FENTON, MICH. — Havenpark Communities has completed improvements over the past two years at North Bay Harbor Club in Fenton, about 60 miles northwest of Detroit. A ribbon-cutting ceremony celebrating the improvements will take place Tuesday, Sept. 22. The renovations include upgraded community docks, improved landscaping, new signage and a grill and picnic area. Havenpark has invested more than $350,000 in upgrades and improvements at the manufactured housing community.
MICHIGAN — Michigan Gov. Gretchen Whitmer has signed an executive order enabling the state’s gyms and pools to reopen beginning Wednesday, Sept. 9. Gyms must require mask wearing at all times, implement six-foot social distancing and provide cleaning products. The new order also allows organized sports practices and competitions to resume but does not include the reopening of movie theaters. Gym owners have lobbied the governor tirelessly for their reopening and have suffered crippling financial losses since mid-March, according to local media reports.
GRAND FORKS, N.D. — NorthMarq has arranged $33.4 million in combined agency debt financing for the acquisition of four multifamily properties in Grand Forks, the third-largest city in North Dakota. The workforce housing properties total 691 units and include Forest Park Apartments, Valley Park Manor, Southwind Apartments and Landmark Estates. The Freddie Mac loans range from $2.9 million to $15.9 million. The 15-year loans feature 30-year amortization schedules. Brett Hood of NorthMarq’s Chicago office structured the loans.
TERRE HAUTE, IND. — Gladstone Commercial Corp. has acquired a 153,600-square-foot distribution facility in Terre Haute for $10.6 million. The property was constructed as a build-to-suit for Clabber Girl Corp. in 2010 and is fully leased to the tenant. Terre Haute-based Clabber Girl manufactures baking powder, baking soda and corn starch. Jeff Castell of Cushman & Wakefield represented the undisclosed seller. The building features a clear height of 32 feet, nine dock doors and one drive-in door.
INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.
CHICAGO — The Boulder Group has brokered the sale of single-tenant CVS Pharmacy property in downtown Chicago for $4.9 million. The 8,781-square-foot store is located on the ground floor of a 180-unit condo building at 520 S. State St. Randy Blankstein and Jimmy Goodman of Boulder represented both the seller, a local real estate owner, and the buyer, a Southeast-based real estate investment firm. CVS has more than 10 years remaining on its lease.
NORTHBROOK, ILL. — McShane Construction Co. has completed construction of The Elaine, a 304-unit luxury apartment complex in Northbrook, a northern suburb of Chicago. Finger Cos. was the developer and Niles Bolton Associates served as architect. Located at 1000 Skokie Blvd., the five-story property features a fitness center, business center, conference room, golf simulator, dog run, two pools and three courtyards. Floor plans range from 689 to 1,229 square feet.
COLUMBUS, OHIO — Huntington Bank has unveiled a $20 billion, five-year lending, investment and philanthropic commitment to help improve financial opportunities for the bank’s consumers, businesses and communities within its seven-state footprint. The Columbus-based bank has designated $7.6 billion for helping businesses, $7.5 billion for homeownership and $4.9 billion toward community efforts related to affordable housing, food security, workforce development and social equity. Huntington says it will work with hundreds of community organizations to implement its 2020 Community Plan.
DELAWARE, OHIO — Gosula Realty Ltd. has acquired Glennwood Commons in Delaware, about 30 miles north of Columbus. The purchase price was undisclosed. Tenants include OfficeMax, Dollar Tree and Pet Supplies Plus. CBRE’s National Retail Partners Midwest team represented both Gosula and the seller, Principal Real Estate Investors.
CHICAGO — Guidepost Montessori has opened at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The 14,000-square-foot elementary school will serve grades one through six. The new location is part of Guidepost Montessori’s larger growth in Chicago, with three new early childhood campuses opening in Lincoln Park, Schaumburg and Edgewater for a total of seven schools. Optima Inc. is the developer and owner for the 57-story, 490-unit Optima Signature. Other retail tenants at the property include Egg Harbor Café, GoodVets, Runaway Fitness and Bedazzled Nails & Spa.
