CARMEL, IND. — Merchants Capital has completed a $214 million CMBS securitization of 14 multifamily mortgage loans. The loans are secured by 24 mortgaged properties through a Freddie Mac-sponsored Q-series transaction. Freddie Mac securitizes multifamily loans via its Q Certificate structure. In this process, a lender sells its loans, after approval by Freddie Mac, to a third-party depositor who places them into a third-party trust, which issues private-label securities backed by the loans. The $214 million in loans covered 14 multifamily properties in Georgia, Indiana, Michigan, New York and Ohio. The developments range in size from 60 to 352 units and the large majority of units are restricted for residents who earn up to 80 percent of the area median income. Merchants Capital is based in Carmel, Ind.
CRAWFORDSVILLE, IND. — JLL Capital Markets has brokered the $18.5 million sale of Crawfordsville Square, a 273,249-square-foot shopping center in the Indianapolis suburb of Crawfordsville. Kroger is the anchor tenant at the property, which is 95 percent leased. Other tenants include Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Lamar Cos. Essential Growth Properties acquired the asset.
VALPARAISO, IND. — Chicago-based Evergreen Real Estate Group has broken ground on Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The $30 million, three-story project is slated for completion in April 2023. All of the units will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income. Gardant Management Solutions will manage the community. Amenities will include a community room, media room, fitness center, salon, library, community garden and outdoor pool. The dining room will serve residents three meals per day as well as a rotating assortment of snacks. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler and provided debt financing. PNC Bank also invested in the project, providing LIHTC equity.
COLUMBUS, OHIO — Marcus & Millichap has arranged the sale of an 82,428-square-foot office building in Columbus for $4.2 million. Located at 6161 Busch Blvd., the property was 36 percent vacant at the time of sale. The undisclosed buyer plans to extensively renovate the building. Nathan Pealer of Marcus & Millichap represented the seller, a limited liability company.
ALSIP, ILL. — Logistics company Alsip Terminals has selected Principle Construction Corp. to build a 39,000-square-foot speculative warehouse in Alsip. Construction is expected to begin soon on the property, which will be located at 3600 W. 127th St. The project will feature a clear height of 26 feet, 32 dock doors, six drive-in doors, 111 trailer parking spaces and 40 car parking stalls. The property will be surrounded by a 6-foot-high security fence. Harris Architects is the architect. Chris Mergethaler and Rick Daly of Darwin Realty/CORFAC International will market the project for lease. Completion is slated for December.
OMAHA, NEB. — First National Realty Partners has purchased The Shoppes at Grayhawk in Omaha for an undisclosed price. The 221,000-square-foot shopping center is located on West Maple Road. A 140,000-square-foot Lowe’s anchors the property. Additional tenants include Michaels, Dollar Tree, Chipotle, Jimmy John’s and First Watch. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.
CHAMPAIGN, ILL. — Coldwell Banker Commercial has arranged the sale of a 194,380-square-foot industrial building in Champaign for $9.4 million. Constructed in 2006, the property is located at 3310 N. Duncan Road. The facility features six dock-high doors, one drive-in door and onsite parking. A.J. Thoma III of Coldwell Banker Commercial Devonshire Realty represented the undisclosed seller. The buyer was also not released.
SIOUX CITY, IOWA — Cold-Link Logistics, a Miami, Florida-based cold storage warehousing firm, has broken ground on a 185,000-square-foot cold storage facility in Sioux City’s Southbridge Business Park. The project represents the first phase of development and a capital investment of nearly $60 million. Future phases of the project will more than triple the size of the building, according to Cold-Link. Completion is slated for early 2023.
ST. CHARLES, ILL. — In a sale-leaseback transaction, Venture One Real Estate has acquired a 49,330-square-foot industrial building in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. Constructed in 1997, the property features three exterior docks, one drive-in door and parking for 100 cars. Ted Gates and David Prell of CBRE represented the unnamed seller. Venture One utilized its acquisition fund, VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.
HAINESVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a multi-tenant retail center located on East Belvidere Road in Hainesville, a city in Northeast Illinois. At the time of sale, the property was leased by Starbucks, Chicago’s Red Hots, Luxe Salon and Lakemoor Dental. Jason Lenhoff of Quantum represented the seller, a locally based private investor. A Wisconsin-based private investor was the buyer.