Midwest

Associated Bank Provides $15.5M in Construction Financing for 78-Unit Apartment Building in Chicago

by Kristin Harlow February 11, 2020

CHICAGO — Associated Bank has provided a $15.5 million loan for the acquisition of a 22,500-square-foot land parcel and subsequent construction of an apartment project. The borrower, Cedar Street Cos., plans to develop a five-story, 78-unit apartment building at the site, which is located at 5440 N. Sheridan Road in Chicago’s Edgewater neighborhood. Method Development, a wholly owned subsidiary of Cedar Street, will serve as general contractor. Once completed, the apartments will be managed by Flats, an affiliate of Cedar Sreet.Daniel Barrins of Associated Bank managed the loan and closing.

February 11, 2020

Acquisitions Indiana Midwest Retail

JLL Brokers $1.7M Sale of Property Net Leased to Starbucks in Hammond, Indiana

by Kristin Harlow February 11, 2020

HAMMOND, IND. — JLL Capital Markets has brokered the $1.7 million sale of a 2,100-square-foot property net leased to Starbucks in Hammond near Chicago. Constructed in 2019, the single-tenant building features a drive-thru. It is located at 906 Indianapolis Blvd. Alex Sharrin and Nicholas Kanich of JLL represented the seller, Luke Land LLC. A Maryland-based private buyer purchased the asset in a 1031 exchange.

February 11, 2020

Development Indiana Industrial Midwest

Mohr Capital Begins Development of 200,000 SF Warehouse for GAF Materials in Indiana

by Kristin Harlow February 10, 2020

MICHIGAN CITY, IND. — Mohr Capital has begun development of a 200,000-square-foot office and warehouse facility for GAF Materials Corp. in northern Indiana’s Michigan City. Larson-Danielson Construction is serving as general contractor for the project, which is slated for completion in December. Bank of Texas provided project financing. GAF is a subsidiary of Standard Industries. Gary Horn of Mohr and Mike Maratea of Standard Industries negotiated the ground lease and lease agreement before construction began.

February 10, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of 84-Unit Apartment Complex in Durand, Michigan

by Kristin Harlow February 10, 2020

DURAND, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Country Village Apartments in Durand, about 40 miles northeast of Lansing. Originally constructed in 1985, the 84-unit apartment complex spans eight buildings. It is located at 8940 Monroe Road. Austin Hull of Greystone Bel brokered the transaction for an undisclosed price. The seller’s family had owned the property since its opening.

February 10, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 42,235 SF Warehouse in Burr Ridge, Illinois

by Kristin Harlow February 10, 2020

BURR RIDGE, ILL. — Cawley Chicago has brokered the sale of a 42,235-square-foot warehouse in Burr Ridge, a southwestern suburb of Chicago. The sales price was undisclosed. Located at 60 Shore Drive, the facility features approximately 5,000 square feet of office space and a ceiling height of 18 feet. Joshua Hearne of Cawley Chicago represented the seller, Barnett Capital. He also procured the undisclosed buyer.

February 10, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 36,080 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow February 10, 2020

BENSENVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 36,080-square-foot industrial building located at 236 William St. in Bensenville. The purchase price was undisclosed. At the time of sale, the multi-tenant building was fully leased, but a 14,068-square-foot portion will become available in September. Constructed in 1965, the property features five docks, four drive-in doors, parking for 40 cars and a clear height of 16 feet. Venture One plans to make improvements to the 14,068-square-foot space. Phil Reiff of JLL represented the seller and will be retained by Venture One as the leasing agent.

February 10, 2020

Leasing Activity Michigan Midwest Retail

Gerdom Realty Negotiates Two Retail Leases at Shopping Center in Sterling Heights, Michigan

by Kristin Harlow February 10, 2020

STERLING HEIGHTS, MICH. — Gerdom Realty & Investment has negotiated two retail leases at Brookside Shopping Center in Sterling Heights. Rehab Without Walls outpatient clinic leased a 3,200-square-foot space and Luma’s Fashion and Alteration leased 1,600 square feet. Only one 10,220-square-foot space remains available for lease at the Planet Fitness-anchored center. Michael Murphy and Tjader Gerdom of Gerdom represented the undisclosed landlord in the new leases.

February 10, 2020

Features Finance Insight Loans Midwest Northeast Southeast Texas Western

ACRES Capital Talks Alternative Lending and Its Role in a Downturn

by Sarah Daniels February 10, 2020

Mark Fogel, president and CEO of ACRES Capital, believes alternative lenders can maintain their flexibility and creativity where perhaps more traditional lenders cannot. He believes this will be important as the country continues its unprecedented upcycle, with a potential downturn threatening in the next 18 months or so. Finance Insight (FI): As an alternative lender focused on the middle market, can you tell me a little bit more about alternative lenders and your specific areas of expertise in comparison with traditional funding sources? Fogel: Traditional lenders offer an important role in most communities as a source of funding. However, they are restricted by regulations that impede their ability to take on riskier transactions and go higher on the capital stack. In this regard, alternative lenders can step in and provide capital and opportunity for those projects that are going through a redevelopment or are repurposed from their original business plan. FI: Do you lend against all property types and pursue projects in all geographical regions of the U.S.? Fogel: ACRES seeks out opportunities on an asset-by-asset basis. We do not necessarily follow market trends, but rather identify alternative situations where, from a debt perspective, our basis is low and the …

February 10, 2020

HUD Section 232 Summary Statistics - Fiscal Year 2019

Features Loans Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

HUD Lean Lenders Reflect on Memorable Year for Seniors Housing

by Sarah Daniels February 10, 2020

Despite enduring a federal government shutdown for 35 days that temporarily put a crimp in loan processing, the HUD/FHA Section 232 mortgage insurance program used to finance seniors housing properties rallied to post a solid performance in fiscal year 2019. The volume of loans closed during the 12-month period that started Oct. 1, 2018 and ended Sept. 30, 2019 totaled $3.7 billion. That’s up from $3.6 billion the prior fiscal year. The HUD/FHA Section 232 program — more commonly referred to as the HUD Lean program — helps finance nursing homes and assisted living facilities, as well as board and care facilities. The Lean process developed by HUD in 2008 is a methodology based on the Toyota model to increase efficiency by reducing waste. In short, the goal is to eliminate historical inefficiencies in the processing and approval of HUD loan applications. Dissecting the data Although the government shutdown that occurred in late December 2018 and January 2019 resulted in the program’s loan count dropping from 317 to 288 on a year-over-year basis, the average loan amount increased 14 percent during the same period to reach a record high of nearly $13 million. “This was driven not only by some …

February 10, 2020

Acquisitions Industrial Midwest Missouri

NGZ Brokers Sale of Seven-Building Industrial Flex Portfolio in Kansas City’s Executive Park

by Kristin Harlow February 7, 2020

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a seven-building industrial flex portfolio located in Kansas City’s Executive Park. The 210,751-square-foot portfolio is home to 17 tenants and was 89 percent occupied at the time of sale. Mark Long and John Hassler of NGZ represented the seller, Odyssey Real Estate Capital. A local investment group purchased the asset for an undisclosed price.

February 7, 2020

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