TRENTON, OHIO — Northmarq has arranged a $2.6 million loan for the acquisition of Trenton Avenue Apartments in Trenton, a suburb of Cincinnati. The 52-unit multifamily property comprises multiple buildings. Chase Dawson of Northmarq arranged the fixed-rate loan, which features an 80 percent loan-to-value ratio, a five-year term and a 25-year amortization schedule. A regional bank provided the loan to the undisclosed borrower.
Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …
HUNTLEY, ILL. — Huntley Investment Partners (HIP), a partnership between The Prime Group Inc., Craig Realty Group Inc. and Capital Cos., has broken ground on Huntley Commercial Center in suburban Chicago. Development Solutions Inc. is the general contractor. The first, speculative building will span 540,960 square feet. Future plans call for an additional 177,320-square-foot, build-to-suit property. Both buildings will feature a clear height of 36 feet. Adam Marshall and Mark Deady of Newmark will serve as the leasing agents. A timeline for completion was not provided.
DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.
MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.
WATERLOO, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.5 million loan for the refinancing of Art Bloc in Waterloo, a city in northeast Iowa. The newly built, six-story building features 67 apartment units and 7,400 square feet of commercial space that is fully leased to an architecture firm. Robert Bhat of MMCC arranged the senior debt financing. The Fannie Mae loan features a 75 percent loan-to-value ratio, a fixed interest rate of 4.75 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.
WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.
COLUMBUS, OHIO — Design and construction firm Unispace has completed Bread Financial’s new 262,500-square-foot office space in Columbus. Bread Financial is a financial services company that provides flexible lending and saving solutions. Unispace collaborated with Bread Financial on the overall design, which includes LED lighting, various workspaces and an outdoor space. Despite supply chain delays, Unispace completed the project on time and on budget.
BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.
CHICAGO — Law firm Eversheds Sutherland has signed a 21,000-square-foot office lease for the top floor of 227 West Monroe Street, a building commonly known as The Franklin. Since first opening a Chicago office in 2019, Eversheds Sutherland has grown to 16 attorneys in the city. The Franklin recently underwent renovations and is LEED Gold certified. Eric Feinberg, John Goodman and Isabel Preskill of Savills represented Eversheds Sutherland.