Property Type

JPI Begins Work on 354-Unit Phase II of Multifamily Property in Dallas

by Taylor Williams June 14, 2018

DALLAS — Irving-based multifamily developer JPI has begun work on Phase II of Jefferson West Love, a project that will deliver an additional 354 units to the Dallas apartment property. Amenities at the community, which currently consists of 368 units, include a pool, fitness center and bike storage. The community is part of a $200 million mixed-use development that upon completion will include up to 200,000 square feet of office space, 65,000 square feet of retail and restaurant space and a 244-room hotel.

June 14, 2018

Acquisitions Multifamily Texas

IPA Arranges Sale of Two Apartment Communities Totaling 412 Units in Houston

by Taylor Williams June 14, 2018

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities totaling 412 units in southwest Houston. The sold properties include Airport Landing, a 240-unit property that was built in 1983, and Airport Gardens, a 172-unit property that was built in 1982. Jennifer Campbell and Will Balthrope of IPA represented the undisclosed seller and procured the buyer, Florida-based One Real Estate Investment LLC.

June 14, 2018

The-Arbor-Assisted-Living-&-Memory-Care-Nacogdoches-Texas

Loans Multifamily Seniors Housing Texas

Capital One Provides $9.3M Loan for Refinancing of Seniors Housing Property in Nacogdoches, Texas

by Taylor Williams June 14, 2018

NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.

June 14, 2018

Acquisitions Retail Texas

Fifth Corner Acquires Two Retail Properties in Greater Houston Totaling 39,000 SF

by Taylor Williams June 14, 2018

HOUSTON AND SUGAR LAND, TEXAS — Fifth Corner, a Houston-based investment firm, has acquired two retail properties totaling 39,000 square feet in the greater Houston area. One property is located in the Washington corridor area of Houston and the other is located in the southwestern suburb of Sugar Land. Tenants at the centers include Memorial Hermann, Five Guys Burgers & Fries and Buffalo Wild Wings.

June 14, 2018

Development Illinois Midwest Office

Mark Goodman & Associates Unveils Plans for $115M Office Building in Chicago’s West Loop

by Kristin Harlow June 14, 2018

CHICAGO — Mark Goodman & Associates Inc. has unveiled plans to develop 310 N. Sangamon, a 12-story office building in Chicago’s West Loop. The property will feature 268,000 square feet of office space and 7,800 square feet of ground-floor retail space. Amenities will include a fitness room, outdoor terrace and bike storage room. Completion for the $115 million project is slated for the first quarter of 2020. The development is the largest office building in the country to receive Passive House certification, according to Goodman. Passive House buildings follow a rigorous set of design principles that work with building systems, insulations and windows to create an airtight structure, resulting in energy efficiency and a reduced ecological footprint. Passive house-certified buildings use up to 86 percent less heating energy than standard buildings and 46 percent less cooling energy. The Passive House Institute US provides certifications. The majority of passive structures have been built in Germany and Scandinavia.

June 14, 2018

Illinois Loans Midwest Multifamily

Hunt Provides $26M Refinancing for Apartment Property in Lansing, Illinois

by Kristin Harlow June 14, 2018

LANSING, ILL. — Hunt Mortgage Group has provided a $26 million Fannie Mae loan for the refinancing of Riverwood Apartments in Lansing, a southern suburb of Chicago. The 354-unit apartment property is located at 3649 173rd Court. Built in 1964, the community is comprised of 10 buildings on 16 acres. Amenities include a sport court, playground, laundry area, fitness center, pool and clubhouse. The 15-year loan features a 30-year amortization schedule. The borrower, Riverwood Apartments LLC, will use the loan to pay off existing debt and facilitate a buy-out of the remaining partners.

June 14, 2018

Affordable Housing Loans Midwest Multifamily Ohio

Rose Community Capital Provides $16.1M FHA Loan for Rehabilitation of Affordable Housing Property in Cleveland

by Kristin Harlow June 14, 2018

CLEVELAND — Rose Community Capital has provided a $16.1 million 221(d)4 loan for the rehabilitation of Fenway Manor in Cleveland. The 143-unit affordable housing property was originally constructed in 1923 as a residential hotel and rehabbed in 1974 for low-income seniors. Plans call for a new roof, windows, elevators, entrance, HVAC, flooring and paint. Individual units will be updated with new kitchens, bathrooms, flooring, paint and doors. The borrowers included Orlean Company and Renewal Housing Associates. Rose Community Capital is the financing arm of Jonathan Rose Cos.

June 14, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $10.3M Condo Deconversion Sale in Chicago

by Kristin Harlow June 14, 2018

CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

June 14, 2018

Illinois Leasing Activity Midwest Retail

Planet Granite to Open 40,000 SF Climbing Gym at Planned Development in Chicago’s Lincoln Park

by Kristin Harlow June 14, 2018

CHICAGO — Planet Granite has signed a 40,000-square-foot lease to open a climbing gym at The Shops at Big Deahl in Chicago’s Lincoln Park. The freestanding facility, which will be located at the corner of Blackhawk and Dayton streets, is scheduled to open in spring 2020. The three-level gym will feature climbing walls as high as 55 feet. The facility will include roped climbing, bouldering, yoga and a retail shop. Groundbreaking is slated for spring 2019. The Shops at Big Deahl, from developer Structured Development, is slated to include 150,000 square feet of retail and commercial space.

June 14, 2018

California Loans Multifamily Western

G.H. Palmer Receives $158.8M Refinancing for 752-Unit Apartment Property in Santa Clarita

by Amy Works June 14, 2018

SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifamily property located at 17621 Pauline Court in Santa Clarita. The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area. Gary Tenzer of George Smith Partners (GSP) arranged the financing for borrower. The new loan replaces a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value.

June 14, 2018

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