Property Type

Pathway to Living Opens 117-Unit Senior Living Community in La Grange, Illinois

by Kristin Harlow July 17, 2020

LA GRANGE, ILL. — Pathway to Living has opened Aspired Living of La Grange in Illinois. The 117-unit, 118,583-square-foot senior living community is located at 35 Shawmut Ave. The five-story property features 85 assisted living units and 32 memory support units. Amenities include a physician office, medical exam room, fitness center, library, movie theater, salon and outdoor walking paths. Thoma Holec provided interior design services while Behles + Behles provided architectural services. Opus Group was the design-builder, architect and structural engineer. This is Pathway to Living’s 23rd community in the Chicagoland area.

July 17, 2020

Loans Midwest Minnesota Multifamily

Greystone Provides $10.5M Refinancing for Multifamily Property in Mankato, Minnesota

by Kristin Harlow July 17, 2020

MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.

July 17, 2020

Acquisitions Michigan Midwest Retail

Boulder Group Brokers $1.8M Sale of Harbor Freight-Occupied Property in Michigan

by Kristin Harlow July 17, 2020

BIG RAPIDS, MICH. — The Boulder Group has brokered the $1.8 million sale of a 24,034-square-foot property occupied by Harbor Freight in Big Rapids, about 60 miles north of Grand Rapids. The single-tenant building is located at 408 Perry Ave. Harbor Freight, a discount tool retailer, recently signed a 10-year lease for the newly renovated building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a West Coast-based real estate firm. A Midwest-based buyer purchased the asset.

July 17, 2020

Industrial Market Reports Multifamily Retail Texas Texas Market Reports

What’s Up Next For San Antonio?

by Taylor Williams July 17, 2020

Interviews conducted by Taylor Williams During the 10-year expansionary cycle, San Antonio posted one of the highest rates of population growth in the country, bringing new development of luxury apartment communities, modernized e-commerce facilities, bustling entertainment destinations and a landmark Class A office building. While some short- and long-term pain from COVID-19 is inevitable, there is also some optimism on the horizon. Industrial broker Cody Woodland of NAI Partners, multifamily developer David Lynd of LYND Co. and retail investment sales specialists Kevin Catalani and Price Onken of CBRE share thoughts on what’s happened and what’s coming in the Alamo City. Texas Real Estate Business: In terms of your sector, what have you seen in the San Antonio market in response to COVID-19? Cody Woodland: Much like other industrial markets, we’ve seen many tenants put their requirements on hold, including some sizable leases near execution. Most of these resulted in short-term extensions that should resurface in 2021. We’ve also seen numerous deals with essential users requiring immediate short-term space for storage purposes due to fluctuations in supply chains, primarily in the grocery and medical product sectors. Even during the pandemic, some long-term leases have still transacted, such as Dollar General’s 285,000-square-foot …

July 17, 2020

Development Hospitality Illinois Midwest Mixed-Use Multifamily Retail Top Stories

Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue

by Katie Sloan July 17, 2020

CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …

July 17, 2020

California Loans Multifamily Western

Madison Realty Capital Provides $150M Loan for Los Angeles-Area Multifamily Portfolio

by Amy Works July 16, 2020

SANTA MONICA, GRANADA HILLS AND CANOGA PARK, CALIF. — Madison Realty Capital has originated $150 million in financing for a Los Angeles-area multifamily portfolio consisting of six communities in Santa Monica, Granada Hills and Canoga Park, as well as a large-scale multifamily development site in Santa Monica. WS Communities, a developer and repeat MCR borrower, is the sponsor. WS Communities plans to use the funding to replace the existing debt and finalize the business plan for the properties, including: Renovation of four multifamily properties at 1007 Lincoln Blvd., 1038 10th St., 1516 Stanford St. and 1433 Euclid St. in Santa Monica Development of a large-scale multifamily project on two sites at 3030 Nebraska Ave. and 3025 Olympic Blvd. in Santa Monica Renovation of two multifamily properties at 11611 Blucher Ave. in Granada Hills and 7810 Topanga Canyon Blvd. in Canoga Park. Avison Young’s Justin Piasecki, Jay Maddox and Ethan Blum brokered the loan deal, with RST Capital Partners’ Rahim Thobani advising on the transaction.

July 16, 2020

Alabama Development Mixed-Use Southeast

Orchestra Partners Breaks Ground on Mixed-Use Project in Downtown Birmingham

by Alex Tostado July 16, 2020

BIRMINGHAM, ALA. — Orchestra Partners has broken ground on Mercantile on Morris, a mixed-use project in downtown Birmingham. Located at 2212 Morris Ave., the property will feature 47 residential units and 14,000 square feet of commercial space, as well as a pedestrian thoroughfare with storefronts connecting First Avenue North and Morris Avenue. Birmingham-based Retail Specialists is handling the commercial leasing effort, which includes spaces ranging from 500 to 1,800 square feet. There is also a 2,100-square-foot space available on the second floor for a restaurant anchor. Orchestra Partners expects to complete Mercantile on Morris in November.

July 16, 2020

Acquisitions California Industrial Life Sciences Western

BLT Enterprises Acquires Industrial Life Sciences Facility in Southern California for $40.4M

by Amy Works July 16, 2020

CARLSBAD, CALIF. — BLT Enterprises has purchased an industrial life sciences property located at 2827 Whiptail Loop West in Carlsbad. RPG sold the asset for $40.4 million. Completed in 2019, the 146,100-square-foot property features 30-foot clear heights, eight dock-high doors, four grade-level doors, 4,000 amps of power, Grade B, C, D classification clean rooms, a dedicated lab exhaust system, a vacuum pump system and a PH neutralization system. SAFC Carlsbad Inc. fully occupies the property. The tenant is a subsidiary of Merck KGaA, a multinational pharmaceutical, life sciences, research and development company headquartered in Darmstadt, Germany.

July 16, 2020

Acquisitions Arizona Multifamily Western

CORE Real Estate Capital, Rincon Capital Partners Buy Woodridge Apartments in Tucson

by Amy Works July 16, 2020

TUCSON, ARIZ. — CORE Real Estate Capital and Rincon Capital Partners have acquired Woodridge Apartments, a multifamily property located at 8225 E. Speedway Blvd. in Tucson. Terms of the transaction were not released. Built in 1981 on 6.2 acres, the community features 204 apartments. At the time of sale, the property was more than 95 percent occupied. Over the next two years, the new owners plan to rebrand the property and invest up to $3.6 million to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping.

July 16, 2020

Development Florida Multifamily Southeast

Wendover Housing Partners Opens $19M Residential Community in Central Florida Intended for Veterans, Homeless

by Alex Tostado July 16, 2020

SANFORD, FLA. — Wendover Housing Partners has opened Warley Park, a $19 million, 81-unit housing complex in Sanford that was built to house veterans and the chronically homeless. Communal amenities include a fitness center, splash park, meeting rooms, computer rooms and a commercial kitchen to train residents for restaurant jobs. California-based nonprofit Step Up on Second will manage support services, including mental healthcare, after-school kids’ programs, job training and placement, GED classes and educational programs for ongoing skills. Residents utilize rental vouchers as payment, just as they would at other rental properties or motels. The property is located at 1500 W. 25th St., 22 miles north of downtown Orlando.

July 16, 2020

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