SHEBOYGAN, WIS. — Founders 3 Real Estate Services has brokered the sale of a 23,220-square-foot office property in Sheboygan for $2.6 million. Built in 1989, the asset is located at 1441 N. Taylor Drive. BMO Harris Bank is the anchor tenant. Bob Flood and Andy Hess of Founders 3 represented the seller, BL-Branch Group One LLC. The buyer was JVL Ventures Real Estate I LLC.
BROOKFIELD, WIS. — NorthMarq has arranged $26.2 million in permanent debt for the recapitalization of Poplar Creek Club, a recently stabilized, 138-unit apartment property in Brookfield near Milwaukee. Brett Hood of NorthMarq arranged the Freddie Mac loan, which features a 10-year, fixed-rate term with five years of interest-only payments followed by a 30-year amortization schedule. Loan proceeds retired a $22.6 million construction loan. The borrower was undisclosed. The four-story property features a 143-space parking garage as well as a separate 4,544-square-foot retail building. Amenities include a clubhouse, fitness center, yoga studio, outdoor pool and sundeck.
SHAKER HEIGHTS, OHIO — Pembrook Capital Management LLC has provided a $17.7 million loan for the acquisition and renovation of a 275-unit multifamily portfolio in Shaker Heights, an inner-ring suburb of Cleveland. The properties include Colton House, Golfview, Fairway-Marchmont Terrace, Aristocrat and Moreland Manor. The borrower, Significan Lifestyle Communities, is known for its unique property management method whereby tenants enter into membership agreements as opposed to leases and pay membership fees instead of rent. Members are invited to personalize their homes through a selection of custom paint colors and other upgrade choices. The seller was undisclosed.
ELK GROVE VILLAGE, ILL. — Anritsu Infivis Inc. has signed a 61,627-square-foot industrial lease at 701 Innovation Drive within the Elk Grove Technology Park in Elk Grove Village. The tenant is a supplier of advanced product inspection and foreign material detection equipment installed on food and pharmaceutical production lines globally. The new lease represents an expansion from the company’s former location on Cambridge Drive. David Creiner and Corey Chase of Newmark represented the tenant in the lease transaction. Elk Grove Technology Park is a 600,000-square-foot industrial park that includes bike and walking paths. Brennan Investment Group is the developer of the park.
MARINETTE, WIS. — Mortgage banking company Merchants Capital has secured $6.5 million in financing for Trolley Station Terrace, a 45-unit affordable housing property under construction in Northeast Wisconsin’s Marinette. Of the total financing, $1.8 million is a rural development loan and $4.7 million is a low-income housing tax credit bridge loan. Nonprofit developer Newcap Inc. is developing the project. Of the property’s 45 units, 38 will be reserved for renters who earn up to 60 percent of area median income. There will also be units designated as supportive housing for local veterans. Construction began in August and is scheduled for completion in August 2021. The three-story project will be situated on 2.5 acres at 153 Main St.
SIOUX FALLS, S.D. — Tzadik Properties LLC has acquired Woodlake Apartments in Sioux Falls. The 156-unit workforce housing community sits on 7.6 acres at 4008 S. Louise Ave. Tzadik plans to spend $1.5 million on improvements. Woodlake Apartments offers one- and two-bedroom units with monthly rents averaging $725. Michael Haeder of Haeder & Associates brokered the sale. Merchants Bank provided acquisition financing. The seller and sales price were undisclosed.
COLUMBUS, OHIO AND DETROIT — Huntington Bancshares Inc. (NASDAQ: HBAN) and TCF Financial Corp. (NASDAQ: TCF) have signed a definitive agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion. According to a release, the merger will create a top 10 U.S. regional bank with dual headquarters in Columbus, Ohio and Detroit. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington. The combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction, which is expected to occur in the second quarter of 2021. Stephen Steinour will remain the chairman, president and CEO. Gary Torgow will serve as chairman of the bank’s board of directors. “This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” says Steinour. “Huntington is focused on accelerating digital investments to further enhance our people-first, digitally powered customer experience.” At least 800 employees of the combined company will work in downtown Detroit at the headquarters of the commercial bank. Columbus will remain the headquarters …
CLEVELAND — GBX Group LLC, in partnership with Ethos Capital Partners LLC, have completed the revitalization of 2125 Superior Avenue in Cleveland’s Superior Arts District. The modernized residential and retail property is now known as 2125 Superior Living. Originally built in 1914 as the home of The Prince-Wolf Co. garment factory, the property now includes 57 units. The 40,000-square-foot development features amenities such as a courtyard and dog park. Street-level retail space will be home to Green Goat, a bar and café by local restauranteur Bobby George. Residents will begin moving in this month with Green Goat slated to open in early 2021.
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.
GILBERTS, ILL. — Methods Machine Tools Inc. has signed a 36,000-square-foot industrial lease at 70 Prairie Parkway in Gilberts, a northwest suburb of Chicago. The tenant, which is relocating from 2400 Vantage Drive in Elgin, will more than double its space. Dan Brown of Brown Commercial Group represented both the tenant and the landlord, Cratos LLC. Methods is a North American supplier of precision machine tools and automation. The company maintains 10 showrooms and technical centers across the U.S. and expects to take occupancy of the Gilberts facility in March.