Midwest

Flaherty & Collins Begins Construction of $80M Luxury Apartment Project in Cleveland Heights

by Alex Patton May 8, 2020

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 …

May 8, 2020

Loans Michigan Midwest Multifamily

Greystone Provides $26.2M Refinancing for Multifamily Asset in Michigan

by Kristin Harlow May 8, 2020

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.

May 8, 2020

Michigan Midwest

Michigan Governor Extends Stay Home, Stay Safe Order Through May 28, Reopens Manufacturing

by Kristin Harlow May 8, 2020

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.

May 8, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Originates $6.7M Refinancing for Seniors Housing Property in Roseville, Minnesota

by Kristin Harlow May 8, 2020

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.

May 8, 2020

Acquisitions Industrial Midwest Ohio Self-Storage

SkyView Advisors Brokers Sale of 478-Unit Self-Storage Facility in Copley, Ohio

by Kristin Harlow May 8, 2020

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.

May 8, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $3.5M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow May 8, 2020

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.

May 8, 2020

Loans Midwest Minnesota Multifamily Student Housing

Grandbridge Arranges $35.4M Refinancing for 199-Unit Multifamily Community Near University of Minnesota

by Kristin Harlow May 7, 2020

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.

May 7, 2020

Acquisitions Illinois Industrial Midwest

Provender Partners Acquires Two Food Processing Facilities in Metro Chicago

by Kristin Harlow May 7, 2020

CHICAGO — Provender Partners has acquired two food processing facilities in metro Chicago. In the first transaction, Provender purchased a 141,000-square-foot facility located at 5420 St. Charles Road in Berkeley. Preferred Meals Inc., a provider of fresh and frozen prepared snacks and meals to schools, fully leases the property. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners LLC brokered the $18 million sale-leaseback. In the second transaction, Provender acquired an 80,000-square-foot meat processing facility located at 525 W. Crossroads Parkway in Bolingbrook. It is currently available for lease. Provender maintains a portfolio of more than 5 million square feet of refrigerated real estate assets throughout the United States.

May 7, 2020

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes Conversion of Former Kmart Store in Minnesota into Healthcare Space

by Kristin Harlow May 7, 2020

WINONA, MINN. — Kraus-Anderson has completed the conversion of an 86,000-square-foot former Kmart store in Winona into healthcare space. The building, located at 1122 U.S. Highway 61, is now part of Gundersen Health System’s Winona campus. The building had been vacant since 2014. Set to open May 18, the primary care clinic will offer family and internal medicine, pediatrics, women’s health and imaging services. The facility will also house physical and occupational therapy as well as an eye clinic. HSR Associates Inc. designed the project.

May 7, 2020

Industrial Leasing Activity Midwest Wisconsin

Budd Van Lines Leases 115,823 SF Industrial Building in Racine, Wisconsin

by Kristin Harlow May 7, 2020

RACINE, WIS. — Budd Van Lines Inc. has leased a 115,823-square-foot industrial building in Racine. The property is located at 6200 Regency West Drive. John Sharpe, Jeff Janda and Reid Bassinger of Lee & Associates represented Budd Van Lines, which is a moving and van company. Todd Hendricks of Darwin Realty represented the owner, Welbic III Racine 6200 LLC.

May 7, 2020

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