Property Type

RightQuest Breaks Ground on 248-Unit Apartment Community in Austin

by Taylor Williams July 18, 2018

AUSTIN, TEXAS — An affiliate of Dallas-based developer RightQuest has broken ground on The Flats at ShadowGlen, a 248-unit apartment community situated on 12 acres on Austin’s east side. The property will offer one-, two- and three-bedroom units with rents ranging from $991 to $1,700 per month. Amenities will include a clubhouse with a media center, business center, pool, fitness center and a dog park. The first units are expected to be available for occupancy by summer 2019. Austin-based Journeyman Construction LLC is serving as general contractor for the project. San Antonio-based Mason Joseph Co. Inc. secured construction financing.

July 18, 2018

Illinois Loans Midwest Multifamily Student Housing

Square Mile Capital Provides $55M Refinancing for Student Housing Community in Downtown Chicago

by Kristin Harlow July 18, 2018

CHICAGO — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of Infinite Chicago, a 404-bed student housing community located in downtown Chicago. Stephen Skok of HFF arranged the financing on behalf of the borrower, CA Student Living, a division of CA Ventures. Loan terms were not disclosed, but the loan was used to repay an existing loan. Infinite Chicago, formerly known as the Gibbons/Steger office buildings, includes a pair of 18- and 19-story towers, originally constructed between 1910 and 1912. CA Student Living acquired the property in 2012 and completed the conversion of the buildings into student housing in 2014. Both Kendall College and School of the Art Institute of Chicago control master leases for a large portion of the beds at Infinite Chicago. The remaining tenant roster includes students from institutions such as DePaul University, Roosevelt University and Columbia College, among others. Shared amenities at the community include a landscaped rooftop with gas grills, fitness center, business center, group study rooms and an entertainment lounge. In addition, Infinite Chicago features 6,000 square feet of ground-floor retail leased to tenants such as Just Salad, 7-Eleven, BIBIBOP Asian Grill and Hero Coffee Bar.

July 18, 2018

Illinois Loans Midwest Retail

HFF Arranges $18M Refinancing for 307,138 SF Shopping Center in Berwyn, Illinois

by Kristin Harlow July 18, 2018

BERWYN, ILL. — HFF has arranged an $18 million loan for the refinancing of Cermak Plaza in Berwyn, a western suburb of Chicago. The 307,138-square-foot shopping center is 95 percent leased to tenants including Walgreens, Marshalls, Ross Dress for Less, The Gap, McDonald’s, Office Depot, Dollar Tree, Party City and Shoe Carnival. The borrower, Cermak Plaza Associates LLC, originally developed the center in 1955. The property has undergone several renovations and expansions with the most recent being in 2014. Matthew Schoenfeldt of HFF represented the borrower. An insurance company provided the 10-year, fixed-rate loan. Loan proceeds were used to retire an existing loan and fund capital improvements in conjunction with the termination of a lease with Meijer and a new lease with Tony’s Finer Foods.

July 18, 2018

Civic Leasing Activity Texas

U.S. Army Selects Austin as Headquarters of New Division

by Taylor Williams July 18, 2018

AUSTIN, TEXAS — The U.S. Army has selected Austin as the site of its new Futures Command headquarters, a project that will bring about 500 new jobs to the state capital. The Army’s Futures Command division will occupy space owned by the University of Texas (UT) in downtown Austin, with a directive to assess new weapons technology and emerging threats. The Army expects the new headquarters to be fully operational by summer 2019.

July 18, 2018

Development Illinois Midwest Multifamily

Opus Begins Construction of 113-Unit Luxury Apartment Project in Des Plaines, Illinois

by Kristin Harlow July 18, 2018

DES PLAINES, ILL. — The Opus Group has begun construction of a 113-unit luxury apartment project in Des Plaines. Located at 1555 Ellinwood Ave., the transit-oriented development will feature 1,400 square feet of ground-floor retail space. The project is a joint venture with Berkshire Group. Amenities will include a fitness center, yoga studio, clubroom, dog spa, outdoor amenity deck and bike storage. One- and two-bedroom units will vary in size. The property is being constructed on the former Sim’s Bowl site, which closed in 2009 and demolished two years later, according to the Daily Herald. Opus Development Co. is the developer while Opus Design Build is the builder. Opus AE Group is the structural engineer and ESG Architects is the architect. Completion is slated for the second quarter of 2019.

July 18, 2018

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 208-Unit Apartment Property in Fort Worth

by Taylor Williams July 18, 2018

FORT WORTH, TEXAS — Greysteel has arranged the sale of Midtown Crossing, a 208-unit apartment property in Fort Worth. Built in 1984, the property consists of one- and two-bedroom units averaging 829 square feet per unit. Amenities include a pool and outdoor picnic areas with grills. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

July 18, 2018

Acquisitions Illinois Midwest Office

Millennium Brokers $2.6M Sale of Coworking Space in Chicago

by Kristin Harlow July 18, 2018

CHICAGO — Millennium Properties R/E has brokered the sale of a 14,383-square-foot office condo in Chicago’s Central Loop for $2.6 million. The buyer was Rent24, an international co-working company. This location will serve as the company’s third location since it entered the Chicago market in May. The coworking space features a mix of desk stations, private suites and three conference rooms. Recently updated, the unit has a dedicated office entrance, allowing secure access for tenants. Greg Block brokered the sale. The seller was not disclosed.

July 18, 2018

Industrial Leasing Activity Midwest Wisconsin

Anderson Manufacturing Signs 19,370 SF Industrial Lease in Lake Geneva, Wisconsin

by Kristin Harlow July 18, 2018

LAKE GENEVA, WIS. — Anderson Manufacturing LLC has signed a 19,370-square-foot industrial lease in Lake Geneva. The manufacturer of screws, rivets and other fastener solutions will occupy the space at 999 S. Wells St. Nick Keys of the Dickman Co. Inc./CORFAC International brokered the lease transaction. The landlord is 999 Wells LLC.

July 18, 2018

Loans Multifamily Texas

Berkeley Point Provides $20.5M Bridge Loan for Apartment Asset in Metro Dallas

by Taylor Williams July 18, 2018

GARLAND, TEXAS — Maryland-based Berkeley Point Capital has provided a $20.5 bridge loan for Broadway Apartments, a 288-unit multifamily asset located in the northeastern Dallas metro of Garland. Built in 1982, the pet-friendly community offers one- and two-bedroom units, as well as two pools and a fitness center. Proceeds from the loan will fund renovations to the property’s common areas, landscaping and amenity spaces, as well as its unit interiors and exteriors. New York-based Bedrock Capital arranged the loan on behalf of the borrower, Exponential Property Group.

July 18, 2018

Development Massachusetts Mixed-Use Northeast Top Stories

Boylston Properties, The Wilder Cos. Secure $324M Construction Financing for Mixed-Use Redevelopment Near Boston

by David Cohen July 18, 2018

BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …

July 18, 2018

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