CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.
WEST BURLINGTON, IOWA — An affiliate of Phoenix Investors has acquired a 365,640-square-foot industrial building in West Burlington, a city in Southwest Iowa. Constructed in 1955 with additions in 1964, 1966, 1980 and 1993, the building is located at 510 E. Agency Road. The Burlington Junction Railroad connects the property to the BNSF mainline about 1.5 miles north. The facility also features a variety of cranes. The sales price and seller were undisclosed.
MINNEAPOLIS — Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan for the rehabilitation of a 57-unit affordable housing portfolio in Minneapolis. The portfolio is comprised of two properties: Talmage Green (26 units), and Oakland Square (31 units). All the units are covered by project-based Section 8 Housing Assistance Payments (HAP) contracts, which have been renewed with 20-year terms. The portfolio is comprised of a variety of walk-up units, townhome units and single-family units. The properties will undergo $8.1 million in renovation work, including dwelling unit and community space upgrades. In addition to the 40-year HUD loan, the project will utilize 4 percent low-income housing tax credits and tax-exempt bonds. David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. Talmage Oakland LP was the borrower. Trellis Management Co. will continue to serve as property manager.
URBANDALE, IOWA — WorldWide Logistics has opened its new 76,000-square-foot headquarters in Urbandale, a northwest suburb of Des Moines. The two-story building provides office space for corporate and customer service center teams that were previously housed in three separate buildings in Urbandale. Amenities include a café, collaborative areas, markets, outdoor patio and quarter-mile walking path. Established in 1999, WorldWide Logistics is a third-party logistics company. The Opus Group served as the design-builder, interior designer, architect and structural engineer.
HOUSTON — Omega Transactions Corp., a provider of electronic payment solutions, has signed a 4,055-square-foot office lease at 5858 Westheimer Road in Houston. According to LoopNet Inc., the eight-story building was constructed in 1981 and totals 130,104 square feet. John Zivley of Partners Real Estate represented the tenant in the lease negotiations. Kevin Nolan and Kurt Kitsler of Colliers represented the landlord, TCP Spectrum Partners Ltd.
PAPILLION, NEB. — Investors Realty has brokered the sale of 38.5 acres of land at 14289 Prairie Corners Road in Papillion, a southern suburb of Omaha. The sales price was undisclosed. Kevin Stratman of Investors Realty represented the buyer, Keizer Refrigeration/Mid States Utility, which plans to relocate its Omaha operations to a new 50,000-square-foot facility to be built on the site. Located just north of a new Amazon fulfillment center, the tract of land is one of the final undeveloped industrial sites on the Highway 50 corridor, according to Investors Realty. Denny Sciscoe of Cushman & Wakefield/The Lund Co. and Erin Pogge of Traction CRE represented the undisclosed seller.
NEW BRITAIN, CONN. — WinnDevelopment has broken ground on an $85 million redevelopment project in New Britain, located outside of Hartford, that will convert a historic industrial facility into a 154-unit affordable housing complex. The four-building site formerly housed the 115-year-old manufacturing facility for household appliances provider Landers, Frary & Clark. The new community will be known as Ellis Street Commons and will feature 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments. Units will be reserved for renters earning between 30 and 80 percent of the area median income. Amenities will include a fitness center, community room, game room and flexible workspaces. The Connecticut Department of Housing provided $4 million in state funding for the project, and the National Housing Trust Fund made a $3.8 million federal contribution. The Connecticut Housing Finance Authority provided an undisclosed amount of tax credit equity and tax-exempt bonds for the project. The first units are expected to be available for occupancy in mid-2025.
OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.
RANCHO SANTA FE, CALIF. — Meriwether Cos. has acquired Morgan Run Club & Resort in the San Diego suburb of Rancho Santa Fe. The company plans to invest more than $25 million in renovating the resort and private club, including its racquet sports, golf, dining and hotel components. The renovation is scheduled over the next two to three years. The construction will occur in phases, allowing the resort to remain open. Planned enhancements include upgrades to the common areas in the dining, banquet and fitness spaces of the clubhouse; converting the existing spa into a communal recovery area; investments in the golf course irrigation, bunkering and re-grassing; construction of a new pool and casual dining outlet; renovation of the racquet sports area including the tennis, pickleball and sports courts; and an improved pool. The hotel will be completely revitalized with upscale exterior and interior room renovations, along with new management and operations.
COSTA MESA, CALIF. — Hendy has completed the design of a 39,650-square-foot headquarters for outdoor apparel and gear brand 5.11 Tactical in Costa Mesa, approximately 40 miles southeast of Los Angeles. Finalized in less than 12 months from kickoff to buildout, the interior architecture integrates the apparel brand’s distinctive product materials, textiles and gear into the design. The project team included representatives from JLL, RAM Construction, Millpro USA, Impact Visual Arts and SOURCE Creative Office Interiors.