FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Vieux Coulee Apartments, a 264-unit multifamily property in Fort Worth, on behalf of Los Angeles-based investment firm Frontline Holdings. Built in 1984, the community features a pool, fitness center, business center and a resident clubhouse. Mark Brandenburg and David Godvin of JLL arranged the financing through Bridge Investment Group. The seller was not disclosed.
KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.
DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail space. Block A will include a 35-story office tower and Block B will be largely residential. A stretch of Farmer Street will be converted to pedestrian-only space and connect the two blocks. Bedrock worked with Danish architecture firm Schmidt Hammer Lassen to design the project alongside Detroit-based firm Neumann/Smith Architecture. Turner Construction Co. is the general contractor. The two blocks along Monroe Street that make up the development were known historically as Detroit’s first theater district. The site was razed in 1990 with the exception of the National Theatre, which has sat vacant. Bedrock plans to retain the façade of the National Theatre and incorporate it into a terracotta archway within the development. The other three projects within Bedrock’s $2.1 billion …
CHICAGO — JLL Capital Markets has arranged construction financing for The Draper at 5050 N. Broadway, a mixed-use development in Chicago’s Uptown neighborhood. The project involves the conversion of a former 400,000-square-foot office building into 342 residential units. The developer, CEDARst Cos., raised $41 million of project equity. Urbanite Capital provided a $13 million structured loan and Bank of the Ozarks provided a $61 million construction loan. Chuck Johanns and Dave Hendrickson of JLL arranged the financing. The recent closing enables CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115 million. A timeline for completion was not disclosed.
CHICAGO — GlenStar Properties LLC and its joint venture Angelo Gordon & Co. LP have unveiled plans to complete a $20 million renovation of President’s Plaza in Chicago’s O’Hare submarket. The two-building, 830,479-square-foot office property is located at 8600 and 8700 W. Bryn Mawr Ave. Plans call for a lobby refresh at both buildings, new tenant lounge with a coffee café, renovation of the fitness center, renovation of the deli, new technology for the conference center, new lobby stairwell, new passenger elevator interiors and corridor renovations. Completion is slated for the second quarter of 2019. Major tenants at the property include True Value, American Imaging Management and Lafarge North America. Occupancy stands at 94.4 percent.
SAINT CHARLES, ILL. — Faris Lee Investments has brokered the sale of Main Street Commons in suburban Chicago for $16.7 million. The 171,564-square-foot shopping center is situated on 20 acres. At the time of the sale, the property was 85 percent leased to tenants such as Ross, TJ Maxx, Five Below, Ulta and Cost Plus. Rick Chichester, Donald MacLellan and Shaun Riley of Faris Lee represented the seller, Sabal Financial Group LP. The buyer was not disclosed.
ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization schedule.
OXNARD, CALIF. — Investec Real Estate Cos., in partnership with DRA Advisors, has purchased The Esplanade Shopping Center. The retail center is situated on 31.4 acres on the southeast corner of North Oxnard Boulevard and the 101 Freeway in Oxnard. The acquisition price was not released. Redeveloped in 2002 from an enclosed mall into an open-air center, the regional power center features 356,864 square feet of retail space. Tenants include Dick’s Sporting Goods, Walmart Neighborhood Market, Bob’s Discount Furniture, Nordstrom Rack, TJ Maxx, Cost Plus World Market, Party City, Staples, Starbucks Coffee and In & Out Burger. At the time of sale, the property was 93 percent occupied with only one vacancy, a 25,000-square-foot end-cap anchor space. The buyers were self-represented, while Bill Bauman, Kyle Miller and Matthew Schwartz of NKF Capital Markets of Los Angeles advised the undisclosed seller in deal.
LAS VEGAS — KeyBank Real Estate Capital has secured a $35.5 million Fannie Mae first mortgage loan for the acquisition of South Beach Resort in Las Vegas. Situated on 9.8 acres, the property is comprised of 16 two-story residential buildings and features a total of 220 Class A apartment units. Paul Angle of Key’s Commercial Mortgage Group provided the non-recourse, fixed-rate loan with 10 years of interest-only payments for the undisclosed borrower.
PUYALLUP, WASH. — Buchanan Street Partners has provided a $16 million non-recourse bridge loan to Net Lease Alliance to resume and complete construction of a retail center in Puyallup. Located at 301 37th Ave. SE, the 125,100-square-foot project is fully preleased to 24 Hour Fitness and At Home, a retail chain specializing in home décor products. Buchanan Street closed the loan in two weeks to enable the timely completion of the project and meet tenant commencement dates by year-end and the first quarter of 2019. Target Rock Partners represented Net Lease Alliance in the transaction.
