HUNTLEY, ILL. — HIP, a joint venture among affiliates of Craig Realty Group Inc., The Prime Group Inc. and The Capital Cos., has begun development of Huntley Commercial Center in Huntley, a northwest suburb of Chicago. The first phase will be a 540,960-square-foot industrial building that is slated for completion in late 2023. The building will feature a clear height of 36 feet, 357 parking stalls, 90 trailer parking stalls, 100 exterior docks and four drive-in doors. The site features an additional 11 acres that will be developed into a 177,320-square-foot build-to-suit project. Adam Marshall and Mark Deady of Newmark will market the development for lease. Development Solutions Inc. is the general contractor and Ware Malcomb is the architect.
CHICAGO — McHugh Construction has broken ground on a five-story healthcare facility and medical office for Howard Brown Health, a Midwest-based LGBTQ healthcare organization, in Chicago’s Lakeview neighborhood. The 91,000-square-foot building at 3501 N. Halsted St. will replace a Howard Brown clinic at 3245 N. Halsted St. The project will include first-floor retail space, a mix of clinical and administrative space, underground parking and a rooftop terrace. Completion is slated for 2023. Chicago-based Eckenhoff Saunders is the architect. Howard Brown Health is developing the project in partnership with Inland National Development Co. McHugh Concrete, a sister company of McHugh Construction, is the concrete subcontractor.
Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments
SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.
TWINSBURG, OHIO — NAI Pleasant Valley has brokered the sale of a 12,559-square-foot industrial building in Twinsburg, located about halfway between Akron and Cleveland. The sales price was undisclosed. The property is located at 2458 Edison Blvd. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented the undisclosed seller and the buyer, Columbus-based TNT Services, which is a fleet and commercial property power washing company.
WIXOM, MICH. — Federal Deposit Insurance Corp. (FDIC) has signed a 6,000-square-foot office lease at 38000 Assembly Park Drive in Wixom, a western suburb of Detroit. FDIC will vacate offices in Livonia and Grand Rapids. The 36,000-square-foot office building is one of two office locations within Assembly Park, a mixed-use development. Construction of FDIC’s tenant buildout is expected to begin this month, with completion slated for the fall. Kelly Fisher and Neal Warling of JLL represented the landlord, General RV.
IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.
WILMETTE, ILL. — Massachusetts-based developer WS Development has purchased Plaza del Lago in the Chicago suburb of Wilmette for an undisclosed price. The roughly 100,000-square-foot, open-air shopping center is situated along the shore of Lake Michigan. The property was originally built in the 1920s and is the nation’s second-oldest shopping destination, according to WS, which purchased the center in partnership with CrossHarbor Capital Partners. Joe Girardi of Mid-America Real Estate brokered the transaction. The seller was undisclosed.
MINNEAPOLIS — Colliers Mortgage has provided a $21 million Fannie Mae Forward Conversion loan for the construction of Gateway Northeast in Minneapolis. The 128-unit affordable housing property is situated in the Riverfront District. Amenities include a lounge, business center, rooftop patio, fitness room, dog wash and outdoor patio. CommonBond Communities, a St. Paul-based nonprofit, is the developer. The loan features a 15.75-year term and a 480-year amortization schedule.
MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.
WESTMONT, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 47,000-square-foot property occupied by LA Fitness in the Chicago suburb of Westmont. The sales price was undisclosed. LA Fitness recently executed a new 15-year lease. Joe Girardi and Matt McParland of Mid-America represented the sellers, Kensington Development and IM Properties Plc. A 1031 exchange investor was the buyer.