CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. has arranged a $14.5 million nonrecourse loan for the refinancing of Willow Falls in Cedar Falls. Built in 2017, the 108-unit multifamily property is located at 1003 Bluegrass Circle. Marcus & Millichap arranged the loan at a fixed rate of 4.1 percent on behalf of the undisclosed developer.
CLARKSTON, MICH. — Hunt Real Estate Capital has provided a $6.4 million Freddie Mac small balance loan for the acquisition of Chalet Villa Apartments in Clarkston, about 40 miles north of Detroit. Built in 1974, the 123-unit apartment community is located at 6935 Tuson Blvd. It consists of eight two-story buildings. Larry Harwood of Q10 | Lutz Financial Services arranged the 10-year, fixed-rate loan. The borrower was 6935 Chalet Villa Apartments LLC. The seller recently invested approximately $1.8 million in capital improvements to the roofing, sidewalks and sewer.
WESTLAKE, OHIO — DiFranco Commercial Real Estate has brokered the sale of 2035 Crocker Road in Westlake, about 17 miles west of downtown Cleveland. The sales price was not disclosed. The 34,017-square-foot office and retail complex was 94 percent occupied at the time of listing. The building is situated directly across from the lifestyle center Crocker Park. Michael DiFranco of DiFranco brokered the sale. Buyer and seller information was not provided.
HAMILTON, OHIO — Preston Hollow Capital has completed a $38 million tax-exempt bond financing on behalf of the city of Hamilton, which is located 20 miles north of Cincinnati. The bonds will be used to support the redevelopment of the former Champion Paper Mill into a 20-acre sports and entertainment complex. The project will consist of a 650,000-square-foot sports complex and a 360,000-square-foot hotel, which will include convention, retail and commercial space in addition to the 235 hotel rooms. The Hamilton Community Authority issued the bonds, which were placed with Dallas-based Preston Hollow. Piper Sandler served as underwriter on the financing. Squire Patton Boggs LLP served as bond counsel and Bradley Payne Advisors LLC served as financial advisor.
TWINSBURG TOWNSHIP, OHIO — NAI Pleasant Valley has arranged the sale of 1550 Enterprise Parkway in Twinsburg Township, about 28 miles southeast of Cleveland. The sales price was not disclosed. The industrial building totals 31,480 square feet. Jeffrey Calig and David Hexter of NAI Pleasant Valley brokered the transaction. Innovation Food Service, a wholesale producer of contract meals for schools and senior programs, purchased the property from an undisclosed seller.
DETROIT — Kennedy Funding has provided a $1.5 million loan for the refinancing of Conner Creek Medical Center in Detroit. Funds will be used to pay off existing debt and for working capital. The facility was recently selected by the state of Michigan as a site for testing and treating COVID-19 patients. The property originally served as Holy Cross Hospital and later became St. John Hospital, which ceased operations in 2004. Since then, St. John leased the facility to varying medical practices until the building was acquired by new owners in 2015. Approximately 131,331 square feet of the five-story, 225,000-square-foot property is occupied by 11 tenants. The Department of Veterans Affairs occupies 29,012 square feet and Conner Creek Life Solutions occupies 32,500 square feet. Working capital from the loan will, in part, fund the conversion of the remaining square feet into additional medical office space. Conner Creek Center LLC was the borrower.
WATERLOO, IOWA — Fourmidable has been awarded the management contract for three apartment communities in Waterloo, about 55 miles northwest of Cedar Rapids. This marks Fourmidable’s first properties in the state of Iowa. The assets include Camelot Apartments, an 82-unit affordable seniors housing community; Crossroads Square, an 81-unit affordable seniors housing property; and Hotel President Apartments, an 84-unit affordable housing property.
PLAINFIELD, IND. — Avison Young has arranged the sale of a 3,414-square-foot property occupied by Steak ’N Shake in Plainfield for $1.4 million. Built in 1996, the restaurant is located at 6208 Cambridge Way. There are approximately five years left on the corporate-guaranteed lease. Matthew Spear and Hayden Eaves of Avison Young represented the California-based buyer, which completed a 1031 exchange. An Indiana-based private investor was the seller.
ILLINOIS — Illinois Gov. J.B. Pritzker has extended the state’s stay-at-home order through the end of April in an effort to stop the spread of COVID-19. Pritzker’s move matches an order from President Donald Trump yesterday to maintain social distancing until April 30. As of Tuesday afternoon, the state of Illinois had 5,994 confirmed cases of coronavirus and 99 deaths. Earlier this week, Pritzker unveiled plans to temporarily convert part of the McCormick Place Convention Center into an alternate care facility for COVID-19 patients with mild symptoms who don’t require intensive care. The additional capacity at McCormick Place will build on efforts to relieve pressure on the hospital system. The state and city of Chicago are working with the U.S. Army Corps of Engineers and the Federal Emergency Management Agency (FEMA) to build the temporary healthcare setting. The buildout will take place in phases, with up to 500 beds expected to be assembled by the end of this week. Between three different locations, the facility will have capacity to care for up to 3,000 patients. To expedite construction, Pritzker has also activated 30 airmen from the Illinois National Guard to assist with the general labor associated with the project. The …
PIPESTONE, MINN. — The Rochester office of Kraus-Anderson has begun constructing a $28 million addition to Pipestone Elementary School in Southwest Minnesota. Designed by ISG Architects, the two-story, 85,940-square-foot project also includes interior renovations to the middle and high schools. Those improvements include security upgrades to the buildings and parking lot. The project is slated for completion in late summer 2021. In response to COVID-19, Kraus-Anderson says it has implemented stringent social distancing and other elevated safety protocol on construction job sites.
