Midwest

CMK, Greystar Begin Leasing 31-Story Apartment High-Rise Underway in Chicago’s South Loop

by John Nelson February 25, 2020

CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …

February 25, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels February 24, 2020

Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

February 24, 2020

Acquisitions Industrial Midwest Ohio

Whirlpool Enters Into $178.9M Sale-Leaseback Agreement for Industrial Portfolio Largely in Ohio

by Kristin Harlow February 24, 2020

MARION, FINDLAY, OTTAWA AND CLYDE, OHIO — Whirlpool has entered into a $178.9 million sale-leaseback agreement for a 3.1 million-square-foot industrial portfolio largely in the state of Ohio. In addition to four distribution centers in Ohio (Marion, Findlay, Ottawa and Clyde), the portfolio includes one manufacturing facility in Tennessee and two office buildings in Italy. Bruce Westwood-Booth, Guy Ponticiello, Maury Vanden Eykel and Kyle Sals of CBRE represented Whirlpool in the transaction. The buyer was undisclosed. Corporate clients with multi-continent real estate holdings are entering into more sale-leaseback deals today, according to Westwood-Booth.

February 24, 2020

Civic Development Michigan Midwest

Developer Stephen Ross to Contribute $100M for Detroit Center for Innovation Project

by Kristin Harlow February 24, 2020

DETROIT — Stephen Ross, philanthropist and chairman of Related Cos., has announced a $100 million gift to advance construction of the Detroit Center for Innovation (DCI). The project, which will be located on the former Wayne County Jail site on Gratiot Avenue will also be made possible by a contribution of land from Quicken Loans founder Dan Gilbert. The first phase of construction for the 14-acre project is expected to begin in 2021. Anchoring the project will be a 190,000-square-foot research and education center to be operated by the University of Michigan. Designed by architecture firm Kohn Pedersen Fox, the center will serve up to 1,000 graduate and senior-level undergraduate students pursuing degrees in high-tech innovation fields such as mobility, artificial intelligence, data science, cybersecurity and financial technology. The initial phase of the DCI will also include incubator and start-up services for entrepreneurs, collaboration space, residential units, a hotel and conference center. Ross has previously given nearly $400 million to the university.

February 24, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $8.6M Refinancing for Multifamily Portfolio in Minnesota

by Kristin Harlow February 24, 2020

WILLMAR, MINN. — Dougherty Mortgage LLC has provided an $8.6 million Fannie Mae loan for the refinancing of a 204-unit multifamily portfolio in Willmar in central Minnesota. The four buildings were constructed between 1974 and 1977. The loan features a 12-year term and a 30-year amortization schedule. Suite Liv’n manages the portfolio.

February 24, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $4.9M Sale of Apartment Building in St. Paul

by Kristin Harlow February 24, 2020

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Merriam Park in St. Paul for $4.9 million. The 25-unit apartment building is located at 1880 Marshall Ave. Built in 1964, the property features a mix of one-, two- and three-bedroom units. Evan Miller, Chris Collins and Abe Roberts of Marcus & Millichap marketed the building for sale and procured the buyer. Neither the buyer nor the seller was disclosed.

February 24, 2020

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

SLIB Negotiates $2.3M Sale of Assisted Living Community in Milwaukee

by Kristin Harlow February 24, 2020

MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee. The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. Under this state designation, residents have individual apartments with kitchens and bathrooms. They also receive up to 28 hours per week of supportive, personal and nursing services. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale. An ownership group based in Wisconsin with seven other communities across the state acquired the property for $2.3 million. After extensive due diligence, the buyer received a credit of $500,000 for improvements to St. Clare’s physical plant, including repairs deferred by prior ownership. The buyer plans to rebrand the facility under the name Willow View and invest significant capital into the renovation of the facility. Ryan Saul, Bradley Clousing and Joe Young of SLIB handled the transaction.

February 24, 2020

Development Industrial Midwest Wisconsin

Zilber Property Group to Build Two Spec Industrial Buildings at Salem Business Park in Wisconsin

by Kristin Harlow February 21, 2020

SALEM LAKES, WIS. — Zilber Property Group (ZPG) is developing two new spec industrial buildings at Salem Business Park in the village of Salem Lakes in southeast Wisconsin. Stabio North America has signed a lease to occupy 110,500 square feet at one building, while Advent Tool and Manufacturing Inc. will occupy 25,000 square feet of a 50,000-square-foot building. Pending government approvals, ZPG plans to begin construction on both facilities this spring. Completion is slated for the fourth quarter. Kenosha Area Business Alliance originally developed the 65-acre industrial business park in partnership with the village in 2016.

February 21, 2020

Illinois Leasing Activity Midwest Office

Affirm Signs 57,000 SF Office Lease for First Location in Chicago

by Kristin Harlow February 21, 2020

CHICAGO — Affirm Inc. has signed a 57,000-square-foot lease to open its first Chicago office at 350 North Orleans. The financial technology company, which operates as a lender of installment loans for consumers to use at retailers, will occupy two floors. Affirm plans to move into the new space in spring 2020. The Chicago space will be Affirm’s fourth office, along with San Francisco, New York City and Pittsburgh. The building owner, EQ Office, recently invested nearly $20 million in improvements, including façade upgrades, a fitness center, tenant lounge and private roof deck.

February 21, 2020

Development Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens $23M Skilled Nursing Facility in Detroit

by Kristin Harlow February 21, 2020

DETROIT — Ciena Healthcare has opened Regency at Chene, a $23 million rehabilitation and skilled nursing center located at 2295 E. Vernor Highway in Detroit. The property includes 46 private suites, 55 semi-private suites and four bariatric suites. Each has a private bathroom. Amenities include three dining rooms, lounges, a café, library, beauty shop and salon. More than 200 full-time and part-time employees will work at the 93,652-square-foot facility.

February 21, 2020

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