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Executive-Airport-Crossing-Henderson-NV
AcquisitionsIndustrialNevadaWestern

Brass Cap Development Sells 70,000 SF Executive Airport Crossing Industrial Project Near Las Vegas

by Amy Works

HENDERSON, NEV. — Brass Cap Development has completed the disposition of Executive Airport Crossing, a nearly complete industrial project in the West Henderson area near Raiders Way and Volunteer Boulevard. Terms of the transaction were not released. Totaling 70,000 square feet, the property features two buildings that are divisible from 14,446 square feet to 40,000 square feet. The buildings also offer dock- and grade-level loading areas. Executive Airport Crossing provides access to Interstate 15 and 215 Beltway. Las Vegas-based LM Construction designed and built the project.

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HealthcareLoansNew YorkNortheast

Excelsior Orthopaedics Refinances 114,250 SF Healthcare Portfolio Near Buffalo

by Taylor Williams

AMHERST AND ORCHARD PARK, N.Y. — Excelsior Orthopaedics has refinanced a portfolio of four healthcare properties totaling 114,250 square feet near Buffalo with a $35.2 million loan. Specifically, the portfolio comprises three medical office buildings in Amherst and a surgery center in Orchard Park. The buildings were constructed between 2008 and 2016 and are 100 percent owner-occupied. Daniel Turley, Anthony Sardo and Brannan Knott of JLL arranged the seven-year, fixed-rate loan through Northwest Savings Bank.

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DevelopmentMidwestMissouriMultifamily

CRG Begins Development of 245-Unit Apartment Project at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — CRG has begun development of Chapter at The Streets, a 245-unit apartment complex at The Streets of St. Charles, a mixed-use property in the St. Louis suburb of St. Charles. CRG is building the five-story building in partnership with AFL-CIO Building Investment Trust. Completion is slated for the second quarter of 2023. Chapter at The Streets will offer one- and two-bedroom units with monthly rents starting at $1,400. Amenities will include a pool, outdoor deck, fitness center, resident lounge, coworking space and pet grooming station. The project team includes Chicago-based Humphreys & Partners Architects LP and Chesterfield, Mo.-based Brinkmann Constructors. CRG’s Chapter-branded multifamily product is a national collection of upscale apartments. Chapter at The Streets is the third Chapter-branded project. The Streets of St. Charles is a 27-acre mixed-use development owned by Cullinan Properties Ltd.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 184-Unit Multifamily Property in Hartford

by Taylor Williams

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Folly Brook Manor, a 184-unit multifamily property in Hartford. The seven-building community was built on 17 acres in 1961 and features two-bedroom units with an average size of 800 square feet. Eric Pentore, Victor Nolletti and Wes Klockner of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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IndustrialLoansMichiganMidwest

Bernard Financial Group Arranges $57M Loan for Refinancing of Industrial Property in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — Bernard Financial Group (BFG) has arranged a $57 million loan for the refinancing of a three-building industrial property totaling 1.8 million square feet in Romulus. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Voya Investment Management LLC. An entity doing business as Ashley Romulus LLC was the borrower. Further details were not provided.

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CivicDevelopmentMidwestWisconsin

Kraus-Anderson to Wrap Up $42M Renovation of La Crosse Center in Wisconsin This Month

by Kristin Harlow

LA CROSSE, WIS. — The Madison office of Kraus-Anderson (KA) is about to complete construction of the $42 million renovation and expansion of La Crosse Center. The civic center is located at 400 La Crosse St. in the western Wisconsin town of La Crosse. The center has remained open during construction, which is scheduled for completion by the end of the year. Designed by ISG Architects, the two-year renovation project expands the sports, entertainment and event center into 120,000 square feet of multipurpose space. There is a new 12,892-square-foot ballroom and 7,226-square-foot atrium along with seven meeting rooms and office space. The project also includes a rooftop terrace and a new lobby with a staircase to the ballroom level. KA renovated the existing arena with new seating; a higher-quality sound system; ADA-compliant platforms and railings; and upgraded and enlarged dressing rooms, locker rooms, restrooms and concession stands. In addition to sporting events and concerts, La Crosse Center will host weddings, conferences and trade shows.

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IndianaLoansMidwestMultifamily

Berkadia Provides $40.2M Loan for Refinancing of Indianapolis Apartment Complex

by Kristin Harlow

INDIANAPOLIS — Berkadia has provided a $40.2 million Fannie Mae loan for the refinancing of Pickwick Farms, a 516-unit, garden-style apartment complex in Indianapolis. Located at 1540 Handball Lane, the property features a mix of studio, one-, two- and three-bedroom floorplans. Amenities include a pool, fitness center, dog park, playground, picnic area, basketball court and volleyball court. Jason Brown and Austin Katai of Berkadia Indianapolis originated the 10-year loan, which features an interest rate of 3.7 percent and a 30-year amortization schedule. Indiana-based Zidan Management Group Inc. was the borrower.

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ConnecticutLoansNortheastRetail

Marcus & Millichap Capital Corp. Arranges $3.4M Acquisition Loan for Office, Retail Property in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.

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IllinoisLoansMidwestMultifamily

American Street Capital Arranges $11.4M Loan for Refinancing of Multifamily Property in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.

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FeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

No Barriers Blocking Atlanta Apartment Market Growth, Say InterFace Panelists

by Jeff Shaw

ATLANTA — Multifamily investors increasingly view Atlanta as a tier-one market. Speakers on a panel at France Media’s InterFace Multifamily Southeast conference, held in Atlanta on Dec. 2, point to several reasons why the region is the right place, right now, to build, buy and sell all manner of apartment assets. “In Atlanta, you’ve got an incredible diversity and strength of employers,” said Chad DeFoor, senior director of multifamily sales for Franklin Street. Total nonfarm payroll employment in metro Atlanta rose by 134,800 from October 2020 to October 2021, a 5 percent increase, according to the U.S. Bureau of Labor Statistics. DeFoor was joined by Bianca Tabourn, managing director with Stockbridge; Steve Baile, chief development and operating officer with Selig Enterprises; Patrick Chesser, managing director of Mill Creek Residential Trust; Seth Greenberg, CEO of ECI Group; and panel moderator Jason Nettles, managing director with Northmarq. The speakers in the session titled, “Atlanta Market Update: An In-Depth Look at Leasing, Investment and Development,” all remarked that job growth and high-profile employers moving into the area are, in part, helping to curry favor among investors. In the public and private realms, interest is growing in the apartment market in Atlanta and in …

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