GOSHEN, IND. — Evergreen Real Estate Group has topped out construction of Green Oaks of Goshen. The four-story, 120-unit assisted living community for low-income seniors is located at 282 Johnston St. in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, is the general contractor. Completion is slated for early 2023. The $30 million project is being built on a vacant three-acre lot near an existing Salvation Army building. Gardant Management Solutions will manage the property. Green Oaks of Goshen will offer 49 studios and 71 one-bedroom units, all of which will be reserved for seniors age 62 and older with incomes at or below 80 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. The City of Goshen issued tax-exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.
NEW PHILADELPHIA, OHIO — The Cooper Commercial Investment Group has negotiated the $5.6 million sale of Monroe Centre in New Philadelphia, about 85 miles south of Cleveland. The 78,743-square-foot complex is home to office, medical and General Services Administration (GSA) tenants. The New Philadelphia VA Clinic, which recently renewed its lease for five years, anchors the property. Additional tenants include the Social Security Administration, Ohio BMV, OhioMeansJobs and Fresenius Medical Care. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. An Ohio-based private investor was the buyer. The property sold at about 96 percent of the list price.
MISHAWAKA, IND. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
SOUTH HOLLAND, ILL. — Entre Commercial Realty has negotiated the sale of a 44,000-square-foot cold storage facility in South Holland, a southern suburb of Chicago. The sales price was undisclosed. Located at 143 W. 154th St., the building features cooler and freezer space, dry storage space, three interior docks and a clear height of 18 feet. Chris Wilbur and Jeff Locascio of Entre represented the seller, Martin Produce Inc. Jordan Schnoll of Jameson Commercial represented the buyer, another wholesale food distributor.
DIAMOND, ILL. — SRS Real Estate Partners has brokered the $2.1 million sale of a 12,324-square-foot retail property occupied by Dollar General in Diamond, about 60 miles southwest of Chicago. Constructed in 2000, the building is located at 1185 E. Division St. Steven Roberts, Michael Carter and Frank Rogers of SRS represented the seller, an Illinois-based private investor. A California-based REIT was the buyer.
HOUSTON — Partners Capital, the investment and development arm of Partners Real Estate Co., has sold the Steeplechase Professional Building, a 61,165-square-foot medical office building complex in northwest Houston. Cary Latham of NAI Partners represented Partners Capital, which originally acquired the asset in August 2017, in the transaction. The buyer was not disclosed.
LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.
MIAMI — A joint venture between ZOM Living, Mattoni Group, Scout Capital and AEW Capital Management has completed the first phase of MiLine Miami, a mixed-use development in Miami spanning 11.4 acres. Phase I includes the delivery of a six-story, 338-unit apartment community, 4,600 square feet of retail space and 1,300 linear feet of the Ludlam Trail. Apartments come in studios, one-, two- and three-bedroom options ranging from 580 to 1,700 square feet, and community amenities include a swimming pool and pool deck with cabanas, grilling area, Zen courtyard, fire pit, social room, fitness center, aqua lounge and coworking spaces. The retail space in Phase I houses Thorn, a local brewery by the founders of Lincoln’s Beard Brewing Co. The beer garden will be anchored by two restaurants to be announced soon. Phase II of MiLine Miami will comprise 337 apartments — including 32 townhome units — and is slated to start construction by the end of the year. The third phase will deliver an additional 300 apartments and 18,000 square feet of retail space. The Ludlam Trail is being redeveloped into a linear park that spans six miles and connect four parks, three waterways, two Metrorail stations at Dadeland …
CHICAGO — Mag Mile Capital has arranged a $63 million CMBS loan for the refinancing of a portfolio of nine hotels in the Gulf Coast region of Alabama and Florida. The borrower is A&R Hospitality, an institutional hospitality owner and developer based in Gulf Shores, Ala. The direct lender was not disclosed. The 10-year loan features cash-out proceeds, a loan-to-value ratio of 60 percent, 30-year amortization schedule and four years of interest-only payments. The assets include five hotels in Gulf Shores: Beachside Resort Hotel, Motel 6, Quality Inn, Red Roof Inn and Staybridge Suites. The other four assets include Fairfield Inn & Suites in Orange Beach, Ala.; Home2 Suites in Daphne, Ala.; Home2 Suites in Mobile, Ala.; and Red Roof Inn in Pensacola, Fla.
MELBOURNE, FLA. — CBRE has brokered the sale of Hotel Melby, Tapestry Collection by Hilton, a new 180-room located at 801 E. Strawbridge Ave. in downtown Melbourne, a city on Florida’s Space Coast. An entity doing business as Nella Invest LLC purchased the property for $59 million, or $327,778 per room. Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino of CBRE represented the seller, a joint venture between Opterra Capital, Willow Street Capital, Duke Hospitality and LCP Group, in the transaction. Opened in April 2021, the 11-story hotel features a 360-degree-view rooftop restaurant and bar, coffee bistro, fitness center, more than 12,000 square feet of flexible meeting space and a parking garage. The design team for Hotel Melby included Welbro Construction, ODA Architecture and EoA Group.