Property Type

Woda Completes $7.4M Conversion of Former School into Apartment Property in Portland, Michigan

by Kristin Harlow May 3, 2018

PORTLAND, MICH. — Woda Cooper Cos. Inc. has completed Portland School Apartments in Portland, about 25 miles northwest of Lansing. Formerly Portland School, which dates back to 1919, the property is now home to 29 apartment units. The units are affordable for those earning no more than 60 percent of the area median income. Amenities include an elevator, a large community room, fitness center, outdoor BBQ space and gazebo. The school closed in 1996. The property was temporarily used for housing, but has mostly sat vacant. Low-income housing tax credits allocated by Michigan State Housing Development Authority and historic credits from the National Park Service helped fund the $7.4 million project. PNC purchased the tax credits and provided the construction, bridge and permanent loans.

May 3, 2018

Industrial Loans Michigan Midwest

Alliant Provides $3.5M Refinancing for Industrial Property in Plymouth, Michigan

by Kristin Harlow May 3, 2018

PLYMOUTH, MICH. — Alliant Credit Union has provided a $3.5 million loan for the refinancing of a 41,400-square-foot industrial property in Plymouth, about 25 miles west of Detroit. The research and development property is located within Metro West Technology Park. The 10-year loan features a 25-year amortization schedule. Chris Charboneau of Walker & Dunlop arranged the loan. The borrower was not disclosed.

May 3, 2018

Industrial Kansas Leasing Activity Midwest

Professional Packaging Systems Signs 247,589 SF Industrial Lease in Olathe, Kansas

by Kristin Harlow May 3, 2018

OLATHE, KAN. — Professional Packaging Systems LLC has signed a 247,589-square-foot industrial lease in Olathe. The distributor of packaging equipment will occupy space at 16231 S. Lone Elm Road. Ed Elder and John Stafford of Colliers International represented the landlord, STAG Industrial Holdings LLC. Mike Mitchelson of CBRE represented the tenant.

May 3, 2018

Development Illinois Midwest Retail

Global Builders Breaks Ground on 42,000 SF Retail Development in Chicago

by Kristin Harlow May 3, 2018

CHICAGO — Global Builders Inc. has broken ground on a 42,000-square-foot retail development located at 637-647 W. Roosevelt Road in Chicago. The project developer is 635-647 W. Roosevelt Road LLC. Bob’s Discount Furniture will anchor the property and lease two of the three floors. Completion is slated for this fall. James Schutter, Terry Alexa and Luke Sementa of Newmark Knight Frank will handle lease-up of the remaining 10,000 square feet of space on the first floor.

May 3, 2018

Leasing Activity Michigan Midwest Office

Site Design Firm PEA Opens New Office in Downtown Detroit

by Kristin Harlow May 3, 2018

DETROIT — PEA Inc. has opened a new 2,400-square-foot office in downtown Detroit. The site development design firm will occupy the space at the 45 West Grand River building, which is owned by Bedrock. Renovations were recently made to the office, which is now open. PEA, which specializes in civil engineering, land surveying and landscape architecture, operates four offices in southeast Michigan.

May 3, 2018

Company News Maryland Multifamily New York Northeast Seniors Housing Southeast Top Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton May 3, 2018

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

May 3, 2018

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Surging Demand for Apartments in Downtown Detroit Is Testament to the City

by Kristin Harlow May 3, 2018

At a time when downtown Detroit is in the midst of a civic renaissance, the state of the city’s multifamily real estate market is both a reflection of larger trends and a sign of what might be in store for the Motor City in the years ahead. To keep a pulse on the market, Broder & Sachse Real Estate compiles a market study twice a year to evaluate the rental and occupancy rates of all multifamily properties downtown. Through this research, the continued strength of Detroit’s multifamily market is abundantly clear, with an average occupancy rate of 95.6 percent across downtown in winter 2018. This occupancy rate indicates demand is high, especially coupled by the findings in the Downtown Detroit Partnership’s third Greater Downtown Residential Market Study released in 2017. The study estimated that an additional 10,000 units will be needed over the next five years. The need for these additional 10,000 units means supply — or a relative lack thereof — is also part of the equation. While the number of residential units in Detroit has increased by a great deal on a percentage basis, in relative terms the volume of quality residential product is still somewhat limited. Today, …

May 3, 2018

Development Mixed-Use New York Northeast Top Stories

Winthrop Realty Sells $1.5B Stake in 20 Times Square to Partner Maefield Development

by David Cohen May 2, 2018

NEW YORK CITY — Winthrop Realty Liquidating Trust has sold its stake in 701 Seventh Avenue, also known as 20 Times Square, to Maefield Development for $1.53 billion. Maefield was Winthrop’s former investment partner in the building currently under construction in Manhattan’s bustling Times Square district. The 400,000-square-foot development will feature a 39-story tower with 120,000 square feet of retail, attraction and entertainment spaces. The project will also include a 452-room Marriott-Edition hotel tower and an 18,000-square-foot video screen, which will be the highest resolution screen in Times Square. Maefield will finish the development as sole owner. To finance the buyout, a group of lenders led by French bank Natixis provided around $2 billion in financing and refinancing for the property, according to The Real Deal. In 2012, a group of investors led by Maefield that included Winthrop acquired an existing 11-story office building at the location for $430 million. Mark Siffin, chairman of Maefield, first began assembling the site in 2010. The project’s long-term tenants already include the National Football League and Hershey’s. In addition to Winthrop, Maefield also bought out the investment stake of Steve Witkoff, Ian Schrager and Howard Lorber’s New Valley investment company. The terms of …

May 2, 2018

Leasing Activity Massachusetts Northeast Office

Amazon to Expand Boston Tech Hub With 430,000 SF at Seaport Project

by David Cohen May 2, 2018

BOSTON — Amazon has announced plans to expand its Boston Tech Hub with a 430,000-square-foot office lease at WS Development’s Seaport project. Amazon plans to open a new office inside the 7.6 million-square-foot Seaport development in 2021. Boston’s Seaport district has been transformed in recent decades into a technology center. Amazon’s teams based in the Boston metropolitan area primarily focus on Alexa, Amazon Web Services, and Audible. The expansion is expected to create an additional 2,000 technology jobs in fields including machine learning, speech science, cloud computing and robotics engineering. To date, the company has created around 3,500 jobs in Massachusetts.

May 2, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen May 2, 2018

NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.

May 2, 2018

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