Midwest

Kennedy Funding Provides $1.5M Refinancing for Detroit Healthcare Facility

by Kristin Harlow April 2, 2020

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.

April 2, 2020

Iowa Midwest Multifamily

Fourmidable to Manage Three Apartment Communities in Waterloo, Iowa

by Kristin Harlow April 2, 2020

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.

April 2, 2020

Acquisitions Indiana Midwest Restaurant Retail

Avison Young Arranges $1.4M Sale of Steak ’N Shake-Occupied Property in Plainfield, Indiana

by Kristin Harlow April 2, 2020

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.

April 2, 2020

Illinois Midwest

Illinois Governor Extends Stay-at-Home Order Through End of April

by Kristin Harlow April 1, 2020

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 …

April 1, 2020

Civic Development Midwest Minnesota

Kraus-Anderson Begins $28M Addition to Elementary School in Pipestone, Minnesota

by Kristin Harlow April 1, 2020

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.

April 1, 2020

Acquisitions Industrial Midwest Ohio

Monmouth Real Estate Acquires Industrial Asset in Lancaster, Ohio for $17.9M

by Kristin Harlow April 1, 2020

LANCASTER, OHIO — Monmouth Real Estate Investment Corp. has acquired a 153,000-square-foot industrial building in Lancaster within metro Columbus for $17.9 million. The property is net leased for 10 years to Magna Seating of America Inc., a division of Magna International. The building sits on 24.5 acres at 747 Mill Park Drive. The seller was not disclosed.

April 1, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $6.5M Refinancing for Affordable Housing Property in Minnesota

by Kristin Harlow April 1, 2020

STILLWATER, MINN. — Dougherty Mortgage LLC has provided a $6.5 million Fannie Mae loan for the refinancing of Long Lake Villas in Stillwater, about 25 miles east of Minneapolis. The 59-unit affordable housing property consists of 10 buildings. The 12-year loan features a 30-year amortization schedule. Long Lake Villa LP was the borrower.

April 1, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $4.1M Sale of Multifamily Community in Springfield, Illinois

by Kristin Harlow April 1, 2020

SPRINGFIELD, ILL. — Marcus & Millichap has brokered the sale of Lake Victoria Apartments in Springfield for $4.1 million. Built in 1982, the 156-unit multifamily community is located at 2925 Taylor St. It consists of 19 two-story buildings, all of which underwent extensive renovations beginning in 2013. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

April 1, 2020

Development Midwest Minnesota Multifamily

26-Story Luxury Apartment Tower Opens in Minneapolis

by Kristin Harlow March 31, 2020

MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.

March 31, 2020

Development Midwest Missouri Multifamily

CBKC to Develop $12.6M Multifamily Project in Kansas City

by Kristin Harlow March 31, 2020

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

March 31, 2020

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