CHICAGO — Skender has topped out a new 36,000-square-foot, six-story housing facility for nonprofit Sarah’s Circle in Chicago’s Uptown neighborhood. The project includes a basement, 38 units for long-term housing, an emergency overnight space with 50 nonpermanent beds and a food hall. Skender is collaborating with architect Perkins+Will and Brinshore Development. Sarah’s Circle serves women who are homeless or in need of a safe space. It provides food, clothing, shelter, housing and clinical services for domestic violence and trauma.
Midwest
NORWALK, OHIO — Marcus & Millichap has arranged the sale of an Action Mini Storage facility in Norwalk, about 55 miles west of Cleveland. The sales price was undisclosed. The property, located at 3837 Laylin Road, features 193 non-climate-controlled units and totals 28,850 net rentable square feet. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the facility on behalf of the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.
FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.
Flaherty & Collins Begins Construction of $80M Luxury Apartment Project in Cleveland Heights
by Alex Patton
CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties, an Indiana-based developer, has started construction of The Ascent at Top of the Hill, an $80 million luxury apartment project in Cleveland Heights. The 261-unit community will also include 11,000 square feet of retail space and a 500-space parking garage. The 460,056-square-foot development is situated on a four-acre parcel at the intersection of Cedar Road and Euclid Heights Boulevard. Amenities will include a rooftop pool and lounge, public green space, coworking areas, a dog park, fitness center and bike storage area. Residential floorplans will include studio, one-bedroom and two-bedroom units, as well as premium three-bedroom penthouses. Goldman Sachs Private Bank provided a $52.6 million construction loan for the project and a public-private partnership with the City of Cleveland Heights provided additional financing. Cleveland Heights is a first-ring suburb just east of Cleveland proper. “The city has been a tremendous partner through this process and the Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving,” says Deron Kintner, general counsel for Flaherty & Collins Properties and lead project developer. Construction began this week following financial closing. Completion is …
NEW HUDSON, MICH. — Greystone Real Estate Advisors has provided a $26.2 million Fannie Mae loan for the refinancing of Pendleton Park Apartments in New Hudson, about 10 miles west of Novi. Built in 2001, the 240-unit multifamily property offers one-, two- and three-bedroom floor plans as well as two-story, loft-style units. Amenities include a clubhouse, fitness center, theater, pool, outdoor kitchen and tennis courts. Cary Belovicz of Greystone sourced the deal while Clint Darby of Greystone originated the financing. The borrower was undisclosed.
MICHIGAN — Michigan Gov. Gretchen Whitmer has extended the state’s Stay Home, Stay Safe order through May 28. The governor’s order will also enable manufacturing workers, including those at Michigan’s Big 3 auto companies, to resume work on Monday, May 11 as part of her MI Safe Start Plan. Under this order, manufacturing facilities must adopt measures to protect their workers from the spread of COVID-19. These measures include conducting a daily entry screening protocol with temperature checks, creating dedicated entry points and suspending entry of all non-essential in-person visits, including tours. Workers must also be educated on how the virus is spread, its symptoms and use of personal protective equipment. All businesses in the state — including manufacturers — must require masks to be worn when six feet of distancing is not possible.
Dougherty Mortgage Originates $6.7M Refinancing for Seniors Housing Property in Roseville, Minnesota
ROSEVILLE, MINN. — Dougherty Mortgage has provided a $6.7 million HUD loan for the refinancing of Roseville Seniors, a 127-unit affordable seniors housing property in Roseville. All of the units are restricted to elderly or disabled residents. The 35-year loan, which was the refinancing of an existing HUD loan through the Section 232 mortgage insurance program, is fully amortizing. The financing will enable the borrower, Good Neighbor Senior Apartments LP, to reduce its interest rate and mortgage insurance premium.
COPLEY, OHIO — SkyView Advisors has brokered the sale of a West Side Storage facility in Copley, about seven miles west of Akron. The sales price was undisclosed. The 478-unit self-storage facility spans 57,016 square feet. It sits on 12.4 acres at 1252 Mina Ave. Zack Urow and Ryan Clark of SkyView represented the undisclosed seller.
CHICAGO — Kiser Group has arranged the sale of a three-building multifamily portfolio in Chicago’s Portage Park neighborhood for $3.5 million. The portfolio spans 36 units and includes the following properties: 3905-11 N. Linder Ave.; 3514-18 N. Long Ave.; and 3816-24 N. Long Ave. Monthly rents for the properties average $950 for one-bedroom units and $1,200 for two-bedroom units. Rick Ofman of Kiser brokered the transaction. Drexel Properties purchased the portfolio from a longtime Chicago landlord.
MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $35.4 million refinancing for The Arrow Apartments, a 199-unit multifamily community located near the University of Minnesota in Minneapolis. Chris Perry, Brett Olson and Joe Lindberg of Grandbridge originated the permanent, fixed-rate loan, which was funded through an undisclosed credit union. The financing offers an initial period of interest-only payments with a five-year term and 30-year amortization schedule. The Arrow Apartments offers shared amenities including a fitness center, multiple study rooms, a printing center, rooftop deck and a 24-hour fitness center.