Property Type

CRG Buys Land Near University of Wisconsin-Madison, Plans 534-Bed Student Housing Development

by Kristin Harlow November 22, 2022

MADISON, WIS. — CRG has purchased a land site near the University of Wisconsin-Madison campus with plans to build a 534-bed student housing project named Chapter at Madison. Construction is expected to begin in December on the 10-story building. Completion is slated prior to the 2024-2025 academic year. Amenities will include a fitness center, private study spaces and conference rooms, a rooftop terrace and underground parking garage. The site is currently home to the former Buckingham’s Bar & Grill, Faith Community Bible Church, the former Fraboni’s Italian Specialties and Delicatessen and two rental houses. All the buildings have been acquired and are slated for demolition. Financing comes from Old National Bank, Johnson Bank and Bremer Bank.

November 22, 2022

Development Multifamily Texas

United Properties Breaks Ground on 302-Unit Shelby Ranch Apartments in South Austin

by Taylor Williams November 22, 2022

AUSTIN, TEXAS — Minneapolis-based developer United Properties has broken ground on Shelby Ranch, a 302-unit apartment community that will be located in South Austin. The project will comprise two four-story buildings on an eight-acre site at 2212 Lynbrook Drive. Units will come in studio, one-, two- and three-bedroom floor plans and will feature stainless steel appliances, quartz countertops and private patios/balconies. Amenities will include a pool, resident garden, arts and crafts studio, fitness center, coworking lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, which is slated for a late 2024 completion.

November 22, 2022

Development Illinois Industrial Midwest Office

Skender Breaks Ground on 37,000 SF Expansion for Greater Chicago Food Depository

by Kristin Harlow November 22, 2022

CHICAGO — Skender has broken ground on a 37,000-square-foot expansion of the Greater Chicago Food Depository. The food bank on Chicago’s Southwest Side provides food for families and individuals at risk of food insecurity. The new structure at 4100 W. Ann Lurie Place will add onto the food bank’s existing two-story warehouse and office. Plans call for a commercial kitchen for meal preparation and packaging as well as a demonstration kitchen for nutrition education. The Greater Chicago Food Depository aims to produce and distribute 2.5 million prepared meals annually to community members. Completion is slated for early 2024. Partners by Design is the project architect. This latest expansion as well as renovations that were completed in 2019 are phases of the Nourish Project, which was driven by a $75 million capital campaign.

November 22, 2022

Acquisitions Illinois Midwest Multifamily

JVM Acquires 240-Unit Luxury Apartment Property in Suburban Chicago

by Kristin Harlow November 22, 2022

ROMEOVILLE, ILL. — JVM Realty Corp. has acquired Seasons at Romeoville, a 240-unit luxury apartment property in the Chicago suburb of Romeoville. Fiduciary Real Estate Development Inc. was the seller. JVM plans to rename the community as The Bluffs. Built in 2021, the property features amenities such as a fitness center, clubhouse, pool, outdoor living area, dog park and pet washing area. Monthly rents start at $1,575, according to Apartments.com. Wick Kirby, Amanda Friant and Kevin Girard of JLL represented the seller. With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 properties representing $1.6 billion in assets under management throughout the Midwest.

November 22, 2022

Loans Office Texas

JLL Arranges $39.7M Loan for Refinancing of North Austin Office Complex

by Taylor Williams November 22, 2022

AUSTIN, TEXAS — JLL has arranged a $39.7 million loan for the refinancing of Bridgepoint Plaza, a 178,061-square-foot office complex in North Austin. The property comprises two buildings on an 8.8-acre site. The amenity package consists of a fitness center, basketball court, pickleball court, outdoor seating and dining areas, a conference facility and structured parking for 580 vehicles. Wally Reid and Jayme Nelson of JLL arranged the loan through Argentic on behalf of the borrower, Spire Real Estate Partners. Bridgepoint Plaza was 78 percent leased at the time of the loan closing.

November 22, 2022

Development Michigan Midwest Multifamily Seniors Housing

KIRCO Opens 148-Unit Senior Living Community in Metro Detroit

by Kristin Harlow November 22, 2022

CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.

November 22, 2022

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 108,951 SF Industrial Building in Fort Worth

by Taylor Williams November 22, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 108,951-square-foot industrial building located at 1000 NE 28th St. in Fort Worth. The property was originally built on 9.4 acres in 1963. Adam Abushagur, Davis Cagle and Tyler Ranft of Marcus & Millichap represented the seller, the former owner and occupant of the property, in the transaction. Additional terms of sale were not disclosed.

November 22, 2022

Affordable Housing Development Multifamily Texas

Palladium Completes 87-Unit Mixed-Income Residential Project in Northwest Dallas

by Taylor Williams November 22, 2022

DALLAS — Locally based affordable housing developer and operator Palladium USA has completed Palladium Dallas Stemmons, an 87-unit mixed-income property located at 2440 Southwell Road on the northwest side of the city. The affordable housing units are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK designed the project.

November 22, 2022

Development Loans Multifamily New Hampshire Northeast

Colliers Arranges $79.7M in Debt, Equity for Multifamily Project in Lebanon, New Hampshire

by Taylor Williams November 22, 2022

LEBANON, N.H. — Colliers has arranged $79.9 million in construction debt and joint venture equity for The Marek at Lebanon, a 250-unit multifamily project that will be located near the Vermont-New Hampshire border. The property will comprise two residential buildings housing one- and two-bedroom units that will be connected by a 10,000-square-foot amenity building, all on a 17.7-acre site. The general contractor is DEW Construction Corp., with design by Market Square Architects and engineering by VHB Inc. A syndicate led by Brookline Bank provided the fixed-rate senior construction loan to the borrower, Massachusetts-based Saxon Partners. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers placed the debt and arranged the joint venture equity partnership with Tritower Financial Group.

November 22, 2022

Loans Multifamily New Jersey Northeast

Greystone Provides $39.1M in Agency Loans for Refinancing of Northern New Jersey Multifamily Portfolio

by Taylor Williams November 22, 2022

NEWARK, N.J. — Greystone has provided $39.1 million in Freddie Mac Small Balance Loans for the refinancing of a portfolio of 10 multifamily properties totaling 287 units in Northern New Jersey. Nine of the properties are located in Newark, and the 10th is located in nearby Irvington. Eight of the properties were refinanced with five-year, fixed-rate loans, and the existing debt on the other two properties was restructured with 10-year, fixed-rate loans that carried three years of interest-only payments. Hope Curtis of Greystone originated the financing. The borrower was not disclosed.

November 22, 2022

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