Property Type

KeyBank Provides $26.4M Acquisition Financing for Hotel Portfolio in Cleveland, Chicago

by Kristin Harlow December 11, 2018

CLEVELAND AND CHICAGO — KeyBank Real Estate Capital has provided a $26.4 million CMBS loan for the acquisition of a portfolio of Extended Stay America hotels in suburban areas of Cleveland and Chicago. The portfolio is comprised of 14 hotels, built in the late 1990s and early 2000s, totaling 1,386 rooms. Jake Proctor of KeyBank originated the nonrecourse, fixed-rate financing with a five-year term, three-year interest only period and 30-year amortization schedule. Singerman Real Estate was the borrower. The portfolio also includes hotels in Columbus, Ga.

December 11, 2018

Acquisitions Midwest Multifamily Wisconsin

Berkadia Arranges $22.7M Sale of Apartment Community in Milwaukee

by Kristin Harlow December 11, 2018

MILWAUKEE — Berkadia has arranged the sale of Avenir Apartments on Jefferson in Milwaukee for $22.7 million. The 104-unit apartment community includes 7,045 square feet of retail space. Located at 1437 N. Jefferson St., the property features studio, one- and two-bedroom floor plans. Ralph DePasquale, Alex Blagojevich and Parker Stewart of Berkadia represented the seller, an entity managed by Wangard Partners. Weidner Apartment Homes purchased the asset.

December 11, 2018

Development Illinois Midwest Multifamily

Spaces Real Estate Begins Pre-Leasing of Apartment Community in Chicago

by Kristin Harlow December 11, 2018

CHICAGO — Spaces Real Estate has begun pre-leasing of 1325 N. Wells, a 60-unit apartment community in Chicago’s Old Town neighborhood. Currently under development by Sedgwick Properties, the community will be managed by Laramar Group. First move-ins are scheduled for early 2019. Located between Schiller and Goethe streets, the property features one- and two-bedroom apartments ranging in size from 621 to 1,140 square feet. Monthly rents start at $2,225. Amenities include a fitness center, entertainment lounge and rooftop deck. Residents will also have access to bike storage, heated garage parking and dry cleaning service by Pressbox.

December 11, 2018

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers Sale of 162,230 SF Industrial Building in Germantown, Wisconsin

by Kristin Harlow December 11, 2018

GERMANTOWN, WIS. — Founders 3 Real Estate Services Inc. has brokered the sale of a 162,230-square-foot industrial building in Germantown for an undisclosed price. The building, located within Willow Creek Business Park, serves as the headquarters for DiscountRamps.com with 18,610 square feet designated as office space. The seller, Weas Development, completed construction of the building in September. Andy Hess and Bob Flood of Founders 3 brokered the transaction on behalf of the seller. An affiliate of STAG Industrial Inc. purchased the building.

December 11, 2018

Illinois Loans Midwest Retail

Associated Bank Provides $4.1M Construction Financing for 7-Eleven Property in Chicago

by Kristin Harlow December 11, 2018

CHICAGO — Associated Bank has provided a $4.1 million loan for the construction of a 3,000-square-foot building in Chicago that will house a 7-Eleven gas station and convenience store. Construction is expected to begin in early 2019 and completion is slated by the end of the year. The property, located at 3163 N. Clybourn Ave. in the Lakeveiw neighborhood, was previously vacant. Brian Rogan of Associated Bank originated the loan on behalf of the borrower, GW Clybourn LLC, a subsidiary of GW Properties.

December 11, 2018

Loans Multifamily Seniors Housing Texas

Greystone Provides $31.5M Bridge Loan for Skilled Nursing Facility Portfolio in Texas

by Taylor Williams December 11, 2018

NEW YORK — New York-based Greystone has provided a $31.5 million bridge loan for four skilled nursing facilities located across Texas. The undisclosed borrower is using the loan proceeds to refinance Heritage Oaks Residence & Rehabilitation Center, a 204-bed facility in Arlington, and the 202-bed Quality Care of Waco in Waco. The funds will allow the borrower to expand clinical services at the two properties. Two other facilities, the 186-bed Westview Manor & Rehabilitation Center in McGregor and the 112-bed Galleria Residence & Rehabilitation Center in Houston, will also be acquired as part of the deal. Fred Levine of Greystone originated the financing. The non-recourse loan carries an initial term of 24 months with two six-month extension options, as well as a floating interest rate and interest-only payments for the entire term.

December 11, 2018

Acquisitions Multifamily Texas

JLL Negotiates Sale of 164-Unit Multifamily Property in San Antonio

by Taylor Williams December 11, 2018

SAN ANTONIO — JLL has negotiated the sale of Whispering Hills, a 164-unit multifamily property located in northeast San Antonio. According to apartments.com, the property was built in 1983 and features one-, two- and three-bedroom units. Amenities include a pool, business center, outdoor picnic areas and a dog park. Moses Siller and Zar Haro of JLL represented the seller, Houston-based Triad Real Estate Consulting Group, in the transaction. The buyer was GVA Pro LLC.

December 11, 2018

Acquisitions Multifamily Texas

Southern Properties Acquires 144-Unit Apartment Community in Beaumont

by Taylor Williams December 11, 2018

BEAUMONT, TEXAS — Southern Properties Capital, a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), has acquired Chelsea Apartments, a 144-unit multifamily community in Beaumont. Built in 1999, the property offers one-, two- and three-bedroom units ranging in size from 618 to 1,239 square feet, as well as a pool, business center and a clubhouse. The seller was not disclosed.

December 11, 2018

Acquisitions Industrial Texas

Stonelake Capital Purchases 56,960 SF Industrial Building in Arlington

by Taylor Williams December 11, 2018

ARLINGTON, TEXAS — Stonelake Capital Partners, a private equity firm with offices in Austin, Houston and Dallas, has purchased a 56,960-square-foot industrial building located at 616 111th St. in Arlington. According to LoopNet Inc., the property was built in 1981 and features 20-foot clear heights. Mark Graybill and Colton Rhodes of Lee & Associates brokered the deal. The seller was not disclosed.

December 11, 2018

California Industrial Market Reports Western Western Market Reports

Orange County’s Industrial Demand Fuels Rent Growth

by Taylor Williams December 11, 2018

The industrial market in Orange County remains strong as demand continues to far outweigh supply. Vacancy throughout the region remains at historic lows, staying below 3 percent for the 13th consecutive quarter through the third quarter of this year. The largest submarket, North Orange County, is also the tightest submarket with a 1.2 percent overall vacancy. As an infill market, we do not anticipate significant increases in vacancy within the Orange County industrial marketplace for the foreseeable future, despite the new developments recently delivered, planned or under construction. There are several significant industrial development projects in various stages in the county. This is welcome news by users seeking to upgrade and expand into modern facilities while maintaining local operations. The first is a 30-acre redevelopment site in Huntington Beach that was purchased by Sares Regis Group earlier this year. Sares Regis is expected to begin construction shortly, with plans to deliver more than 600,000 square feet of new product in late 2019. Shea Properties recently began construction on Shea Business Center in Santa Ana, which is planned for nearly 530,000 square feet and a completion date in 2019. Western Realco is also nearing completion of Beckman Business Center, a 900,000-square-foot, …

December 11, 2018

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