Midwest

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan August 12, 2021

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion. Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues. JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

August 12, 2021

Content Partner Features Industrial Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment

by Sarah Daniels August 11, 2021

The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …

August 11, 2021

Development Kansas Midwest Multifamily

Milhaus Begins Development of $52M Apartment Community in Kansas City, Kansas

by Kristin Harlow August 11, 2021

KANSAS CITY, KAN. — Milhaus has begun development of a $52 million apartment community within the Homefield sports and entertainment district in Kansas City. Located at 9400 State Ave., the project will include 274 units and 508 parking spaces. Amenities will include a dog park, event space with conference rooms and coworking spaces, resident lounges, a pool and fitness center. Residents will have convenient access to nearby retail and commercial spaces within the overall Homefield development. Davidson Architecture + Engineering is serving as architect. A timeline for completion was not disclosed.

August 11, 2021

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $46.8M in Financing for Development of Affordable Housing Property in Whitestown, Indiana

by Kristin Harlow August 11, 2021

WHITESTOWN, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $25 million loan through Freddie Mac as well as $21.8 million of low-income housing tax credit (LIHTC) equity to Indianapolis-based Kittle Property Group Inc. The capital will be used to build Meadows on Main, an affordable housing property in Whitestown near Indianapolis. Meadows on Main will operate under the Section 42 LIHTC program and will serve residents earning between 40 and 70 percent of the area median income. The property will include 264 units across 10 buildings. Robbie Lynn of KeyBank’s CDLI team and John-Paul Vachon of Key Community Development Corp. structured the financing.

August 11, 2021

Development Indiana Midwest Retail

Echo Development, Synergy Development Acquire Land in Fort Wayne for New Retail Project

by Kristin Harlow August 11, 2021

FORT WAYNE, IND. — Echo Development Group Inc. and Synergy Development have acquired a little over eight acres of land at the northeast corner of DuPont and Diebold roads in Fort Wayne. The partnership plans to develop a project with restaurant, retail and healthcare uses that will include a Freddy’s Frozen Custard and Steakburgers. Jackson Investment Group represented Echo in the purchase of the land. Barry Sturges of Sturges Property Group represented the undisclosed seller. Engineering Resources Inc. is working on the civil infrastructure design for the project. A timeline for completion has not yet been established.

August 11, 2021

Acquisitions Illinois Industrial Midwest

Coldwell Banker Commercial Brokers $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow August 11, 2021

CHAMPAIGN, ILL. — Coldwell Banker Commercial has brokered the $8.2 million sale of an industrial building in Champaign. The 153,030-square-foot property is located at 4105 Fieldstone Road and is fully leased to FedEx Corp. Originally built in 1988 and renovated in 2006, the property includes 21 loading doors and two drive-in doors. Tim Harrington and Zach Wetherell of Coldwell Banker Commercial Devonshire Realty represented the seller. Buyer and seller information were not disclosed.

August 11, 2021

Acquisitions Michigan Midwest Retail

Colliers Arranges Sale of 9,002 SF Building Leased to Dollar General in Lapeer, Michigan

by Kristin Harlow August 11, 2021

LAPEER, MICH. — The Jonna Group of Colliers International Detroit has arranged the sale of a 9,002-square-foot retail building occupied by Dollar General in Lapeer, about 20 miles east of Flint. The sales price was not disclosed. The property is located at 15 S. Elba Road. Dollar General has 12 years remaining on its triple-net lease. Simon Jonna of Colliers represented the seller, an undisclosed family, and the buyer, a California-based private investment fund.

August 11, 2021

Development Healthcare Michigan Midwest

NexCore, Beaumont Health Open Outpatient Campus Outside Detroit

by Kristin Harlow August 10, 2021

LENOX TOWNSHIP, MICH. — Healthcare real estate developer NexCore Group and Beaumont Health have opened a new outpatient campus in Macomb County’s Lenox Township, about 40 miles northeast of Detroit. Southfield-based Beaumont is the state’s largest health system. The building rises three stories and spans 109,630 square feet. The facility includes a digital directory, patient education center, lab, pharmacy, café and collaboration areas. NexCore entered into a long-term ground lease with Beaumont, which acquired the land. Dallas-based HKS Architects was the project architect and Sterling Heights, Mich.-based Roncelli served as general contractor.

August 10, 2021

Affordable Housing Development Midwest Multifamily Ohio

Fairfield Homes Begins Development of $15.5M Affordable Housing Project in Cincinnati

by Kristin Harlow August 10, 2021

CINCINNATI — Fairfield Homes Inc., in partnership with Kingsley + Co. and the Avondale Development Corp., has begun development of Blair Lofts, a $15.5 million affordable housing project in Cincinnati’s Avondale neighborhood. The four-story, 64-unit development will serve residents who earn 30 to 60 percent of the area median income. Located on the corner of Blair Avenue and Reading Road, the project will include a community room, community kitchen, fitness center, onsite storage and onsite parking. Completion is slated for summer 2022. The project received financing through the allocation of federal low-income housing tax credits by the Ohio Housing Finance Agency, with Ohio Capital Corp. for Housing serving as the equity syndicator. Fifth Third Bank is the construction lender. The development also received financial support from the City of Cincinnati, the Port of Greater Cincinnati Development Authority and Cincinnati Children’s Hospital Medical Center. Berardi + Partners is the project architect and Gorsuch Construction is the general contractor. Fairfield Homes will serve as property manager.

August 10, 2021

Development Indiana Midwest Restaurant Retail

Holladay Properties Breaks Ground on $10M Agrotourism Facility Near Indianapolis

by Kristin Harlow August 10, 2021

WESTFIELD, IND. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. Established in 2015, West Fork Whiskey distills and produces craft whiskeys using Indiana ingredients. The company currently operates a tasting room and distillery in Indianapolis.

August 10, 2021

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