Midwest

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

Acquisitions Affordable Housing Midwest Multifamily Ohio

CMHA Acquires 108-Unit Affordable Housing Development in Columbus, Ohio for $8.1M

by Jeff Shaw January 13, 2023

COLUMBUS, OHIO — The Columbus Metropolitan Housing Authority (CMHA) has acquired Copperleaf Apartments, a 108-unit affordable housing multifamily development in Columbus for $8.1 million. Built in 1989, the property sits on eight acres located off Sawmill Road on the city’s Northwest Side. The seller was a partnership of companies headed by local developers Don Kelley and Robert Weiler. Columbus Housing Enterprise (CHE), a newly formed nonprofit, has entered into a 75-year lease to operate the community on behalf of CMHA, ensuring the apartment complex will remain affordable for lower-wage-earning families, senior citizens and people with disabilities for the long run. According to The Columbus Dispatch, the nonprofit will target prospective renters making 80 percent or less of area median income, which is $52,500 for one person and $74,950 for a four-person household. Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing …

January 13, 2023

Acquisitions Midwest Missouri Net Lease Retail

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Walmart Property in Malden, Missouri

by Jeff Shaw January 13, 2023

MALDEN, MO. — Marcus & Millichap has brokered the sale of a 43,770-square-foot retail property occupied by Walmart in Malden, which is part of the Missouri Bootheel in the southeast portion of the state. A limited liability company purchased the net-leased property, located at 1007 N. Douglass St., for $2.9 million in an all-cash transaction. Walmart has five years remaining on its lease. Investment specialists Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles from Marcus & Millichap’s Cleveland and Columbus offices marketed the asset on behalf of the seller, a limited liability company and private investor. The buyer was also secured and represented by Shapiro, Fuller, Patton and Wiles with the assistance of David Saverin, Missouri broker of record.

January 13, 2023

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