Midwest

Michigan Medicine to Develop $920M Hospital in Ann Arbor

by Alex Patton September 20, 2019

ANN ARBOR, MICH. — Michigan Medicine, a health and hospital system affiliated with the University of Michigan, has announced plans to develop a new adult hospital and surgical care facility near the university in Ann Arbor. Construction of the $920 million project will begin in October, with completion slated for fall 2024. The 690,000-square-foot facility will offer state-of-the-art neurological and neurosurgical care, as well as acute cardiovascular services. Michigan Medicine cites a high demand for acute care and more private rooms as primary reasons for the construction, as well as its current facilities frequently operating at capacity. “We are proud to be at the forefront of innovation with a new hospital that will support the extraordinary work of our faculty, nurses and other providers and our research community,” says Marschall Runge, executive vice president of medical affairs for University of Michigan, dean of the medical school and CEO of Michigan Medicine. “It’s an investment in Michigan Medicine’s mission of advancing health to serve Michigan and the world.” Across 12 floors, the new hospital will house 264 private rooms, 20 operating rooms and three interventional radiology suites. Other occupants of the new space will include anesthesiology, pharmacy, speech language pathology and …

September 20, 2019

Development Illinois Midwest Multifamily

Lendlease, Magellan Break Ground on Two Residential Towers Totaling 866 Units in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Lendlease Development and Magellan Development Group have broken ground on two adjacent residential towers totaling 866 units in Chicago’s Lakeshore East. Cirrus is a 47-story, 363-unit condominium tower while Cascade is a 37-story, 503-unit apartment rental tower. The developers also plan to build Cascade Park, a publicly accessible green space that will provide connection to the lakefront and Chicago Riverwalk. A groundbreaking ceremony took place Tuesday, Sept. 17. Units at Cirrus will range from 650 to 3,000 square feet and be priced from the mid-$400,000s to more than $4 million. The tower will include 48,000 square feet of amenity space. Residents of Cirrus will also have access to amenities available to residents of Cascade, including an indoor lap pool, children’s playroom, fitness center, game room, music room and indoor dog run. Designed by bKL Architecture, Cirrus and Cascade are the first of three towers that Lendlease and Magellan plan to develop at the northeast corner of Lakeshore East.

September 20, 2019

Acquisitions Kansas Midwest Retail

WS Development, Laham Development Acquire Bradley Fair Shopping Center in Wichita, Kansas

by Kristin Harlow September 20, 2019

WICHITA, KAN. — WS Development has formed a joint venture with Laham Development to acquire Bradley Fair in Wichita. The purchase price was not disclosed. Built in 1990, the 280,000-square-foot shopping center is home to more than 50 stores and restaurants, including Barnes & Noble, Sephora, Pottery Barn, Gap and soon-to-open Trader Joe’s. The property also features a lake, walking paths, gardens and community events. The seller was not disclosed.

September 20, 2019

Illinois Loans Midwest Office

Ready Capital Provides $44.4M Acquisition Loan for Office Building in Chicago

by Kristin Harlow September 20, 2019

CHICAGO — Ready Capital has provided a $44.4 million loan for the acquisition and stabilization of a 473,000-square-foot Class B office building in Chicago’s East Loop. The nonrecourse, floating-rate loan will provide funds for the leasing costs associated with extending tenants long term and stabilizing the rent roll at market rents, according to Ready Capital. The loan features a 48-month term and a loan-to-cost ratio of 71 percent, with one extension option and flexible prepayment. The borrower was not disclosed.

September 20, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Secures $16M Construction Financing for Affordable Housing Property in Minneapolis

by Kristin Harlow September 20, 2019

MINNEAPOLIS — Merchants Capital has secured $16 million in construction and permanent financing for The Redwell, a 109-unit affordable housing property in the North Loop District of Minneapolis. The financing includes a Merchants Bank of Indiana construction loan and a Fannie Mae mortgage-backed security as tax-exempt bond (M.TEB) forward loan. This type of Fannie Mae loan can be used to finance the new construction and rehabilitation of multifamily affordable housing properties. Financing also included $7.9 million in low-income housing tax credit equity. Schafer Richardson and WNC were the borrowers. The Redwell will rise six stories and include first-floor commercial space. The Minneapolis Public Housing Authority (MPHA) will provide 22 Section 8 vouchers whereby households will pay 30 percent of their income toward rent, with the balance paid by federal subsidies administered by MPHA. The remaining units will be priced at the fair-market rate for 60 percent of the area median income.

September 20, 2019

Acquisitions Midwest Office Wisconsin

Stan Johnson Co. Brokers $7.8M Sale of Office Building Occupied by National Park Service in Wisconsin

by Kristin Harlow September 20, 2019

BAYFIELD, WIS. — Stan Johnson Co. has brokered the $7.8 million sale of a 26,640-square-foot office building in Bayfield in upstate Wisconsin along Lake Superior. The National Park Service occupies the single-tenant building, which is located at 37705 Roys Point Blvd. The property serves as a marina, boat maintenance facility and field office for the 21 islands and 43,000 acres of public lands that make up the Apostle Islands National Park. Scott Briggs of Stan Johnson represented the seller, Wisconsin-based Roy’s Pointe LP. Delaware-based Bayfield WI I SGF LLC purchased the property.

September 20, 2019

Development Illinois Midwest Office

Tishman Speyer Set to Break Ground on 270,000 SF Office Project in Chicago’s Fulton Market

by Kristin Harlow September 19, 2019

CHICAGO — Tishman Speyer has released renderings for 320 N. Sangamon, a 13-story, 270,000-square-foot office project in Chicago’s Fulton Market District. Along with its co-developer Goodman & Associates, Tishman Speyer plans to break ground on the project on Thursday, Sept. 26. Completion is slated for the first quarter of 2021. The building will feature floor plates ranging from 25,000 to 28,000 square feet. Employees at the property will have access to ZO, Tishman Speyer’s offering of lifestyle services and amenities. Solomon Cordwell Buenz is the project architect. Ellen May and Joe Gordon of Tishman Speyer will market the property for lease.

September 19, 2019

Development Industrial Midwest Ohio

PCCP, Pizzuti to Develop 539,094 SF Spec Industrial Development in Columbus, Ohio

by Kristin Harlow September 19, 2019

COLUMBUS, OHIO — PCCP has formed a joint venture with The Pizzuti Cos. to develop a two-building industrial complex in Columbus totaling 539,094 square feet. Known as Rickenbacker West II and III, the speculative project will be situated adjacent to CreekSide Industrial Center. Completion is slated for mid-2020. The 277,692-square-foot Rickenbacker II will be situated on 16.9 acres while the 261,402-square-foot Rickenbacker III will be situated on 22.9 acres. Both facilities will feature a clear height of 32 feet, secure truck courts, LED warehouse lighting and ample parking.

September 19, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $26.7M Refinancing for Apartment Complex in Des Moines

by Kristin Harlow September 19, 2019

DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.

September 19, 2019

Acquisitions Healthcare Midwest Ohio

Cooper Group Brokers $4.3M Sale of Two-Building Medical Asset in Toledo, Ohio

by Kristin Harlow September 19, 2019

TOLEDO, OHIO — Cooper Commercial Investment Group has brokered the sale of a two-building medical asset anchored by Bon Secours Mercy Health in Toledo for $4.3 million. The property is fully leased. Dan Cooper of Cooper Group represented the seller, a private investment group. Cooper also procured the buyer, a Texas-based medical real estate company. The sales price represents a cap rate of 8.1 percent.

September 19, 2019

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