Mixed-Use

CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. KeyBank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet of ground-level retail space, including a new Corner Alley bowling alley. MRN Ltd. is developing the second phase, which is currently under construction.

CHICAGO —Essex Realty Group Inc. has arranged the $3.2 million sale of Thalia Hall, a historic mixed-use property located in Chicago’s Pilsen neighborhood. Thalia Hall includes a two-level restaurant with a large kitchen and office in the basement, a vacant theater, three first-floor commercial spaces with basements, eight duplex apartments and six garage parking spaces. The mixed-use property is located at 1215-25 W. 18th St. Doug Fisher, Matt Welke and Jason Fishleder of Essex represented the seller and the buyer in the transaction.

WEST DES MOINES, IOWA — Hubbell Realty Co. and Persimmon Capital Partners have broken ground on Cityville on 9th, a $40 million mixed-use development in West Des Moines. Located on 10.5 acres in the Gray’s Landing neighborhood south of MLK Jr. Parkway, the Cityville on 9th will include 339 apartments, covered parking and 55,000 square feet of retail space within nine four-story buildings. The project will be built in three phases with the first phase, including 111 apartment homes, clubhouse and 20,000 square feet of commercial space, slated for completion in spring 2014.

EVANSTON, ILL. — Marcus & Millichap has arranged the sale of Church Street Station, a 16,871-square-foot, mixed-use property located in Evanston, a suburb of Chicago, for $3.7 million. Adrian Mendoza, Dominic Sulo, Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a developer. Brian Parmacek, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, represented the buyer, a private investor, in a 1031 tax-deferred exchange from an apartment sale. Church Street Station, located at 1642 Maple Ave., is fully occupied by five tenants, which operate under triple-net leases. Church Street Station is anchored by BMO Harris Bank.