Midwest

Greenwich Hospitality Group Acquires 179-Room Hotel in Traverse City, Michigan for $23.2M

by Kristin Harlow January 7, 2019

TRAVERSE CITY, MICH. — The Greenwich Hospitality Group (GHG) has acquired West Bay Beach Holiday Inn Resort in Traverse City for $23.2 million. The 179-room, full-service resort, originally built in 1968, is located on the West Bay. The hotel will be elevated to a four-star property and rebranded as Delamar Traverse City after undergoing a $10 million renovation over a two-year period. The hotel will remain open during the renovation. Delamar is the flagship brand of GHG. The hotel last changed hands in 2012, when Birmingham, Mich.-based private equity firm ValStone Partners LLC purchased it from TC Hotel LLC, according to the Traverse City Record Eagle.

January 7, 2019

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group to Manage Nine Affordable Housing Properties in Midwest

by Kristin Harlow January 7, 2019

CHICAGO — Evergreen Real Estate Group has been retained to manage nine affordable housing communities totaling 1,071 units across Illinois, Kansas, Ohio and Wisconsin. The properties include a mix of affordable housing for families, seniors and people with disabilities. Chicago-based Evergreen now manages more than 8,500 units across the country. The new assignments include: Brookhaven Apartments in Gurnee, Ill.; Carter Manor Apartments in Cleveland; Johnstown Towers in Salina, Kan.; Oakdale Plaza Apartments in Salina, Kan.; Legacy Lofts in Milwaukee; The Martha Washington Apartments in Chicago; Martin Avenue Apartments in Council Grove, Kan.; and Neilan Park Apartments in Hamilton, Ohio. As property manager, Evergreen will oversee operations. Additionally, in some communities Evergreen will make improvements and upgrades to the buildings using low-income housing tax credits and other subsidies.

January 7, 2019

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $15.1M HUD Refinancing for Chicago-Area Assisted Living Community

by Kristin Harlow January 7, 2019

PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization schedule.

January 7, 2019

Industrial Leasing Activity Michigan Midwest

Anderson Process Signs 35,400 SF Industrial Lease in Plymouth, Michigan

by Kristin Harlow January 7, 2019

PLYMOUTH, MICH. — Anderson Process Inc. has signed a nine-year lease to occupy 35,400 square feet of industrial space within the Metro-Plymouth Business Park in Plymouth. Anderson Process is a manufacturer and distributor of fluid process equipment, including industrial pumps, hose assemblies and filter technologies. The light industrial facility will enable the Wisconsin-based company to consolidate multiple locations into a single headquarters for the light manufacturing, testing and distribution of its products. Eric Banks of Dominion Real Estate Advisors represented the landlord, Skins-Plyfield LLC. Phil Konopitski of Friedman Real Estate Solutions represented the tenant.

January 7, 2019

Development Michigan Midwest Mixed-Use

Flaherty & Collins Selected as Developer for $170M Town Center Project in Warren, Michigan

by Kristin Harlow January 4, 2019

WARREN, MICH. — Flaherty & Collins Properties has been selected by the city of Warren to serve as the master developer for Warren Town Center, a $170 million project. The proposed mixed-use development will include 500 market-rate apartment units, more than 20,000 square feet of retail and dining space, a boutique hotel and a 30,000-square-foot grocery store. The project will be a public-private partnership including the city of Warren, Flaherty & Collins and General Motors. Acquest Realty Advisors will serve as the hotel development partner. The goal of the project is to create a town center that offers a high-end housing option that currently is not available in Warren, according to Brian Prince, vice president of development for Flaherty & Collins. The site formerly housed city hall and is located across the street from General Motors’ Global Tech Center, which is home to 25,000 employees. Flaherty & Collins expects to break ground on the project before the end of the year.

January 4, 2019

Development Illinois Midwest Multifamily

Lendlease, John Buck Co. to Develop 586-Unit Apartment Complex in Chicago’s West Loop

by Kristin Harlow January 4, 2019

CHICAGO — Lendlease and The John Buck Company are developing 845 West Madison, a 586-unit luxury apartment complex in Chicago’s West Loop. The property will include two 17-story towers totaling approximately 720,000 square feet of residential space and 10,000 square feet of ground-floor retail space. Both towers will share a one-acre outdoor amenity deck, featuring green spaces, two pools and a lounge area with grills and fireplaces. Additional amenities will include a fitness center, yoga room, game room, resident lounge, coffee bar, demonstration kitchen, dog park, co-working space and parking garage. Danny Kaufman, Christopher Knight and Mary Dooley of HFF arranged $61.8 million in joint venture equity through Intercontinental Real Estate Corp. for the project.

January 4, 2019

Acquisitions Midwest Minnesota Office

Altus Properties Acquires 277,044 SF Office Building in Bloomington, Minnesota

by Kristin Harlow January 4, 2019

BLOOMINGTON, MINN. — Altus Properties has acquired the Minnesota Center office building in Bloomington for an undisclosed price. The property is 97 percent occupied. Amenities include an on-site deli and conference center along with newly renovated lobbies and common areas. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE represented the seller, Minnesota Center JV LLC.

January 4, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Arranges $19.7M Development Financing for Affordable Housing Community in Minnesota

by Kristin Harlow January 4, 2019

ROCHESTER, MINN. — Merchants Capital has arranged $19.7 million in development financing for Technology Park Apartments, a 164-unit affordable housing community in Rochester. Freddie Mac provided the 10-year loan, which was its first-ever non-LIHTC forward commitment loan. The interest rate was locked at the closing of the construction loan. Forty percent of the property will be priced affordably for individuals earning an annual income of $40,000 or 60 percent of the area median income, while 35 percent will be set aside for individuals earning about $55,000 per year. The remaining units will be priced slightly below the current market value. The Greater Minnesota Housing Fund also contributed $3.4 million for the development. The monthly rent is expected to be $1,150 for a two-bedroom unit. Real Estate Equities was the borrower.

January 4, 2019

Acquisitions Kansas Midwest Office

NGZ Brokers Sale of Former Silpada Headquarters in Lenexa, Kansas

by Kristin Harlow January 4, 2019

LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has brokered the sale of the former Silpada Jewelry headquarters building in Lenexa for an undisclosed price. The Class A facility includes 150,000 square feet of office space and 65,000 square feet of industrial warehouse space. Scott Bluhm, David Zimmer, Tracey Mann and Nick Pickard of NGZ marketed the property on behalf of Silpada, which ceased operations in 2016. Heart to Heart International purchased the building.

January 4, 2019

Acquisitions Illinois Midwest Multifamily

Venture to Convert Newly Acquired Condo into Apartment Complex in Chicago

by Kristin Harlow January 3, 2019

CHICAGO — A venture between The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. has acquired River City, a 449-unit residential condominium building in the South Loop neighborhood of Chicago. The new owner plans to convert the serpentine-shaped building into apartment units as well as upgrade the lobby, common areas and commercial components of the property. The renovation work is scheduled to begin early this year. New residents are expected to begin occupying the apartments in March. Monthly rental rates have yet to be announced. Devon Grace Interiors is designing the apartments, while Luxury Living Chicago Realty will market and lease the property. The River City Condo Association was the seller. The transaction is the largest condo deconversion in Chicago history, according to the buyers. Maverick Commercial Mortgage arranged $93.8 million in acquisition financing through Silverpeak Argentic. The nonrecourse loan has an initial term of three years.

January 3, 2019

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