Sunday, June 15, 2025
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HospitalityLoansMidwestOhio

PMZ Realty Capital Arranges $5.3M Acquisition Loan for Hampton Inn Hotel in Marysville, Ohio

by Kristin Harlow

MARYSVILLE, OHIO — PMZ Realty Capital LLC has arranged a $5.3 million loan for the acquisition of a Hampton Inn hotel in Marysville, a suburb of Columbus. A debt fund provided the loan, which features interest-only payments for the full five-year term. The loan proceeds provided capital for the new ownership to acquire the property and implement a change-of-ownership property improvement plan. The buyer, a Canadian hotel investor, completed the acquisition as its first hotel investment in the U.S. The 83-room hotel features complimentary breakfast, a fitness center, indoor pool and two meeting rooms.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Brokers $2.6M Sale of Fully Occupied Retail Property in Milford, Ohio

by Kristin Harlow

MILFORD, OHIO — Marcus & Millichap has brokered the $2.6 million sale of a fully occupied retail property in Milford, a suburb of Cincinnati. The eight-suite center is home to tenants such as Papa John’s, CheckSmart and Q-Nail. Ashley Riegert, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a Cincinnati-based ownership group. Buyer information was not provided.

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Market ReportsMidwestMidwest Market Reports

Unlock Capital Amid Volatility with C-PACE Financing

by Kristin Harlow

By Ethan Elser, PACE Equity In today’s turbulent commercial real estate landscape, developers and property owners face challenges to secure sufficient competitively priced capital. High interest rates, compressed valuations and a low leverage lending environment have complicated funding strategies and eroded traditional capital stack assumptions.  More and more, property owners and developers are turning to Commercial Property Assessed Clean Energy (C-PACE) financing due to its core attributes: low cost, nonrecourse, long-term and fixed-rate capital. With amortization periods of up to 30 years, owners and developers recognize that C-PACE terms are virtually unmatched in the private debt markets. As an assessment tied to the property rather than the borrower, C-PACE funding is being leveraged more than ever to support creative solutions in today’s marketplace. C-PACE has evolved into a dynamic financial tool used across the lifecycle of a building — from new construction to recapitalizations to retrofits. C-PACE is used by savvy commercial real estate professionals to optimize their capital structure and boost their internal rate of return (IRR). Identifying the financial utility of C-PACE in a shifting market C-PACE is growing in popularity as an alternative to mezzanine debt, preferred equity and other high-cost financing. In today’s environment, C-PACE is …

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamilyWisconsin

Cinnaire Raises $340M for Affordable Housing Development, Preservation Across 11 States

by Kristin Harlow

LANSING, MICH. — Lansing-based Cinnaire has closed a $340 million Low-Income Housing Tax Credits (LIHTC) fund — the largest investment fund in the organization’s 32-year history — that will finance 33 affordable housing developments across 11 states. The financing will provide 2,455 units for more than 5,400 individuals and generate more than $844 million in local economic activity, according to Cinnaire. Specifically, Fund 43 will support developments such as Haven on Main in La Crosse, Wis., and Wellspring Recovery in Farmington Hills, Mich. Haven on Main will total 70 units with 59 affordable housing apartments and 11 market-rate units. Eighteen units are reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the apartments are designed to support independent living for adults on the autism spectrum. Full supportive services will be provided by CouleeCap in partnership with Invista and Haven for Special People. Wellspring Recovery will feature 72 affordable housing units, including 60 floor plans that will be permanent supportive housing (PSH) dedicated to individuals recovering from opioid addiction. The PSH units will be housed in a separate building divided by a natural green space and supported by project-based rental assistance from Michigan State …

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AcquisitionsIllinoisIndianaMichiganMidwestOhioRetail

Eidi Properties Acquires 39 Shopping Centers Totaling 650,257 SF in Six States

by Kristin Harlow

TOLEDO, OHIO — Toledo-based Eidi Properties has acquired 39 shopping centers totaling 650,257 square feet across Illinois, Florida, Virginia, Michigan, North Carolina and Indiana. The transaction, which features a mix of power centers, grocery-anchored plazas and community hubs, brings Eidi’s portfolio to nearly 80 retail properties totaling more than 1.5 million square feet. Dembs-Roth Development was the seller. Joel Jerger of WesBanco, Andy Maher and Brian White of Waterford Bank NA, as well as John Skeldon and Joe Bajas of Cooperative Business Services, all based in Toledo, arranged acquisition financing for the deal. Anthony Calamunci and Gordon Thomas of FisherBroyles served as legal counsel on behalf of Eidi, and Brian Raznick of Taft Law represented the seller.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Breaks Ground on $81.3M City Hall, Police Department Expansion in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — Kraus-Anderson has broken ground on an $81.3 million expansion of the Burnsville City Hall and police department. The property is located at 100 Civic Center Parkway in Burnsville, about six miles south of downtown Minneapolis. The facility will remain occupied and operational throughout construction, which is slated for completion in spring 2028. The 35-year-old complex will receive 110,000 square feet of additional space to better serve the city hall and police department. Designed by CNH Architects, the two-story, 212,000-square-foot project will feature state-of-the-art technology throughout; a 120,483-square-foot addition with an expanded city hall, police department, squad garage and gun range; and a 91,550-square-foot renovation of existing spaces. The complex occupies 8 acres of land that will undergo civil construction and infrastructure enhancements. Construction will be completed in three phases: the city hall addition, police department addition and city hall remodel and sitework.

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DevelopmentHealthcareMichiganMidwest

MyMichigan Health Opens 111,000 SF Cancer Center in Midland

by Kristin Harlow

MIDLAND, MICH. — MyMichigan Health has opened a new cancer center in Midland, a city in central Michigan. Hord Coplan Macht (HCM) designed the 111,000-square-foot facility, which is situated on a 225-acre wooded campus. HCM helped convert two aging medical office buildings into a modern care center through complete gut renovations, saving $12 million. The center consolidates services that were previously spread out across four buildings, including oncology, infusion, women’s health and support services. The project incorporates nature-infused architecture throughout its design.

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DevelopmentIllinoisMidwestRetail

McHugh Construction Completes $7M Parking Garage in East Dundee, Illinois

by Kristin Harlow

EAST DUNDEE, ILL. — McHugh Construction has completed a new public parking garage at 304 Hill St. in East Dundee, a far northwest suburb of Chicago. The $7 million design-build project, completed in partnership with Desmond Design, is the village’s largest infrastructure investment in years, according to McHugh. The two-level concrete structure adds 163 parking spaces to the downtown area, including a connected surface lot behind River Street Tavern and improved street parking along River Street. The garage also features 6,000 square feet of ground-level retail space. Premier Commercial Realty is currently marketing the retail space for sale on behalf of the village for $500,000. The garage features arched elevator tower windows and locally sourced blonde and red brick — a nod to the historic Hagar Brick Co. that operated for decades nearby.

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DevelopmentMichiganMidwestOffice

Wolverine Worldwide Unveils Renovated Office Headquarters in West Michigan

by Kristin Harlow

ROCKFORD, MICH. — Footwear company Wolverine Worldwide Inc. has unveiled a major renovation of its global headquarters in Rockford within western Michigan. The centerpiece of the project is a renovation of 40,000 square feet of space to house the company’s two biggest brands, Merrell and Saucony, the latter of which Wolverine recently relocated to Rockford from Boston. Originally constructed in 1963, the space served as a footwear factory for several decades before being transitioned into office space in the 1990s. Now known as The Factory, the space features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café and technology for product design, marketing and collaboration. The project is supported by a $1 million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center and The Right Place Inc. In all, Wolverine’s headquarters totals 300,000 square feet. Amenities include subsidized daycare and an early education center for children, fitness center, four miles of on-campus hiking and nature trails, an onsite, subsidized cafeteria and dog daycare.

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DevelopmentIndianaMidwestMultifamilyRetail

Skender Breaks Ground on $19M Ardalan Plaza Building in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Skender Construction has broken ground on Ardalan Plaza, a $19 million development that will serve as a gateway to the City of Carmel’s Arts & Design District. Located at 311-331 W. Main St., the property will encompass 8,000 square feet of retail and gallery space on the first floor, five luxury condominiums on the second floor and a private residence with a rooftop terrace spanning the third floor. The project, which was designed to evoke the elegance of an Italian villa, is a collaboration between the Carmel Redevelopment Commission and the Ardalan family. The project team includes Studio M Architecture and Planning and KBSO Consulting Engineers. Completion is slated for 2026.

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