MINNEAPOLIS — Dougherty Mortgage LLC has provided a $10.5 million HUD 221(d)(4) loan for the acquisition and rehabilitation of Holmes Greenway Housing in Minneapolis. The six-story building features 54 units that are restricted to individuals and families earning 60 percent or less of the area median income. Minor upgrades will be completed to the common areas and apartment units. Dougherty originated the 40-year loan on behalf of the borrower, Holmes Housing Partners LP.
CHICAGO — Qualtrics, a survey software provider, has leased 25,000 square feet at 191 N. Wacker Drive in Chicago for its 25th office. The company, which maintains headquarters in Provo, Utah and Seattle, will begin occupying the space in 2020 and expects to hire more than 200 employees in the area. Built in 2003, 191 N. Wacker Drive is a 37-story, Class A office tower with approximately 731,000 square feet of rentable space. Manulife Investment Management manages the property and recently upgraded the lobby, fitness center and conference center. Michael Finley, Evan Djikas and Kyle Hundelt of Colliers represented Qualtrics in the lease transaction. Christine Choi Moore and JD Strode of Manulife Investment Management represented ownership.
GARFIELD HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has purchased a building formerly occupied by a Kmart store in Garfield Heights, a suburb of Cleveland. The purchase price was not disclosed. The 89,300-square-foot property is located at 12501 Rockside Road and is situated on 9.3 acres. ICP plans to update the building and repurpose it into industrial space.
DEERFIELD, ILL. — Marcus & Millichap has brokered the sale of the Red Roof Inn Deerfield, a 115-room hotel, for $4.9 million. The property is located at 340 S. Waukegan Road. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.
SHELBY TOWNSHIP, MICH. — Ramar Chiropractic and Rehab has leased a 1,700-square-foot space at 2061 25 Mile Road in Shelby Township. The chiropractor’s grand opening is slated for this month. Barry Landau of Dominion Real Estate Advisors represented both the tenant and the undisclosed landlord in the lease transaction.
KIRKLAND, WASH. — Canada-based Rise Properties Trust has acquired Salix Juanita Village, a mixed-use property located at 9740 NE 119th Way in Kirkland. An undisclosed seller sold the asset for $101.5 million. Rise plans to reposition the 211-unit property, which features 20,891 square feet of retail space. Including Salix Juanita Village, Rise has acquired nine properties with a total capitalization of $588 million this year. The company owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest. Seattle-based Thrive Communities will manage the property. JLL negotiated the transaction.
LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.
WHITEFISH, MONT. — Berkadia’s Hotels & Hospitality team has arranged the sale and financing of TownePlace Suites Whitefish Kalispell, an all-suite hotel in Whitefish. Scottsdale, Ariz.-based Glacier House Hotels sold the asset to Venture Hospitality for an undisclosed price. Matt Bailly and Spencer Scott of Berkadia represented the seller, while Adrienne Kautzman, also of Berkadia, secured financing for the buyer in the deal. The 10-year, fixed-rate loan features a 60 percent loan-to-cost ratio and three years of interest-only payments. Built in 2018, the 81-suite hotel is located next to Glacier National Park and the Going-to-the-Sun highway. The property is also near Glacier International Airport, Whitefish Lake, Whitefish Mountain Resort and Flathead Lake.
HAYWARD, CALIF. — KeyBank Real Estate Capital (KBREC) has secured $35 million of Federal Housing Authority (FHA) fixed-rate loans for San Francisco-based Tesseract Capital Group (TCG) for the refinancing of two multifamily assets in Hayward. The company secured $17.5 million for Vivante Apartments and $17.4 million for Solis Garden Apartments. Both transactions closed using FHA’s 223(f) mortgage insurance program. Built in 1965 on two acres, the garden-style Vivante Apartments features 51 market-rate apartments in a mix of two-, three- and four-bedroom floor plans. TCG has completed $1.1 million of renovations, including $400,000 to install solar panels. Solis Garden Apartments, which was built in 1965 on two acres, features 62 market-rate apartments in a mix of studio, one-, two- and three-bedroom layouts in four three-story buildings. The interior and exterior of the property were recently renovated, including the installation of solar panels. Katie Plett of KBREC’s Commercial Mortgage Group and Amy Schroeder of KBREC’s Income Property Group structured the financing for the properties.
LAS VEGAS — Marcus & Millichap has arranged the sale of a medical office property located at 8678 Spring Mountain Road. A limited liability company sold the property to an undisclosed buyer for $1.6 million. Southwest Neck & Back Clinic occupies the 9,672-square-foot building. Ray Germain and Austin Lee of Marcus & Millichap’s Las Vegas office represented the seller in the deal.
