INDIANA — Mortgage banking company Merchants Capital, along with Merchants Bank of Indiana (MBI), have secured $262 million in financing for 15 workforce housing properties through a Freddie Mac-sponsored Q-Series transaction. The Freddie Mac program provides increased liquidity to enable financial institutions to continue to support affordable and workforce housing. This transaction marks only the 15th deal completed under the Q platform. MBI will retain the equity and the interest-only securities from the transaction, and Merchants Capital will continue to sub-service the loans in the pool. Of the portfolio of properties, 99.5 percent have units restricted to 80 percent of area median income (AMI), 70.5 percent of units are under 60 percent AMI and 42.3 percent of units are under 50 percent AMI. The 15 loans came from across the country but were concentrated around Indiana and the Midwest.
ILLINOIS — The Boulder Group has arranged the sale of nine single-tenant properties net leased to First Midwest Bank throughout Illinois for approximately $46 million. Approximately 10 years remain on each location’s lease. Buyer and seller information was undisclosed.
OMAHA, NEB. — Investors Realty has brokered the sale of two office buildings in Omaha for $21.9 million. The single-tenant, Class A properties are located at 17605 and 17645 Wright St. The buildings serve as the headquarters for Orion Advisors Solutions, which maintains approximately 1,000 employees. Ember Grummons of Investors Realty represented the seller, an affiliate of Lockwood Development. Grummons also procured the buyer, Sentinel Net Lease.
CHICAGO — NewMark Merrill Cos. Inc., a shopping center owner based in Woodland Hills, Calif., has acquired Bricktown Square in Chicago for an undisclosed price. The 292,309-square-foot retail center is home to Ross Dress for Less, Harbor Freight Tools, Aldi, XSport Fitness, DD’s Discounts and Farmer’s Best Fresh Market. NewMark Merrill plans to enhance the asset with investments in deferred maintenance and updates such as new signage. Bonnie Investment Group was the seller. ReCap, the real estate subsidiary of RGA Real Insurance Group of America, provided acquisition financing. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. NewMark Merrill currently owns and operates three other retail properties in the Chicagoland area, including Stony Island Plaza in Chicago, Stratford Crossing in Bloomingdale and Winston Plaza in Melrose Park.
ROCHESTER, MINN. — Colliers Mortgage has provided a $4.3 million HUD 223(f) loan for the refinancing of Harvestview Place in Rochester. The 60-unit affordable housing community was constructed in 2019 using 9 percent low-income housing tax credit syndication proceeds. All units are restricted to residents who earn at or below 50 percent of the area median income. Harvestview Place LP was the borrower for the 35-year loan, which is fully amortized. Velair Property Management LLC manages the property.
WARRENVILLE, ILL. — Northfield, Ill.-based Interforum Holdings has completed development of Arden of Warrenville, a 364-unit luxury apartment complex in Warrenville, a western suburb of Chicago. The project is situated within the larger Cantera community. Units are available in one- to four-bedroom layouts ranging from 833 to 1,201 square feet. Amenities include a fitness center, yoga room, business center, resident lounge, sauna, business center, library room, pool, rooftop terrace, dog park, outdoor courtyards, indoor parking and spa services. The project team included general contractor McShane Construction and architect Baranyk Associates. CIBC Bank, Inland Bank, Associated Bank, Great Southern Bank and Arbor Multifamily Lending provided financing for the project. Monthly rents start at $1,713. Residents can now receive up to two months of free rent.
CEDAR RAPIDS, IOWA — The Annex Group has unveiled plans to develop Union at Wiley, a 180-unit affordable housing community in Cedar Rapids. Located at 4227 21st Ave. SW in Linn County, the $31.8 million project will include one-, two- and three-bedroom floor plans for residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, gaming area, playground and fitness center. Completion is slated for May 2022. The project team includes Sebree Architects, Crockett Engineering, Ament Design, Summit LIHTC Consulting, Hayes Gibson Property Services and GLD Commercial. Annex will serve as general contractor. CREA will serve as the equity partner, providing nearly $13 million in low-income housing tax credit equity. Cedar Rapids Bank & Trust is providing a $27 million construction loan and an $18.3 million permanent loan.
CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.
BARRINGTON, ILL. — JLL Capital Markets has brokered the $20.7 million sale of 101 West, a 64-unit apartment community in Barrington, about 40 miles northwest of Chicago. Units average 982 square feet. Amenities include a community room, rooftop terrace, fitness center, pet grooming station and heated parking. The property is located at 101 W. Liberty St. and is a 10-minute walk from the Barrington Metra Station. Marty O’Connell, David Gaines and Kyle Butler of JLL represented the seller, Monroe Residential Partners LLC. HP Ventures Group LLC was the buyer.
BOWLING GREEN, OHIO — Binkelman Corp. has leased a 59,960-square-foot industrial facility in Bowling Green. The property sits on nearly 20 acres at 828 Van Camp Road. Ron Jurgenson of Reichle Klein Group represented both the tenant and the owner, P&J Thayer Family LP. Brinkelman, which is an industrial equipment supplier currently based in Toledo, will utilize the building for its new headquarters.