Midwest

Oxford Capital, Hunter Pasteur Break Ground on 227-Room Hotel in Detroit’s Corktown Neighborhood

by Kristin Harlow October 4, 2021

DETROIT — Oxford Capital Group and Hunter Pasteur have broken ground on The Godfrey Hotel Detroit in the city’s Corktown neighborhood. The 227-room hotel will be situated at 1401 Michigan Ave., between Trumbull and Eighth streets. Completion is slated for 2023. Oxford’s wholly owned management affiliate, Oxford Hotels & Resorts LLC, will manage the property. The seven-story hotel will be home to I|O, an indoor/outdoor rooftop lounge with expansive views of downtown Detroit. The property will also feature a ground-floor restaurant, lobby bar, 5,500-square-foot ballroom and fitness center. The hotel will be affiliated with Hilton’s Curio Collection. Elkus Manfredi Architects is the project architect, and The Gettys Group is designing the interiors. Currently, there are Godfrey hotels in Chicago, Boston, Tampa and Hollywood. Project investors include several prominent Detroit families led by Nate Forbes and James Grosfeld. Founded in 1999, Hunter Pasteur has built and developed more than 1,500 single-family and multifamily projects in Southeast Michigan. Jordan Ray, Steve Buchwald and Jamie Matheny of Mission Capital Debt & Equity, part of Marcus & Millichap Capital Corp., arranged $64 million in financing for the development.

October 4, 2021

Kansas Loans Midwest Multifamily

BMC Capital Arranges $57M Loan for Refinancing of Apartment Community in Suburban Kansas City

by Kristin Harlow October 4, 2021

OVERLAND PARK, KAN. — BMC Capital has arranged a $57 million loan for the refinancing of Promontory Apartments in Overland Park. The 291-unit, four-story apartment community was built in 2018. Noah Laredo and Clark Finney of BMC’s Dallas office arranged the Freddie Mac loan through Community Preservation Corp. The loan features a fixed interest rate of 2.8 percent for 10 years, a 30-year amortization schedule and five years of interest-only payments. Launch Development was the borrower.

October 4, 2021

Acquisitions Healthcare Indiana Life Sciences Midwest

CA Health and Science Trust Acquires Three-Building Medical Office Complex in Northwest Indiana

by Kristin Harlow October 4, 2021

MUNSTER, IND. — CA Health and Science Trust Inc. (CAHST), a newly formed private REIT focused on the acquisition and development of medical office and life sciences facilities, has acquired a three-building medical office complex in Munster for an undisclosed price. Munster is located about 30 miles southeast of the Chicago Loop. The buildings total more than 113,200 square feet and are home to ambulatory surgery centers. The sale also includes adjacent land parcels for the potential development of up to 50,000 square feet of additional medical office space. The acquisition is part of an equity commitment of up to $245 million from partners Davidson Kempner Capital Management LP, Monarch Alternative Capital LP and CA Ventures. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller, LBC Owner LLC.

October 4, 2021

Illinois Leasing Activity Midwest Retail

Ashley HomeStore Signs 48,397 SF Lease for New Store at Algonquin Commons in Suburban Chicago

by Kristin Harlow October 4, 2021

ALGONQUIN, ILL. — Ashley HomeStore has signed a 48,397-square-foot retail lease at 1500 S. Randall Road within Algonquin Commons, a 600,000-square-foot lifestyle center in the northwest Chicago suburb of Algonquin. The retailer is relocating from nearby 2451 S. Randall Road where it operated for 12 years. Brad Murchison, Chris Irwin and Brad Belden of Colliers International represented the tenant in the lease transaction. Marget Graham of Mid-America Real Estate Group represented the landlord, Red Mountain Retail Group Inc. Based in Wisconsin, Ashley is a furniture manufacturer that operates more than 900 locations nationwide.

October 4, 2021

Acquisitions Illinois Midwest Retail

Cushman & Wakefield Brokers $13.1M Sale of Tesla-Occupied Property in Chicago

by Kristin Harlow October 4, 2021

CHICAGO — Cushman & Wakefield has brokered the sale of the Tesla Service Center of Chicago property located at 3059-3057 N. Elston Ave. for $13.1 million. Located in Chicago’s Avondale neighborhood, the build-to-suit for Tesla opened in 2019. The service center spans 31,700 square feet and provides maintenance and repairs for all Tesla models. Michael Marks, Evan Halkias, David Matheis and Eric Cline of Cushman & Wakefield represented the seller, a private owner. Exan Capital acquired the property on behalf of a separate account, Chicago Elston One LLC. Exan is an independent real estate fund manager with asset management services.

October 4, 2021

Development Illinois Life Sciences Loans Top Stories

Joint Venture Receives $125M Construction Loan for Life Sciences Project in Chicago

by Julia Sanders October 1, 2021

CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month. Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …

October 1, 2021

Development Midwest Minnesota Multifamily Seniors Housing

Ryan Cos. Begins Construction of 200-Unit Senior Living Community in Woodbury, Minnesota

by Kristin Harlow October 1, 2021

WOODBURY, MINN. — Ryan Cos. US Inc. has begun construction of Talamore Senior Living Woodbury, a 200-unit senior living community in Woodbury, an eastern suburb of the Twin Cities. The four-story, 245,000-square-foot property will include 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Along with multiple dining venues, amenities will include a library, wellness and fitness center, spa, clubroom, activity room and large gathering space. Ryan is the developer, builder and capital markets partner. Ryan Architecture + Engineering is the design architect and provided interior design, landscape architecture and civil engineering services. UrbanWorks will serve as the architect of record. Bell Bank is the lender. Upon completion, Ryan will own the property in partnership with Great Lakes Management and Artemis Real Estate Partners. Great Lakes Management will handle day-to-day operations and Ryan will provide asset management services.

October 1, 2021

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $39M Sale of Multifamily Community in Bloomington, Illinois

by Kristin Harlow October 1, 2021

BLOOMINGTON, ILL. — Berkadia has negotiated the $39 million sale of Traditions Bloomington, a 396-unit apartment community in the Chicago suburb of Bloomington. Located at 901 Valley View Circle, the garden-style property consists of one-bedroom floor plans. Amenities include a fitness center, business center, conference room, two pools, community playgrounds and an outdoor grilling area. Ralph DePasquale, Jeff Irish and Brandon Grisham of Berkadia represented the seller, Minnesota-based Dominium. Georgia-based Traditions Harmony Housing LLC was the buyer.

October 1, 2021

Illinois Loans Midwest Multifamily

American Street Capital Arranges $12M Loan for Refinancing of Chicago Apartment Building

by Kristin Harlow October 1, 2021

CHICAGO — American Street Capital (ASC) has arranged a $12 million loan for the refinancing of an apartment building in Chicago’s Lakeview neighborhood. Built in 2019, the transit-oriented property consists of 37 apartment units and two retail spaces. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate below 4 percent and a 30-year amortization schedule. A national bank provided the loan on behalf of the undisclosed borrower.

October 1, 2021

Acquisitions Illinois Midwest Multifamily

Jameson Commercial Brokers $2.2M Sale of Historic Building in Chicago

by Kristin Harlow October 1, 2021

CHICAGO — Jameson Commercial has brokered the sale of 212 E. Ontario in Chicago’s Streeterville neighborhood for $2.2 million. The 12,118-square-foot building, which dates back to 1885, is currently vacant. Edwin Getchell purchased the site from the estate of William Ogden, Chicago’s first mayor, and hired architecture firm Burling & Whitehouse to design the four-level property. At a later date, American portrait painter George Peter Alexander Healy purchased and inhabited the property. In the 1970s, the building was expanded to include an outdoor deck, garden and three-car garage. Jason Hiller of Jameson Commercial brokered the sale. Buyer and seller information was not provided.

October 1, 2021

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