

DAYTON, MINN. — Kraus-Anderson has completed construction of a 17,200-square-foot rental store for Ziegler Cat at 18171 Territorial Road in Dayton, a far north suburb of Minneapolis. One of Caterpillar’s largest dealers in North America, Ziegler is expanding its equipment sales, rental and repair services in central Minnesota. Ziegler sells and services Cat construction, paving, forestry, mining equipment, trucks, generators and industrial engines. Designed by CNH Architects, the two-story property replaces a former building.

July 20, 2023

Market Reports Michigan Midwest Midwest Market Reports

Commercial Real Estate Values Are in Flux

by Kristin Harlow July 20, 2023

By Anthony Sanna, Integra Realty Resources The commercial real estate (CRE) market is facing a time of uncertainty and anxiety as we move further into 2023. A variety of factors are contributing to investor sentiment being low, including the threat of higher interest rates impacting commercial loans, fears of a declining CRE market, and concerns about recessionary pressures, inflation and a liquidity crisis currently taking shape. The question on everyone’s mind is where values are going and what trends we can expect in the coming months. Signs of a softening market National data analytics firms are already reporting a 10 percent value decline across most asset classes, except for industrial real estate. While this indicates there is downward pressure on pricing, it’s important to remember that appraisal data is somewhat backward-looking and may lag behind current pricing trends. Additionally, tracking recent transactions from six to nine months ago may not represent the boots on the ground experience happening at this very moment. Admittedly, appraisers are rear-view mirror-focused (tracking transactions) while the actual market is windshield-focused (future transactions). Despite this, recent examples in daily work indicate a downward pricing trend. Recent purchase contracts have been re-traded and amended, often with lower …

July 20, 2023

Development Illinois Industrial Midwest

Olympus Design and Development Breaks Ground on $65M Logistics Campus in Suburban Chicago

by Kristin Harlow July 19, 2023

SCHAUMBURG, ILL. — Olympus Design and Development has broken ground on a $65 million logistics campus in the Chicago suburb of Schaumburg. The four-building development will house headquarters office, warehouse and distribution space for Experior Global & Transport as well as one speculative office and industrial building for other users. David Haigh of NAI Hiffman represented Experior in the acquisition of the property. Completion is slated for the fourth quarter of 2024. The campus will feature a 24-hour surveillance system, parking for 800 trucks and trailers, a fully equipped gas station and convenience store, and a truck sales and repair shop to be operated by Experior.

July 19, 2023

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