MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.
MADISON, WIS. — Berkadia has brokered the sale of Summit Hill in Madison for $12.7 million. The 123-unit, garden-style apartment community features studio, one- and two-bedroom floorplans. Amenities include laundry facilities, onsite management and a barbecue area. Located at 1202 McKenna Blvd., the property is adjacent to Elver Park and provides convenient access to the University of Wisconsin Madison. Ralph DePasquale of Berkadia represented the sellers, New York-based Trevian Capital and Crown Properties. Chris Blechschmidt and Connor Reed of Berkadia secured $9.3 million in acquisition financing through Freddie Mac on behalf of the buyer, Illinois-based Axiom Properties. The 10-year loan featured a 30-year amortization schedule and a 75 percent loan-to-value ratio.
APPLETON, WIS. — The Boulder Group has arranged the sale of a single-tenant property net leased to Pick ’n Save in Appleton for $7 million. The 54,340-square-foot building is surrounded by a Walmart, Chase Bank, Lowe’s, Kohl’s, Target, Home Depot, Best Buy and Menards. Randy Blankstein and John Feeney of Boulder represented the buyer, a Midwest-based real estate investor. The seller information was not disclosed.
KENOSHA, WIS. — Peak Construction Corp. has been selected by NorthPoint Development to construct Heartland 94 Logistics Center Building 1 in Kenosha. Construction is scheduled to begin this spring with completion slated for January 2022. The 757,281-square-foot industrial building, located at 8311 38th St., will feature a clear height of 40 feet, 76 dock doors, four drive-in doors, 234 trailer parking spaces and 414 car parking spaces. The project team includes studioNorth Architecture and Pinnacle Engineering Group.
MENOMONEE FALLS, WIS. — Starboard Realty Advisors LLC has acquired Jade at North Hills in Menomonee Falls, a suburb of Milwaukee. The sales price was undisclosed. The 139-unit apartment complex was 98.6 percent occupied at the time of sale. Developed by Fiduciary Real Estate Development, the garden-style property features four buildings with underground parking. It features a mix of studio, one- and two-bedroom units. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the undisclosed seller.
JANESVILLE, WIS. — Zilber Property Group plans to develop two speculative industrial buildings in Janesville, about 70 miles southwest of Milwaukee. Totaling over 350,000 square feet, the nearly identical buildings will be constructed on a 25-acre site located immediately north of the Beloit Avenue and Highway 11 intersection. Construction is expected to begin this spring following municipal approvals. Completion is slated for this fall. Building features will include a clear height of 32 feet, onsite trailer parking, expandable truck loading options and LED lighting. The project team includes Zimmerman Architectural Studios, Pinnacle Engineering Group and Riley Construction. Michael Kleber, Zilber’s director of industrial leasing, will manage lease-up.
BRISTOL, WIS. — Visual Pak Cos. has signed a 472,176-square-foot industrial lease at Bristol Highlands Commerce Center in Bristol, about 14 miles west of Kenosha. The Waukegan, Ill.-based company, which provides contract packaging and manufacturing solutions for food, personal care, automotive and healthcare brands, will occupy an entire building at the business park. Visual Pak is scheduled to take occupancy in the second quarter after interior improvements are completed. Whit Heitman of CBRE represented the tenant in the lease transaction. Jeff Hoffman and Eric Fischer of Cushman & Wakefield | Boerke, along with Tim Thompson of HSA Commercial Real Estate, represented ownership, HSA Commercial Real Estate and Washington Capital Management.
FITCHBURG, WIS. — Lee & Associates has negotiated the $1.8 million sale of a 3.7-acre development site in Fitchburg, a suburb of Madison. Blake George and Chris Etmanczyk of Lee & Associates represented the seller, Orchard Pointe Development Co. Inc. JTK Limestone Ridge LLC was the buyer. Plans for the site include the construction of apartments, both market-rate and workforce housing.
KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization schedule.
DELAVAN, WIS. — Coldwell Banker Commercial has arranged the $4 million sale of a 100,000-square-foot industrial building in Delavan, about 45 miles southwest of Milwaukee. Built in 2019, the property sits on 17.4 acres at 2153 Hobbs Drive. The building features a clear height of 30 feet, eight docks and one drive-in door. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented both the buyer and seller in the transaction. The buyer, Prop Shaft Supply, a division of Machine Service Inc., plans to move its 85 employees to the property.