MISHAWAKA, IND. — KeyBank Real Estate Capital and Cain Brothers worked together to secure financing for the construction of Hellenic Senior Living of Mishawaka, an affordable assisted living facility near South Bend. The budget was approximately $28 million and included multiple funding components of debt and equity. Cain Brothers served as the sole managing underwriter of an $18.5 million tax-exempt bond issue that provided nonrecourse construction and permanent financing at a long-term fixed rate of 5.75 percent. In addition, the National Development Council (NDC) provided $9.3 million in low-income housing tax credit (LIHTC) equity. AHEPA National Housing Corp. is developing the 136-unit property, which will consist of 55 studio apartments and 81 one-bedroom units within a 113,000-square-foot building. All of the units will be reserved for tenants whose household income does not exceed 60 percent of the area median income. The monthly charges for the Medicaid waiver units will range from $2,881 for a studio to $3,378 for a one-bedroom unit.
LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.
FRANKLIN PARK, ILL. — Apex Wire Products Co. Inc. has signed a 106,848-square-foot industrial lease in Franklin Park. On March 1, the company will begin occupying the space at 3701 Centrella St. Owned by Morgan Stanley, the Class A facility is located across the street from Chicago O’Hare International Airport. Tom Rodeno and Matthew Stauber of Colliers International brokered the lease transaction.
OMAHA, NEB. — Investors Realty Inc. has negotiated the sale of the 680 Maple Mini Storage facility in Omaha for $8.2 million. The six-building facility is located at 3206 N. 102nd St. Of the 652 total units, 108 are temperature-controlled. John Heinne and RJ Neary of Investors Realty represented the seller. Trenton Magid and Grant Palmer of NAI NP Dodge represented the buyer.
CHICAGO — Interra Realty has brokered the $6 million sale of 5424 S. Cornell Ave., a 64-unit apartment building in Chicago’s Hyde Park neighborhood. Built in 1924, the building features 61 studio apartments and three one-bedroom units. The property was 90 percent occupied at the time of sale. Joe Smazal of Interra represented the private seller. Ted Stratman and Jeremy Morton of Interra represented the buyer, Chicago-based Nautilus Investments. A portion of financing was obtained through the opportunity investment fund set up by nonprofit lender Community Investment Corp. and Preservation Compact. The buyer plans to improve the property by updating both residences and common areas. About 20 percent of the units are designated as affordable for renters earning up to 50 percent of the area median income.
CHICAGO — Upwork, a global freelancing website, has signed a 67,730-square-foot office lease at 525 W. Van Buren St. in Chicago. The Silicon Valley-based start-up launched its Chicago presence in 2017. Melissa Rubenstein and Gary Kostecki of JLL represented the owner, AEW Capital Management LP. Allen Rogoway, Janna Luce and Eric Nolin of Cresa represented Upwork. Completed in 2002, the 16-story office tower consists of 519,668 square feet. This year, AEW plans to renovate the lobby.
BURNSVILLE, MINN. — Sterling Organization has received a $7 million loan for the refinancing of Burnsville Market, a 137,396-square-foot retail centered anchored by Cub Foods in Burnsville. The property is situated on 16 acres at 1750 County Road 42 West. Chris Drew, Nat Scarmazzi, Matthew McCormack and Jules Sherwood of HFF arranged the three-year, fixed-rate bridge loan with RGA Reinsurance Co. Loan proceeds will be used to implement the borrower’s redevelopment plans.
CHICAGO — Skender has completed construction of ShopRunner’s new 25,000-square-foot headquarters in Chicago. The e-commerce start-up company has relocated to 350 N. Orleans St. from 350 N. LaSalle St. The new office has full Wi-Fi capabilities, eliminating the need for data cabling. The open floor plan includes a large conference room. Skender served as interior construction manager. Partners by Design and ConopCo Project Management also assisted in the project.
ELK GROVE VILLAGE, ILL. — Newmark Knight Frank (NKF) has negotiated the sale of a 59,206-square-foot manufacturing facility located at 801 Estes Ave. in Elk Grove Village. The sales price was not disclosed. Located on three acres, the property features three interior docks, three drive-in doors, 47 car parking spaces and a clear height of 18 feet. Adam Marshall, Tatsuru Kono and Mark Deady of NKF represented the seller, Tigerflex Corp. Cory Ramey and Shamus Coneely of John Greene Industrial represented the buyer, Diesel Radiator Co.
LINCOLN, NEB. — NorthMarq Capital has arranged two loans for the refinancing of two retail properties in Lincoln. Steve Ruff arranged a $1.8 million refinancing for Williamsburg Retail, a 16,709-square-foot property located on Village Drive. A life insurance company provided the loan, which is fully amortized over 20 years. Ruff also arranged a $1 million loan for the refinancing of GlynOaks Plaza, a 6,032-square-foot building located at 5025 Lindberg St. Rock ‘n’ Joe Coffee Bar is the tenant. A life insurance company provided the loan, which is fully amortized over 15 years.