Property Type

McShane to Build 203-Unit Affordable Housing Community in Brookfield, Wisconsin

by Kristin Harlow June 4, 2024

BROOKFIELD, WIS. — McShane Construction Co. will serve as the general contractor for Bishops Woods, a 203-unit affordable housing community in the Milwaukee suburb of Brookfield. Located on nearly four acres at 350 Bishops Way, the development will feature a podium-style building rising four stories atop a two-story, underground parking garage. Units will come in one- to three-bedroom floor plans and will be reserved for residents who earn 40 to 80 percent of the area median income. Eight live-work units will be available for renters who wish to have an office suite or studio with a separate exterior entrance. Amenities will include a clubroom, fitness center, outdoor grill area and playground. The project was designed to meet Wisconsin Green Built Home Standards and will feature a solar array on the rooftop along with high-efficiency electric heat pump systems. Completion is slated for December 2025. Knothe & Bruce Architects is the project architect.

June 4, 2024

Indiana Loans Midwest Multifamily Seniors Housing

Ziegler Arranges $32M in Financing for Hoosier Village Seniors Housing Campus Expansion in Indiana

by Kristin Harlow June 4, 2024

ZIONSVILLE, FORT WAYNE AND COLUMBUS, IND. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units and 225 skilled nursing units. BHI will finance two phases of new construction at its flagship Hoosier Village campus. The project consists of a new type of independent living unit for BHI: three-story, 3,200-square-foot townhomes with elevators and upscale finishes. BHI intends to construct 20 independent living townhomes in each of the two phases, beginning in spring 2024 and another in spring 2025, for a total of 40 units. BHI currently has a significant waitlist with over 400 households seeking an independent living unit at Hoosier Village. The financing is structured to leverage proceeds from initial entrance fees to the new independent living units. BHI elected to make use of the Phase I initial entrance fee pool to …

June 4, 2024

Development Illinois Leasing Activity Midwest Multifamily

The Apartment Source Begins Leasing Efforts for 30-Unit Lodge Evanston Project in Illinois

by Kristin Harlow June 4, 2024

EVANSTON, ILL. — The Apartment Source (TAS) has begun leasing efforts for Lodge Evanston, a 30-unit apartment project located at 1700 Oak Ave. in downtown Evanston. The 30-unit development is the adaptive reuse of a century-old sanctuary. The community offers one-, two- and three-bedroom layouts with several luxury penthouses. Development partners included Campbell Coyle, Ranquist Development and Jodi Development. ISA was the project architect. Monthly rents start at $2,400, according to the property’s website.

June 4, 2024

Acquisitions Michigan Midwest Retail

Gerdom Realty & Investment Brokers Sale of 12,000 SF Commercial Building in Suburban Detroit

by Kristin Harlow June 4, 2024

DEARBORN HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a 12,000-square-foot commercial building in the western Detroit suburb of Dearborn Heights. The sales price was undisclosed. The property is located on Van Born Road just east of Telegraph Road. Jack Melton and Michael Murphy of Gerdom represented the undisclosed seller. Ali Elkhalil of Own It Realty represented the buyer, which plans to convert the building into use for a towing company.

June 4, 2024

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $41.6M in Financing for Cambridge Affordable Housing Project

by Taylor Williams June 4, 2024

CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing project that will be located at 52 New St. in Cambridge. The majority of the financing consists of a $15.4 million permanent loan and $24.7 million in tax credit equity bridge financing. Units will come in one-, two- and three-bedroom formats and will be reserved for households earning 30, 60 and 80 percent of the area median income. The six-story building will also include 3,500 square feet of commercial space. The borrower is social services provider Just A Start.

June 4, 2024

Acquisitions Industrial New Hampshire Northeast

Colliers Arranges Sale of 51,216 SF Industrial Building in Manchester, New Hampshire

by Taylor Williams June 4, 2024

MANCHESTER, N.H. — Colliers has arranged the sale of an industrial building located at 299 Pepsi Road in Manchester, located near the Massachusetts-New Hampshire border. According to LoopNet Inc., the property was built on an 18.9-acre site in 1997 as a food processing facility and totals 51,216 square feet. Bob Rohrer and Doug Martin of Colliers represented the seller in the transaction. Ellen Garthoff of Stubblebine Co. represented the buyer, an affiliate of Lilly’s Fresh Pasta.

June 4, 2024

Development Multifamily New Jersey Northeast

Adoni Property Group Completes 40-Unit Apartment Building in Westfield, New Jersey

by Taylor Williams June 4, 2024

WESTFIELD, N.J. — Locally based developer Adoni Property Group has completed The Franklin Westfield, a 40-unit apartment building in Northern New Jersey. The property offers one-, two- and three-bedroom units ranging in size from 750 to 2,650 square feet. Amenities include a pool, fitness center, resident lounge, outdoor grilling and dining stations, business center, library and a pet park. Coldwell Banker Realty began the leasing campaign in February, at which times rents started at $4,300 per month for a one-bedroom apartment.

June 4, 2024

Leasing Activity Life Sciences Massachusetts Northeast

Three Tenants Sign Leases Totaling 35,000 SF at Metro Boston Life Sciences Property

by Taylor Williams June 4, 2024

EAST CAMBRIDGE, MASS. — Three tenants have signed leases totaling approximately 35,000 square feet at One Canal, a 112,000-square-foot life sciences property located across the Charles River from Boston in East Cambridge. The tenants are Larkspur Biosciences, Incendia Therapeutics and Deep Genomics. The square footages of the spaces were not disclosed. Breakthrough Properties, a joint venture between global real estate owner Tishman Speyer and biotechnology investment firm Bellco Capital, owns One Canal.

June 4, 2024

Acquisitions California Multifamily Western

AvalonBay Communities Divests of AVA North Hollywood Multifamily Property in Los Angeles for $62.1M

by Amy Works June 4, 2024

LOS ANGELES — AvalonBay Communities has sold AVA North Hollywood, a multifamily community in the NoHo Arts District of Los Angeles. Prime Residential acquired the asset for $62.1 million, or $393,077 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2015, AVA North Hollywood features 156 apartments with full appliance packages, washers/dryers and private patio areas. Most apartments have nine-foot ceilings and loft-style units have 14-foot ceilings. Common-area amenities include a swimming pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also offers 11,000 square feet of ground-floor retail space, which is fully occupied by four eateries, a Pilates studio and a massage and spa center.

June 4, 2024

California Loans Multifamily Western

AMCAL Housing Receives $101M Refinancing for The Clarendon Apartments in Los Angeles

by Amy Works June 4, 2024

LOS ANGELES — Santa Monica-based Gortikov Capital has arranged a $101 million loan on behalf of AMCAL Housing for the refinancing of The Clarendon, a Class A apartment property in the Woodland Hills neighborhood of Los Angeles. Developed in 2020, The Clarendon offers 335 apartments with in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry and walk-in closets. Community amenities include a resort-style pool and spa, basketball court, state-of-the-art fitness center with yoga and spin rooms, and a business center. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund.

June 4, 2024

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