Midwest

Northmarq Arranges $27.4M Acquisition Loan for Multifamily Property in Rockford, Illinois

by Kristin Harlow July 21, 2022

ROCKFORD, ILL. — Northmarq has arranged a $27.4 million Freddie Mac loan for the acquisition of Terra Creek Apartments in Rockford. The 278-unit multifamily property, located at 375 Bienterra Trail, was built in three phases in 1992, 2015 and 2019. Of the 278 units, 48 are townhomes. Amenities include a clubhouse, fitness center, community room, heated pool and sun deck. Brett Hood of Northmarq arranged the financing on behalf of the borrower, an affiliate of MLG Legacy Fund and its real estate investor manager MLG Capital. The 10-year loan features a fixed interest rate. Opposed to an outright sale, the undisclosed seller contributed its equity interest in the property to the fund in exchange for ownership units offering diversification across multifamily assets across the country. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq structured the $42.8 million contribution.

July 21, 2022

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $9.2M Sale of Industrial Building in Gurnee, Illinois

by Kristin Harlow July 21, 2022

GURNEE, ILL. — Marcus & Millichap has brokered the $9.2 million sale of an 81,893-square-foot industrial building in Gurnee, a city in Northeast Illinois. The facility is located at 1111 Lakeside Drive within the Grand Tri-State Business Park directly off I-94. Ohio Medical LLC occupies the building, which was constructed in 1993. The property features a clear height of 24 feet, four external docks and two drive-in doors. Peter Doughty of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a New York-based REIT.

July 21, 2022

Industrial Market Reports Michigan Midwest Midwest Market Reports

Detroit Industrial: Bright Future, Ready for Anything

by Kristin Harlow July 21, 2022

By Anthony Avendt, Cushman & Wakefield Like most markets in the U.S. and Canada, Detroit’s industrial sector has seen its ups and downs. Detroit’s always been a bit of an outlier though due to extreme volatility. What’s more, we’ve (hopefully) learned lessons from past downturns that well position the city and its commercial real estate regardless of continued strong demand and rent growth or any bumps in the road we may encounter. Detroit is a little different from similar-sized markets in the region. First, while it’s certainly part of the U.S. heartland, the city’s geographic position on a peninsula means it’s poorly suited for broad distribution to large swaths of the country. Second, of course, is the auto industry’s impact. The auto industry is widely dispersed across the U.S. now, but Detroit and Michigan remain its heart and brain. As the sector pivots to autonomous and electric vehicles, that is going to drive demand for industrial space. Ford already has announced an investment of $40 to $50 billion over the next decade-plus, including redevelopment of Michigan Central Station as anchor of its Mobility Innovation District. Stellantis, the parent of Chrysler, Jeep and Dodge, has announced its own $35.5 billion investment …

July 21, 2022

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Lupe Development Breaks Ground on 200-Unit Seniors Housing Campus in Minneapolis

by Kristin Harlow July 20, 2022

MINNEAPOLIS — Lupe Development has broken ground on a 200-unit seniors housing campus in the Bryn Mawr neighborhood of Minneapolis named Wirth on the Woods. The project will consist of 100 affordable units within a six-story building named The Theodore as well as 100 market-rate units in a separate six-story building named The Eloise. Residents of the buildings will share amenities, including an outdoor courtyard, garden and walking trails. Ecumen will serve as manager. Completion is slated for late summer 2023. The project received funding from the Raymond James Tax Credit Fund and Raymond James Housing Opportunities Fund, the City of Minneapolis, Hennepin County, the Metropolitan Council, the Minnesota Housing Finance Agency, Great Southern Bank and Minneapolis Public Schools.

July 20, 2022

Affordable Housing Development Illinois Midwest Multifamily

Housing Trust Group Begins Construction of $18.2M Suburban Chicago Affordable Housing Community

by Kristin Harlow July 20, 2022

ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has begun construction of Crescent Place, a new $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The project is a joint venture between HTG and nonprofit developer Turnstone Development Corp. Located on a 2.3-acre lot at 310 W. Rand Road, Crescent Place will be comprised of 40 one- and two-bedroom units and will include amenities such as a resident garden, outdoor patio, community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage and 80 outdoor parking spaces. Units will be reserved for residents who earn up to 60 percent of the area median income. Eight units will be reserved for persons with disabilities to live independently. Construction is slated for completion in spring 2023. Monthly rents will range from $524 to $1,258.

July 20, 2022

Acquisitions Industrial Midwest Minnesota

Schafer Richardson Acquires 106,663 SF Flex Industrial Building in Hopkins, Minnesota

by Kristin Harlow July 20, 2022

HOPKINS, MINN. — Schafer Richardson has acquired a 106,663-square-foot flex industrial building in Hopkins, a western suburb of Minneapolis. The purchase price was undisclosed. Named Excelsior Industrial Center, the property is located just off Minnesota State Highway 169 and is nearly 98 percent leased to multiple tenants. Originally constructed in 1955, the building features a clear height of 20 feet. Judd Welliver and Bentley Smith of CBRE represented the seller, The Beard Group.

July 20, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.9M Sale of Chicago Multifamily Portfolio

by Kristin Harlow July 20, 2022

CHICAGO — Interra Realty has brokered the sale of a multifamily portfolio in Chicago for $2.9 million. The property is comprised of 15 units across two buildings, one located at 3856 W. Diversity Ave. and the other at 2544 N. Harding Ave. The multifamily portfolio includes one studio, two one-bedroom, nine two-bedroom and three three-bedroom units. Brad Feldman and Jeremy Morton of Interra represented the seller, who extensively renovated the buildings. Feldman and Morton also represented the private, out-of-state buyer, who intends to bring rents in line with the market as units turn over.

July 20, 2022

Acquisitions Hospitality Midwest Nebraska

Marcus & Millichap Arranges Sale of 101-Room Quality Inn Hotel in Nebraska

by Kristin Harlow July 20, 2022

OGALLALA, NEB. — Marcus & Millichap has arranged the sale of a 101-room Quality Inn hotel in Ogallala, a city in western Nebraska. The sales price was undisclosed. The property is located at 201 Chuckwagon Road directly off I-80. The hotel has undergone extensive interior and exterior remodeling over the years. Neville Rustomjee of Marcus & Millichap represented the seller, a private investor, and the buyers, private investors from Washington and Wyoming.

July 20, 2022

Development Loans Midwest Minnesota Multifamily

CEDARst Closes $170M in Capital to Develop Apartment Project in Minneapolis

by Kristin Harlow July 19, 2022

MINNEAPOLIS – CEDARst Cos., a national multifamily developer, has closed $170 million in capital with plans to develop 358 apartment units above 40,000 square feet of retail space along North Sixth Avenue in the North Loop neighborhood of Minneapolis. CEDARst has invested nearly $250 million of capital in the North Loop over the past two years, having successfully developed the Duffey, its first development in the submarket consisting of 188 apartment units, located at the corner of North Sixth and North Washington avenues. CEDARst’s second development, Duffey 2.0, consists of both an adaptive reuse and ground-up component. It is located within a landmark overlay and required approval from the National Park Service for the procurement of historic tax credits at the state and federal level. This represents CEDAR’s seventh tax credit development. In addition to syndicating over $30 million of tax credits, CEDARst partnered with ULLICO on a $101 million construction loan and Pearlmark on a $12 million structured finance investment. The remaining $27 million was CEDARst equity. Pat Minea and Dan Trebil of Northmarq arranged the financing on behalf of CEDARst. CEDARst has already broken ground and plans to complete the development by the end of 2023. BKV is …

July 19, 2022

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 2,103-Unit Multifamily Portfolio in Indiana

by Kristin Harlow July 19, 2022

INDIANA — Cushman & Wakefield has brokered the sale of a six-property multifamily portfolio totaling 2,103 units in Indiana for an undisclosed price. The portfolio includes Boardwalk at Westlake, Elliot at College Park, Lakeshore Reserve off 86th, Lakeside Crossing at Eagle Creek, Parkside at Castleton Square and Preserve at Allisonville. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield represented the seller, a joint venture between Wilkinson Corp. and Torchlight Investors. Morgan Properties was the buyer. The seller renovated a number of units, and the buyer plans to continue doing so.

July 19, 2022

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