Midwest

Owner of Residence Inn Chicago Hotel Receives $141M Refinancing Loan

by Kristin Harlow February 12, 2021

CHICAGO — Prime LaSalle/Madison Partners (PLMP) has received $141 million for the refinancing of the 381-room Residence Inn Chicago Downtown hotel located at 11 S. LaSalle St. The hotel opened in September 2015 upon completion of the adaptive reuse of the 38-story Roanoke Building & Tower, a historic property built in three phases from 1915 to 1925. It was constructed originally as the Lumber Exchange Building and also served as a late Chicago school. The Prime Group Inc. and Michael Reschke own and control PLMP. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel; to establish reserves for working capital, interest and other items; and to pay fees and transaction costs. Loan terms were not disclosed.

February 12, 2021

Loans Midwest Office Ohio Walker & Dunlop

Walker & Dunlop Arranges $30.5M Loan for Acquisition of Office Tower in Columbus, Ohio

by Kristin Harlow February 12, 2021

COLUMBUS, OHIO — Walker & Dunlop has arranged a $30.5 million loan for the acquisition of 65 East State Street in Columbus. Built in 1983, the 26-story office tower comprises 494,487 rentable square feet. Located in the heart of the central business district, the building is across the street from the Ohio State Capitol Building on Capitol Square. Recent capital improvements to the property include an exterior façade renovation, a new conference center and fitness center, updated lobby and elevator cabs, renovated exterior patio space and new monument signage. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz arranged the loan on behalf of Group RMC. Voya provided the three-year bridge loan, which features a floating rate.

February 12, 2021

Acquisitions Midwest Missouri Multifamily

Berkadia Negotiates $24.9M Sale of Apartment Community in Suburban St. Louis

by Kristin Harlow February 12, 2021

FENTON, MO. — Berkadia has negotiated the sale and financing of Turtle Creek, a 128-unit apartment community in the St. Louis suburb of Fenton. Built in 2018, the garden-style property is located at 201 Turtle Drive. Amenities include a pool, clubhouse, dog park and storage space. Ken Aston and Andrea Kendrick of Berkadia arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group LLC. Mitch Sinberg and Matthew Robbins of Berkadia arranged $18.9 million in acquisition financing on behalf of the buyer, RM Communities. The Freddie Mac Green loan features a 10-year term and a fixed rate. The buyer plans to make capital improvements, including eco-friendly upgrades. RM Communities is the acquisition arm of RealtyMogul, an online real estate investing platform.

February 12, 2021

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Brokers $11M Sale of Ohio Distribution Facility

by Kristin Harlow February 12, 2021

FINDLAY, OHIO — Stan Johnson Co. has brokered the $11 million sale of a 180,000-square-foot distribution center in Findlay, about 40 miles south of Toledo. American Plastics, a designer, manufacturer and distributor of plastic-injection molded products, fully occupies the facility. Located on eight acres at 2040 Production Drive, the building is situated near I-75 in Hancock County. The facility has been renovated twice since it was originally constructed in 1992. Rob Gemerchak, Jeff Hughes and Jeff Tracy of Stan Johnson represented the seller, an Ohio-based developer. Gladstone Commercial, an institutional investor based in Virginia, was the buyer. The sales price represented a 5.5 percent increase over the asking price.

February 12, 2021

Loans Midwest Nebraska Office

CIT Provides $10.1M Construction Loan for Nebraska Office Building

by Kristin Harlow February 12, 2021

FREMONT, NEB. — CIT Group Inc. has provided a $10.1 million loan for the construction of a new owner-occupied office building in Fremont, about 40 miles northwest of Omaha. The borrower, WLG Fremont LLC, will use the financing to construct a 54,000-square-foot office building to serve as the new headquarters for RTG Medical, a veteran-owned healthcare staffing agency supporting medical facilities nationwide. In connection with the financing, CIT is also providing a package of treasury management and capital markets services. Treasury management refers to managing a firm’s liquidity and mitigating risk. The project is being developed under the federal new markets tax credit program with Chase Community Equity, Chase New Markets Corp., Hampton Roads Ventures, Massachusetts Housing Investment Corp. and Evernorth Rural Ventures.

February 12, 2021

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of 240 Park Apartment Building in Minneapolis

by Kristin Harlow February 11, 2021

MINNEAPOLIS — Kraus-Anderson has completed construction of 240 Park, a 17-story apartment building located at 240 Park Ave. in Minneapolis. Garden Communities MN, the residential arm of MV Ventures, was the developer for the project that offers views of the downtown Minneapolis skyline, Mississippi River and U.S. Bank Stadium. Designed by BKV Group, the building features 204 units and more than 4,500 square feet of retail space on the first floor. Amenities include a clubroom, fitness and yoga studio, pool and spa, golf simulator, pet spa and dog run. MV Ventures will manage lease-up via its in-house team. Residents can now earn two months of free rent if they move in by May 1. Monthly rents start at $1,575.

February 11, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $23.5M Sale of Whole Foods-Occupied Property in Milwaukee

by Kristin Harlow February 11, 2021

MILWAUKEE — The Wisconsin investment services team of Colliers International has arranged the sale of a Whole Foods Market-occupied property in Milwaukee for $23.5 million. The sales price represents a cap rate of 5.5 percent. Located at 2305 N. Prospect Ave., the 53,875-square-foot store is part of the commercial space at Prospect Medical Commons. Adam Connor of Colliers represented the seller, a Seattle-based private investor. California-based ExchangeRight Real Estate LLC purchased the asset as part of a 1031 exchange. This is the second time in the last five years that the asset has traded hands.

February 11, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $8.7M Sale of Apartment Community in Metro Minneapolis

by Kristin Harlow February 11, 2021

WOODBURY, MINN. — JLL Capital Markets has brokered the $8.7 million sale of Regency Hill Apartments in Woodbury within metro Minneapolis. The 38-unit multifamily community is 97 percent occupied. Built in 2006, the townhome-style rental property includes barbecue picnic areas, a courtyard and heated underground parking. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the sellers, Bigos and Williams-Regency Hill LLC. Premier Storage purchased the asset while completing a 1031 exchange.

February 11, 2021

Acquisitions Illinois Industrial Midwest

Greenstone Partners Negotiates $8.2M Sale of Industrial Building in Champaign, Illinois

by Kristin Harlow February 11, 2021

CHAMPAIGN, ILL. — Greenstone Partners has negotiated the sale of a 182,084-square-foot industrial building in Champaign for $8.2 million. The property is fully leased to Rockwell Automation, which plans to vacate upon the expiration of its short-term lease. The East Coast-based buyer plans to lease up the property within the next 12 to 18 months. The Class A building features a clear height of 32 feet and is located at 2802 Bloomington Road. Greenstone Partners represented the seller, a Chicago-based family office.

February 11, 2021

Acquisitions Kansas Midwest Multifamily

Newmark Zimmer Arranges Sale of 97-Unit Apartment Property in Topeka, Kansas

by Kristin Harlow February 11, 2021

TOPEKA, KAN. — Newmark Zimmer has arranged the sale of Westgate Village in Topeka for an undisclosed price. The 97-unit apartment property underwent extensive interior and exterior renovations over the last two years, including the full renovation of a building that was damaged by a fire. Michael VanBuskirk, Chris Robertson and TJ Wahl of Newmark Zimmer brokered the transaction. A private partnership sold the asset to Chicago-based ALK Properties, which is expanding its existing presence in the Topeka market.

February 11, 2021

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