WARREN, MICH. — Green Lantern Pizza has leased 1,400 square feet at Village Plaza in Warren, a northern suburb of Detroit. The Warren restaurant marks Green Lantern Pizza’s 10th location in the state. Michael Murphy, Bill McLeod and Haley Kelly of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group. Located at the northwest corner of 13 Mile and Mound roads, Village Plaza spans roughly 100,000 square feet. Green Lantern Pizza has operated in metro Detroit since 1955.
CHICAGO — Standard Communities led a public-private partnership that acquired Bryn Mawr Belle Shore Apartments in Chicago’s Edgewater Beach neighborhood. The total capitalization of the acquisition was roughly $46 million. The affordable housing community includes 371 units across two buildings as well as 15,000 square feet of retail space. Standard plans to make improvements such as new common area lighting, refurbished common areas and amenities, and renovated management offices. Standard completed the transaction in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing and the U.S. Department of Housing and Urban Development.
LINCOLN AND ASHLAND, NEB. — Walker & Dunlop has originated a total of $20.9 million in HUD refinancing for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa originated the loans in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility that was built in 2018 and opened in 2019. Oxbow Living Center received a $7.6 million loan. The property is a three-story, 79-unit assisted living and memory care community.
KANSAS CITY, MO. — Greystone has provided an $18.6 million Freddie Mac loan for the acquisition of a 200-unit multifamily property located outside of Kansas City. Originally built in the 1980s, the garden-style community features one- and two-bedroom units. Adam Lipkin of Greystone originated the loan, which features a fixed interest rate, 10-year term, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the property were not provided.
INDIANA — In a sale-leaseback transaction, Four Corners Property Trust (FCPT) has purchased a portfolio of five retail properties occupied by Jiffy Lube in Indiana. Jiffy Lube has roughly 15 years remaining on its leases at the net-leased properties. The sales price of $7.9 million represents a cap rate of 6.5 percent.
CLARKSTON, MICH. — Fitness concept Club Pilates will open a 2,580-square-foot location at the White Lake Commons shopping center in Clarkston, a northern suburb of Detroit. The property is located near the intersection of Dixie Highway and White Lake Road. Michael Murphy, Haley Kelly and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Shango Properties. Stephen Smith of TNF Realty represented the tenant.
CHICAGO — Lument has provided a $73.4 million Fannie Mae loan for the refinancing of a 47-building, 793-unit multifamily portfolio located on the South Side of Chicago. Nicholas Diamond of Lument originated the loan on behalf of the borrower, Chicago-based Icarus Investment Group. Jonathan Bodner of Two Bins Capital arranged the loan. The transaction utilized Fannie Mae’s Structured Adjustable-Rate Mortgage product, which enabled the borrower to consolidate six loans — several bank loans, a bridge loan and an agency loan — into a single Fannie Mae loan. The loan features a 10-year term, five years of which are interest-only payments, and a 35-year amortization schedule.
CHICAGO — Owner CIM Group has negotiated three new leases totaling 108,975 square feet at 425 S. Financial Place, a 40-story, 1 million-square-foot office tower in Chicago’s Central Loop. Loop Capital, a full-service investment bank, brokerage and advisory firm, leased 36,676 square feet on the 26th and 27th floors. The company is relocating its Chicago operations. Chicago Trading Co., which has occupied space at 425 S. Financial Place since 2009, is expanding within the building taking an additional 46,343 square feet on the seventh and eighth floors. The company is a proprietary trading firm and consists of a collaborative group of traders, quants, technologists and operations team members. TICG Management, which offers a range of products including mortgage loans, real estate services and a line of insurance, renewed its lease for 25,956 square feet. The company has occupied space on the 20th floor since 2014. In 2015, 425 S. Financial Place underwent renovations, including the addition of a full-service cafeteria, conference centers, concierge services, a tenant lounge and outdoor terrace. The property also houses the Buckingham.AC, a private social and athletic club, as well as the 21-room Buckingham Hotel.
CHICAGO — Interra Realty has arranged the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $27 million. The six buildings are located at 811 E. 46th St., 4500 S. Drexel Blvd., 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4727 S. Ingleside Ave. and 4746 S. Ingleside Ave. Originally built in the 1920s, the properties house studio, one-, two-, three-, four- and five-bedroom units. The portfolio was 90 percent leased at the time of sale. Some of the units are set aside for renters meeting affordable housing guidelines set by the Illinois Housing Development Authority and the City of Chicago. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The team also procured the undisclosed buyer.
GREENDALE, WIS. — Colliers has brokered the sale of a newly constructed retail building on 76th Street in Greendale, a southern suburb of Milwaukee. The sales price was undisclosed. The property is fully leased to Summit Credit Union, AT&T, Crumbl Cookies and Tropical Smoothie Café. Adam Connor, Heather Dorfler and Josh Minkin of Colliers represented the undisclosed seller and procured the California-based buyer. A local credit union provided acquisition financing.
