Midwest

HVAF of Indiana, Woda Cooper Break Ground on 61-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow June 14, 2021

INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include a community room, indoor bicycle storage, playground, gazebo, free computers and free Wi-Fi. The city provided a payment in lieu of taxes (PILOT) to support the development, and the Indianapolis Housing Agency provided project-based vouchers for the 15 units set aside for veterans. The Indiana Housing & Community Development Authority allocated low-income housing tax credits for the project. HVAF of Indiana, formally known as Helping Veterans and Families, will coordinate supportive services onsite. The organization assists veterans in returning to self-sufficiency and avoiding homelessness. Fallbrook Opportunity Zone Fund II provided equity financing, while Cedar Rapids Bank & Trust provided a first mortgage. Fifth Third Bank served as construction lender and equity investor. The project team includes Indianapolis-based architect Cripe, …

June 14, 2021

Acquisitions Indiana Midwest Office

Colliers Brokers Sale of Historic Office Building in Downtown Indianapolis

by Kristin Harlow June 14, 2021

INDIANAPOLIS — Colliers International has brokered the sale of The Academy Building in downtown Indianapolis for an undisclosed price. The historic office building, located at 429 E. Vermont St., rises four stories and spans 30,436 square feet. Built in 1911 as the girl’s school St. Mary’s Academy, the property is now 87 percent occupied by 21 tenants. Alex Cantu and Alex Davenport of Colliers represented the seller, The Health Foundation of Greater Indianapolis. Indianapolis-based Shook Realty Group LLC was the buyer.

June 14, 2021

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Provides $12.2M Loan for Refinancing of Townhome Property in Metro Grand Rapids

by Kristin Harlow June 14, 2021

LOWELL, MICH. — Walker & Dunlop Inc. has provided a $12.2 million Fannie Mae loan for the refinancing of Townhomes at Two Rivers in Lowell, located about 17 miles east of Grand Rapids. The 80-unit property features amenities such as a fitness center, enclosed dog park, covered picnic area and access to walking trails. Benjamin Krosin of Walker & Dunlop originated the 10-year loan on behalf of the borrower, Forest Hills Homes. Kari Zapolski of Inner Circle Holdings arranged the loan.

June 14, 2021

Development Illinois Industrial Midwest

Meridian Design Build Completes Industrial Build-to-Suit for XTRA Lease in Joliet, Illinois

by Kristin Harlow June 14, 2021

JOLIET, ILL. — Meridian Design Build has completed an industrial build-to-suit for XTRA Lease on a 15-acre site within Ketone Business Center in Joliet. Located at 3000 Channahon Road near I-80 and I-55, the facility will serve freight haulers in central and northeastern Illinois. The project includes two service bays and 4,191 square feet of office space. Verve Design Studio provided architectural and structural design services. Jacob & Hefner Associates was responsible for the civil engineering design.

June 14, 2021

Company News Midwest Ohio Retail Top Stories

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Taylor Williams June 14, 2021

COLUMBUS, OHIO — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar retail market. The company, which was originally spun off by Simon Property Group in 2014, has negotiated a restructuring support agreement with its primary creditors, led by Connecticut-based private equity firm SVP Global, which hold approximately 73 percent of WPG’s outstanding corporate debt. The agreement also allows WPG to deleverage its balance sheet by nearly $950 million through the equitization of unsecured notes and a $190 million paydown of WPG’s revolving credit and term loan facilities. Lastly, the RSA provides for an effective four-year extension of the remaining credit facility debt. In addition, WPG has secured $100 million in debtor-in-possession financing to fund its daily operations as it …

June 14, 2021

Acquisitions Illinois Midwest Multifamily Ohio Seniors Housing

Pathway to Living Partners with Welltower to Acquire, Manage 1,105-Unit Seniors Housing Portfolio

by Kristin Harlow June 11, 2021

ILLINOIS AND OHIO — Pathway to Living, the seniors housing platform of Chicago-based Waterton, has partnered with healthcare REIT Welltower Inc. to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. In addition to its day-to-day role as operator, Pathway to Living will serve as a minority investor in the 1,105-unit portfolio. The partnership represents an opportunity for Pathway to Living to expand into the Ohio market and grow its existing footprint in the Midwest region. The portfolio consists of a mix of independent living, assisted living and memory care communities. Renovation plans include refreshing common areas and addressing deferred maintenance. Additionally, several communities will receive infrastructure updates to improve aging sidewalks, parking lots and mechanical systems. As of Dec. 31, Pathway to Living’s portfolio spanned nearly 2,800 units across 29 properties in Illinois, Michigan, Minnesota and Wisconsin.

June 11, 2021

Illinois Loans Midwest Multifamily

ACRE Provides $51.5M Loan for Refinancing of Multifamily Community in Chicago’s West Loop

by Kristin Harlow June 11, 2021

CHICAGO — Asia Capital Real Estate (ACRE) has provided a $51.5 million loan for the refinancing of The Duncan, a 260-unit multifamily community in Chicago’s West Loop neighborhood. Chicago-based CEDARst owns the asset. Located at 1515 W. Monroe St., The Duncan consists of two connected buildings. The property includes 8,350 square feet of retail space, a coworking space, cocktail bar and fitness center. The lobby features FROTH Café, a hospitality concept from CEDARst that is managed by The Heritage Group. The buildings, originally constructed in the early 1900s, were recently repurposed in two phases. In July 2020, 150 units came online, while the remaining 110 units delivered in October 2020. The 2.5-year loan features a loan-to-value ratio of 76 percent.

June 11, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $16.4M Sale of Apartment Property in Bloomington, Minnesota

by Kristin Harlow June 11, 2021

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Normandale Lake Estates in Bloomington for $16.4 million. Built in 1964, the apartment property includes 105 units, all of which have been renovated. Amenities include a pet area, outdoor pool and courtyard with grilling area. The Normandale Lake Office Park is located across the street from the property, which was fully occupied at the time of sale. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Normandale Lake LLC. Dealer Sites LLC purchased the asset in a 1031 exchange.

June 11, 2021

Development Illinois Midwest

McShane Completes Expansion Project at Prep School in Waukegan, Illinois

by Kristin Harlow June 11, 2021

WAUKEGAN, ILL. — McShane Construction Co. has completed Phase II construction at Cristo Rey St. Martin College Prep in Waukegan. McShane expanded the existing 115,000-square-foot building by an additional 42,000 square feet. The expansion includes four new classrooms, a chapel, office and meeting space, fitness center, locker rooms and a gymnasium with a performing arts stage. JGMA Architects provided architectural services. Part of the Cristo Rey Network of schools, the facility offers a Catholic education for families with limited financial resources. The school utilizes a work-study program that covers most tuition costs for students. In 2018, McShane completed Phase I of the project, which involved the transformation of a vacant Kmart store into the educational facility. The project included 18 classrooms, three science laboratories, offices, a cafeteria and library.

June 11, 2021

Acquisitions Michigan Midwest Multifamily

Greystone Bel Negotiates Sale of 142-Unit Multifamily Asset in Kalamazoo, Michigan

by Kristin Harlow June 11, 2021

KALAMAZOO, MICH. — Greystone Bel Real Estate Advisors has negotiated the sale of Clayborne Court in Kalamazoo for an undisclosed price. Built in 1986, the 142-unit multifamily property consists of 22 buildings. Located at 4501-4651 Clayborne Drive, the asset is within walking distance of the Kalamazoo Community Soccer Complex and Lenden Grove Middle School. Cary Belovicz, Nick Kirby and Paul Russo of Greystone Bel represented the seller and procured the buyer, Simtob Management & Investment LLC. The buyer plans to modernize the property by upgrading all of the units and replacing the siding, landscaping and signage.

June 11, 2021

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