Property Type

JLL Arranges $48.5M in Financing for Industrial Portfolio in Dallas, San Antonio

by Taylor Williams April 12, 2021

DALLAS AND SAN ANTONIO — JLL has arranged $48.5 million in financing for a four-building, 505,719-square-foot industrial portfolio that includes cold storage space in Dallas and San Antonio. The portfolio includes two net-leased assets in infill submarkets at 3551 Dan Morton Drive in Dallas and 2001 S. Laredo St. in San Antonio that were acquired in January in a sale-leaseback with custom food manufacturer Surlean Foods. Christopher Drew, Maxx Carney, Reid Carleton, Jeremy Womack and Jarrod McCabe of JLL arranged the three-year, floating-rate loan on behalf of the borrower, MDH Partners. An undisclosed local bank provided the funds.

April 12, 2021

Acquisitions Illinois Midwest Multifamily

Greystone Bel Negotiates Sale of 267-Unit Apartment Portfolio in Chicago

by Kristin Harlow April 12, 2021

CHICAGO — Greystone Bel Real Estate Advisors has negotiated the sale of a five-property multifamily portfolio totaling 267 units in Chicago. The sales price was undisclosed. The buildings are situated in the neighborhoods of Buena Park, Rogers Park, Ravenswood and Lincoln Square. The portfolio sold to three individual investors, who plan to make improvements to the 1920s-era properties. Bill Montana and Chris Sackley of Greystone Bel’s Chicago office represented the seller, a family office.

April 12, 2021

Development Illinois Industrial Midwest

Opus Completes Headquarters Building for WEN Power Tools in West Dundee, Illinois

by Kristin Harlow April 12, 2021

WEST DUNDEE, ILL. — The Opus Group has completed the headquarters for WEN Power Tools in West Dundee, a far northwest Chicago suburb. The 180,623-square-foot build-to-suit features 4,000 square feet of office space, a 1,900-square-foot showroom, 21 dock doors, two drive-in doors and a clear height of 32 feet. Additionally, there is a 2,000-square-foot office buildout on the north side of the building that WEN will lease out on a short-term basis. WEN consolidated its three local facilities and workforce to streamline warehouse and distribution operations at the new headquarters. Opus provided development services and also served as design-builder, interior designer, architect and structural engineer. This is the eighth project that Opus has completed in Oakview Corporate Park.

April 12, 2021

Illinois Loans Midwest Multifamily

Ready Capital Closes $29.1M Loan for Refinancing of Multifamily Portfolio in Metro Chicago

by Kristin Harlow April 12, 2021

CHICAGO — Ready Capital has closed a $29.1 million loan for the refinancing and stabilization of a newly delivered multifamily portfolio throughout metro Chicago. The Class A portfolio consists of four properties and 118 units in the western and northern Chicago suburbs. Loan proceeds will be utilized to retire the existing construction loan, provide a cash-out at close and an earnout will be made available upon the properties achieving a pre-determined performance threshold. The floating-rate loan features a 24-month term. Borrower information was undisclosed.

April 12, 2021

Acquisitions Midwest Multifamily Wisconsin

Berkadia Brokers $12.7M Sale of Apartment Community in Madison, Wisconsin

by Kristin Harlow April 12, 2021

MADISON, WIS. — Berkadia has brokered the sale of Summit Hill in Madison for $12.7 million. The 123-unit, garden-style apartment community features studio, one- and two-bedroom floorplans. Amenities include laundry facilities, onsite management and a barbecue area. Located at 1202 McKenna Blvd., the property is adjacent to Elver Park and provides convenient access to the University of Wisconsin Madison. Ralph DePasquale of Berkadia represented the sellers, New York-based Trevian Capital and Crown Properties. Chris Blechschmidt and Connor Reed of Berkadia secured $9.3 million in acquisition financing through Freddie Mac on behalf of the buyer, Illinois-based Axiom Properties. The 10-year loan featured a 30-year amortization schedule and a 75 percent loan-to-value ratio.

April 12, 2021

Acquisitions Indiana Industrial Midwest

Stan Johnson Co. Arranges Sale-Leaseback of 50,000 SF Industrial Facility in Indianapolis

by Kristin Harlow April 12, 2021

INDIANAPOLIS — Stan Johnson Co. has arranged the sale-leaseback of a 50,000-square-foot industrial facility located at 705 S. Girls School Road in Indianapolis. The sales price was undisclosed. Katie Elliott of Stan Johnson marketed the property with Chip Sipple of Lincoln Property Co. on behalf of the seller, Applied Composites Inc. A New York-based investor group was the buyer. The seller is a manufacturer of composites with expertise in the commercial aerospace, defense and space industry. Composites are formed from the combination of two or more constituent materials. The seller executed a long-term triple net lease at closing.

April 12, 2021

Development Mixed-Use Southeast West Virginia

Heidenberg, JV Partner to Add Mix of Uses to Potomac Marketplace in Ranson, West Virginia Following Zoning Change

by Julia Sanders April 12, 2021

RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has announced plans to add a mix of uses to Potomac Marketplace in Ranson. In March of this year, the City of Ranson’s Planning Commission approved the rezoning of Potomac Marketplace to allow for the creation of a mixed-use and walkable neighborhood. Potomac Marketplace is located within an opportunity zone and can support up to 50,000 square feet of future development, including complimentary uses such as multifamily, office, medical and/or hospitality. The rezoning allows for higher density development at the site that would accommodate new apartments and offices, according to Heidenberg Properties Group. The shopping center opened in 2006 and is prominently located along Route 9. Current tenants include Marshalls, The Home Depot, Kohl’s, regional grocer Weis Markets, Petco and a variety of fast-casual restaurants such as Panera Bread, Glory Days Grill and Dunkin’.

April 12, 2021

Development Multifamily Northeast Pennsylvania

Post Brothers Underway on 1,144-Unit Multifamily Project in Philadelphia

by Taylor Williams April 12, 2021

PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil engineer.

April 12, 2021

Loans Multifamily New York Northeast

Ready Capital Closes $78.7M Bridge Loan for Multifamily Portfolio in New York’s Hudson Valley

by Taylor Williams April 12, 2021

NEW YORK CITY — New York City-based Ready Capital has closed a $78.7 million bridge loan for the acquisition, renovation and stabilization of a portfolio of four multifamily properties totaling 540 units in New York’s Hudson Valley region. Christopher Peck, Scott Aiese, Rob Hinckley, Marko Kazanjian, Alex Staikos, Nicco Lupo and Andrew Cohen of JLL arranged the funds, a portion of which will be used to fund capital improvements to the unit interiors and amenity spaces. The borrower was Aker, Baxter and Pearlmark. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and flexible prepayment options. The financing also includes a facility to provide future funding for capital expenditures and interest shortfalls.

April 12, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $25M Sale of Midrise Apartment Building in Jersey City

by Taylor Williams April 12, 2021

JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the sale of 125 Magnolia at Journal Square, a 94-unit midrise apartment building in Jersey City. Originally built in 1929, the five-story property includes five retail spaces and features studio, one- and two-bedroom units. Niko Nicolaou of Gebroe-Hammer represented the seller, Excelsior Equities, and procured the buyer, Spring Management. Brad Domenico of Progress Capital arranged acquisition financing for the deal.

April 12, 2021

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