Wednesday, May 14, 2025
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AcquisitionsIllinoisMidwestMultifamily

Eastham Capital, Bender Cos. Acquire 110-Unit Brix on Morse Multifamily Building in Chicago for $16.8M

by Kristin Harlow

CHICAGO — Eastham Capital and Bender Cos. have partnered to acquire Brix on Morse, a 110-unit multifamily building in Chicago, for $16.8 million. Eastham has invested in the deal through its current fund, Eastham Capital Fund VI LP. Bender will oversee the day-to-day management. Andy Friedman, Jake Parker and Danny Logarakis of Kiser Group brokered the transaction. Brix on Morse was 97 percent occupied at the time of sale with average rents of just over $1,350 per month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting and parking lots as well as a light interior refresh. Constructed in 1969, the property features 48 studios, 42 one-bedroom units and 20 two-bedroom apartments ranging from 663 to 993 square feet. Amenities include a fitness center, bike storage and fire pit with barbecue stations.

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IllinoisLoansMidwestOffice

American Street Capital Arranges $10.6M Loan for Refinancing of Flex Office Property in Chicago

by Kristin Harlow

CHICAGO — American Street Capital (ASC) has arranged a $10.6 million loan for the refinancing of a flex office property in Chicago’s Fulton Market neighborhood. The 90,000-square-foot building features office, warehouse and showroom spaces as well as more than 170 parking spaces. The property was extensively renovated in 2020, and includes a common area roof space, tenant lounge, one passenger and two freight elevators, multiple secure loading docks and a gated parking lot. Igor Zhizhin of ASC arranged the 10-year loan through a commercial bank.

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DevelopmentIndustrialLoansMichiganMidwestSelf-Storage

PACE Loan Group Provides $1.5M C-PACE Loan for Construction of Self-Storage Project in Romulus, Michigan

by Kristin Harlow

ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.

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Desert-Club-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Clarion Sells Desert Club Multifamily Property in Phoenix to Weidner Apartment Homes for $187.5M

by Amy Works

PHOENIX — Clarion Partners has completed the sale of Desert Club, an apartment community in Phoenix, to Weidner Apartment Homes for $187.5 million, or $377,264 per unit. Built in 2004 on 21 acres, Desert Club features 497 apartments averaging 983 square feet in size. Units feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a heated, resort-style swimming pool and spa. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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4690-Florence-St-Denver-CO
AcquisitionsColoradoIndustrialWestern

Hercules Industries Buys 100,175 SF Industrial Asset in Denver

by Amy Works

DENVER — Hercules Industries has acquired a 100,175-square-foot industrial property located within Stapleton Business Center in Denver from Anchorage-based Pacific Acquisitions for an undisclosed price. Situated on 5 acres at 4690 Florence St., the property features 84,000 square feet of 30-foot clear warehouse space, 16,000 square feet of office space and ESFR sprinklers, as well as functional loading and parking. The locally based manufacturer and distributor of HVAC products will use the Class A asset to support operations for a new business line. Mike Wafer Jr. and Mike Wafer of Newmark represented the buyer in the deal, while Jim Bolt of CBRE represented the seller.

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388-Cambridge-Palo-Alto-CA
CaliforniaDevelopmentOfficeWestern

Presidio Bay Ventures Breaks Ground on 36,000 SF Office ‘Resort’ in Palo Alto, California

by Amy Works

PALO ALTO, CALIF. — Presidio Bay Ventures has broken ground on 388 Cambridge, an office resort in Palo Alto. The three-level office development will combine hospitality-level design, a focus on wellness and a commitment to sustainability, including all-electric, net-zero operations. Slated for completion by third-quarter 2025, the 36,000-square-foot 388 Cambridge will feature 3,418 square feet of ground-floor retail space, spa-style steam showers, cold-plunge pools, landscaped outdoor balconies and concierge service. The project team includes Brereton Architects, Adean Studios and JETT Landscape Architecture + Design. Newmark is handling leasing of the commercial space, while CBRE is overseeing leasing of the retail space.

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CaliforniaDevelopmentLoansSeniors HousingWestern

EBSC Arranges $31.2M in Construction Financing for Luxury Los Angeles Seniors Housing Facility

by Amy Works

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new luxury senior living community under development in Los Angeles. The undisclosed borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The 172,163-square-foot facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities. “This deal had tremendous headwinds, given the rising interest rates,” says David Palmer, vice president, special assets at EBSC Lending. “Working together with the sponsor, we were able to structure the deal with favorable terms and sizing parameters that allowed us to preserve millions of dollars. We regard healthcare as highly strategic. We are committed to the future of this growing sector and to supporting our healthcare clients.” Based in Irvine, Calif., EBSC is a private lender that offers customized solutions to real estate investors and developers. The company has emerged as a provider of senior financing to alternative real estate bridge lenders.

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CentrePointe-Greens-Apts-Everett-WA
AcquisitionsMultifamilyWashingtonWestern

CBRE Facilitates Sale of 186-Unit CentrePointe Greens Apartment Community in Everett, Washington

by Amy Works

EVERETT, WASH. — CBRE has arranged the sale of CentrePointe Green, a multifamily property in Everett. Terms of the transaction were not released. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the deal. Located about 28 miles north of Seattle at 8600 18th Ave. W, CentrePointe Greens offers 186 one-, two- and three-bedroom apartments averaging 835 square feet in size. Community amenities include a renovated fitness center, clubhouse, an indoor pool and spa, a playground and a dog park. The property was built in 1990.

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DevelopmentHealthcareMichiganMidwestTop Stories

Henry Ford Health Breaks Ground on $2.2B Hospital Expansion Project in Detroit

by John Nelson

DETROIT — Henry Ford Health has broken ground on a 1.2 million square-foot expansion to Henry Ford Hospital, an 877-bed tertiary care hospital in the New Center residential district of Detroit. The $2.2 billion development will be anchored by a new hospital facility situated directly across the street from the legacy campus, which will remain in operation. The new facility will include a 20-story patient tower that will offer 432 individual patient rooms and 28 new operating rooms. Each room will feature touch-screen TVs and voice activation technology for both patients and care teams, as well as dedicated space for visitors. Five floors of the patient tower will be dedicated to specialized ICU rooms, which will provide cardiovascular, neurological and other forms of care. Shirley Ryan AbilityLab, a physical medicine and rehabilitation research hospital formerly known as Rehabilitation Institute of Chicago, has partnered with Henry Ford Health and will occupy three of the top floors of the patient tower. The partnership was made possible through a $130 million investment by the Gilbert Family Foundation, according to Henry Ford Health. The Gilbert Family Foundation, a Detroit-based private nonprofit foundation founded by Dan and Jennifer Gilbert, also created a $10 million fund to support …

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6200-Northwest-Parkway-San-Antonio
AcquisitionsHealthcareOfficeTexas

University Health Acquires 142,500 SF Office Building in Northwest San Antonio

by Taylor Williams

SAN ANTONIO — University Health has acquired a 142,500-square-foot office building in northwest San Antonio. According to LoopNet Inc., the property at 6200 Northwest Parkway was built in 2000 and includes 963 parking spaces. Russell Noll and Kelly Ralston of Transwestern represented the seller, Sentinel Net Lease LLC, in the transaction. Chad Gunter, also with Transwestern, represented University Health, which plans to utilize the property to expands its administrative and back-office operations. The healthcare provider operates two teaching hospitals and multiple outpatient clinics in the San Antonio area.

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