Midwest

Shaner Hotels Opens 145-Room SpringHill Suites Property in Dublin, Ohio

by Kristin Harlow February 5, 2021

DUBLIN, OHIO — Shaner Hotels has opened a 145-room SpringHill Suites by Marriott hotel in Dublin’s Bridge Park. Shaner will operate the hotel in partnership with Crawford Hoying, a real estate developer headquartered in Central Ohio. The all-suite hotel features complimentary breakfast, a fitness center, lobby bar and 840 square feet of meeting space. Bridge Park is a 30-acre development along the Scioto River, about 18 miles northwest of Columbus, that features residential, retail, office and green space.

February 5, 2021

Development Hospitality Michigan Midwest Multifamily

Barbat Holdings Completes Transformation of Former Archdiocese Building in Detroit, Leases to Sonder

by Kristin Harlow February 4, 2021

DETROIT — Barbat Holdings LLC, a West Bloomfield-based development firm, has completed the transformation and revitalization of 305 Michigan Ave. in Detroit. Now known as Gabriel Houze, the 100,000-square-foot, 10-story property is located in the city’s central business district across from the Westin Book Cadillac. Built in 1915 and formerly known as the Gabriel Richard Building, the property housed the Archdiocese of Detroit for over 50 years. Furniture store Weil & Co. first occupied the property upon its opening. CIBC financed the project in partnership with Invest Detroit. Sonder USA Inc., a residential hospitality concept that offers short-term rentals, has leased the entire building except for 8,000 square feet of retail space on the ground floor. Sonder will offer 125 units for lease. The Houze Living brand is a subsidiary of Barbat Holdings. The developer expects to complete Montgomery Houze in Ann Arbor and Birmingham Houze in Birmingham this summer.

February 4, 2021

Indiana Loans Midwest Multifamily

CIM Group Provides $83M Bridge Loan for Apartment Complex in Indianapolis

by Kristin Harlow February 4, 2021

INDIANAPOLIS — CIM Group has provided an $83 million bridge loan to TWG Development for The Whit Apartments in Indianapolis. Built in 2019, the 334-unit property includes 10,700 square feet of retail space and an adjacent 526-stall parking garage. The asset is approximately 80 percent leased. Amenities include a rooftop pool, sundeck, lounge and fitness center. The retail space is fully leased to 16-Bit Arcade Bar and MassageLux. CIM Group originates commercial real estate loans through its CIM Real Estate Credit Strategies business. Michael Zaremski and Michael Shmuely of Berkadia’s New York office secured the loan.

February 4, 2021

Loans Michigan Midwest Multifamily

Berkadia Arranges $75.1M in Financing for Three Multifamily Properties in Michigan

by Kristin Harlow February 4, 2021

INKSTER, ROCHESTER HILLS AND LANSING, MICH. — Berkadia has arranged $75.1 million in combined financing for three garden-style multifamily properties in Michigan. Aaron Moll of Berkadia arranged the loans on behalf of the borrower, Valleytree Partners. Moll secured a $31.5 million Fannie Mae loan for the refinancing of Dearborn View in Inkster. The loan features five years of interest-only payments and an interest rate below 2.7 percent. Moll arranged a $35.9 million loan with a bridge lender for the acquisition of Bedford Square in Rochester Hills. The nonrecourse loan features an 80 percent loan-to-cost ratio and three years of interest-only payments. Lastly, Moll secured a $7.6 million Freddie Mac loan for the acquisition of Delta Square Apartments in Lansing. The 10-year loan features three years of interest-only payments and a 75 percent loan-to-value ratio.

February 4, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 736,780 SF Warehouse in Joliet, Illinois

by Kristin Harlow February 4, 2021

JOLIET, ILL. — Colliers International has brokered the sale of the Laraway Distribution Center in Joliet for an undisclosed price. The 736,780-square-foot warehouse sits on over 34 acres at 1151 E. Laraway Road within the I-80 submarket. Built in 2008, the facility was fully leased to three tenants at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Clarion Partners LLC. Exeter Property Group purchased the asset.

February 4, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $5.2M Sale of Multifamily Building in Evanston, Illinois

by Kristin Harlow February 4, 2021

EVANSTON, ILL. — Interra Realty has arranged the sale of 908 Main St. in Evanston for $5.2 million. The 27-unit multifamily building was originally constructed in 1913 and renovated in the 2000s. It features 15 one-bedroom units and 12 two-bedroom units. The building was fully occupied at the time of sale. Brad Feldman of Interra represented the seller, Robinson Rental, an Evanston-based company that has owned the property since the 1980s. Feldman also represented the international buyer.

February 4, 2021

Iowa Market Reports Midwest Midwest Market Reports Retail

Investors Shift Focus from Higher Returns to Stability, Proven Cash Flow

by Kristin Harlow February 4, 2021

By Tyler Dingel and Blake Bogenrief, CBRE | Hubbell Commercial COVID-19, and the immediate uncertainty that came with it, slowed investment activity in nearly all markets. The transactions that have closed since March, and those that will follow in the coming months, are changing. Investors and lenders alike are more thorough in upfront analysis, more selective in tenants, and overall, trending more conservative. The vision is now long-term oriented, and the spotlight is shining brightly on essential goods and services as well as investments with proven track records. Slow and steady is winning the race. Investor concerns Over the last 12 months, a common concern for real estate investors has been what the future holds for capital gains taxes. Many sellers are contemplating and opting to “take the hit” now as opposed to down the road when capital gains tax could be replaced by the ordinary income tax rate. In addition, the Biden Administration seeks to increase individual tax rates while the U.S. continues to deliver financial aid to the masses. Nearly nine months following the CARES Act, Congress agreed on a second, $908 billion stimulus package. Many expect that taxes will do one of two things in the future …

February 4, 2021

Acquisitions Indiana Industrial Midwest Ohio

JLL Brokers $140M Sale of Industrial Portfolio in Indiana, Ohio

by Kristin Harlow February 3, 2021

INDIANA AND OHIO — JLL Capital Markets has brokered the sale of 12 industrial properties spanning approximately 3 million square feet in Cleveland, Fort Wayne and Bloomington for nearly $140 million. John Huguenard, Sean Devaney, Kurt Sarbaugh and Peter Moriarty of JLL represented the seller, Raith Capital Partners. Plymouth Industrial REIT purchased 10 buildings totaling 2.1 million square feet in the greater Cleveland area. The assets are 90 percent leased. STAG Industrial Inc. acquired the 764,177-square-foot facility in Fort Wayne. The building is fully leased to a supplier of parts and components to the recreational vehicle industry. Lastly, Legacy Investing LLC purchased the 125,000-square-foot manufacturing and distribution facility in Bloomington. It is fully leased to a healthcare and pharmaceutical company.

February 3, 2021

Acquisitions Midwest Office Ohio

Joint Venture Acquires Dayton Office Campus in Sale-Leaseback Transaction

by Kristin Harlow February 3, 2021

DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.

February 3, 2021

Affordable Housing Loans Midwest Multifamily Wisconsin

KeyBank Structures $29.3M in Construction Financing for Affordable Housing Property in Wisconsin

by Kristin Harlow February 3, 2021

FITCHBURG, WIS. — KeyBank has structured $29.3 million in financing for the construction of Limestone Ridge Apartments in Fitchburg, a suburb of Madison. The four-story project will be home to 116 units that are designated for households earning between 50 and 80 percent of the area median income. Madison-based JT Klein Co. is the developer. KeyBank Community Development Lending and Investment provided a $16 million construction loan, while KeyBank’s Commercial Mortgage Group originated a $13.3 million Freddie Mac forward tax-exempt loan. Additionally, Cinnaire is providing a 4 percent low-income housing tax credit investment of $6 million and HUD and Dane County are providing $4.3 million of soft funding. Steve Sparks of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing. Completion of the project is slated for October 2022.

February 3, 2021

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