Friday, July 18, 2025
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DevelopmentLoansMidwestMultifamilyWisconsin

Associated Bank Structures $59.8M in Construction Financing for Wisconsin Multifamily Project

by Kristin Harlow

HARTLAND, WIS. — Associated Bank has structured a $59.8 million construction financing package for Westrock Residences, a 267-unit multifamily project in Hartland, about 25 miles west of Milwaukee. Three Leaf Partners and Continental Properties are the developers. Plans call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, walking paths and a dog run. JLA Architects is the project architect. Site work is underway, and the project will be completed in phases. The first units are slated for occupancy in summer 2025. Continental Properties will manage the community. Ryan Krombach of Associated Bank originated the financing. Associated Bank, administrative agent and co-lead arranger, was joined by co-lead arranger Johnson Bank and Greenwoods State Bank to complete the construction loan syndication. The Village of Hartland is supporting the project with tax-increment financing that will reimburse the developers up to $15.9 million over 27 years using taxes the new development generates. The project site is a 45-acre former quarry that has been slated for redevelopment for decades.

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 438-Unit Multifamily Property in Greenwood, Indiana

by Kristin Harlow

GREENWOOD, IND. — CBRE has brokered the sale of Westminster, a 438-unit multifamily property in the Indianapolis suburb of Greenwood. The sales price was undisclosed. Built in 1971, the community has undergone extensive renovations totaling nearly $20 million since 2014. Residences come in one-, two- and three-bedroom layouts averaging 918 square feet. George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Van Rooy Properties, which acquired the asset in 2010. Monarch was the buyer.

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AcquisitionsMidwestMinnesotaMultifamilySeniors Housing

Inland Acquires Two Luxury Senior Living Communities in Metro Twin Cities

by Kristin Harlow

LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.

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DevelopmentIndustrialNorth CarolinaOfficeSoutheast

Wolfspeed to Receive $750M in CHIPS Funding for Manufacturing Plants in North Carolina, New York

by John Nelson

DURHAM, N.C. — Wolfspeed, a semiconductor manufacturer based in Durham, has signed a non-binding preliminary memorandum of terms (PMT) with the U.S. Department of Commerce to receive up to $750 million in funding under the CHIPS and Science Act. The funding would support the construction of a new, 2 million-square-foot silicon carbide wafer manufacturing facility in Siler City, N.C., as well as catalyze the planned expansion of Wolfspeed’s device manufacturing facility in Marcy, N.Y. The projects together are estimated to create over 2,000 manufacturing jobs and 3,000 construction jobs and are part of the company’s previously announced capacity expansion plan that exceeds $6 billion in total investment. “Artificial intelligence, electric vehicles and clean energy are all technologies that will define the 21st century, and thanks to proposed investments in companies like Wolfspeed, the Biden-Harris Administration is taking a meaningful step toward reigniting U.S. manufacturing of the chips that underpin these important technologies,” says Gina Raimondo, U.S. Secretary of Commerce. Wolfspeed has achieved LEED Silver certification for its New York plant and is pursuing LEED certification for the Siler City facility. Wolfspeed plans to conserve energy and water in both their buildings and the semiconductor manufacturing processes to cut operational emissions by …

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AcquisitionsRetailSoutheastVirginia

Haverford Retail Partners Acquires 176,698 SF Shopping Center in Springfield, Virginia

by John Nelson

SPRINGFIELD, VA. — Haverford Retail Partners has acquired Springfield Center, a 176,698-square-foot shopping center located at 6646 Loisdale Road in in Springfield, 14 miles south of Washington, D.C. The seller and sales price were not disclosed. Springfield Center was fully leased at the time of sale to eight tenants, including Barnes & Noble, DSW, Marshall’s and Bob’s Discount Furniture. The retail center represents Pennsylvania-based Haverford’s third property in the metro D.C. area.

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Leasing ActivityMarylandMixed-UseRestaurantRetailSoutheast

New Tenants Open at Collection at Chevy Chase Mixed-Use Center in Metro DC

by John Nelson

CHEVY CHASE, MD. — A new wave of tenants have opened at The Collection at Chevy Chase, an upscale, multi-story mixed-use development in metro Washington, D.C.’s Friendship Heights district. Located on Wisconsin Circle in Chevy Chase, The Collection’s new tenants include Porsche Studio (3,756 square feet), Brooks Brothers (5,722 square feet), Bright Horizons (11,638 square feet) and a kiosk for Dunkin’ (400 square feet). The Chevy Chase Land Co. is the owner and landlord of The Collection. Built in 2006, the center is home to tenants including Tiffany & Co., Amazon Fresh, Capital One Bank, Giorgetti, Capital Laser & Skincare, Clyde’s Restaurant, The Hunter’s Hound, Junction Bistro, Bar & Bakery, Joy by Seven Reasons and Merritt Gallery, among others.

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40-Thorndike-St.-East-Cambridge
DevelopmentMassachusettsMixed-UseNortheast

Leggat McCall, Granite Complete 475,000 SF Mixed-Use Redevelopment Project Near Boston

by Taylor Williams

EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties has completed the mixed-use redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. Formerly known as the Edward J. Sullivan Courthouse, the 20-story building now features 422,000 square feet of office space, 48 affordable housing units, retail, restaurant, childcare and meeting spaces, as well as parking for 362 cars and 20,000 square feet of public outdoor space. Elkus Manfredi Architects designed the project, and John Moriarty & Associates served as the general contractor. Bank OZK financed the project. Construction began in fall 2021.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Kane Realty Signs Healthcare Staffing Company to 46,309 SF Office Lease at One North Hills Tower in Raleigh

by John Nelson

RALEIGH, N.C. — Kane Realty Corp. has signed Weatherby Healthcare, a CHG Healthcare Co., to a 46,309-square-foot office lease at One North Hills Tower in Raleigh. The healthcare staffing company, which has offices in North Carolina and Florida, will occupy one-and-a-half floors at the 10-story, 264,000-square-foot office tower. Other tenants include Jewelers Mutual Group, JT International USA Inc., HNTB, Raymond James & Associates and The Starboard Holding Cos., including The Nautical Group and Nautical Advisory Services. Cheshire Webb of Foundry Commercial, along with independent broker Paul Anderson, represented Weatherby Healthcare in the lease transaction. Hooker Manning and Alex Mikels represented Kane Realty on an internal basis.

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AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Brokers Sale of New Retail Property in Leland, North Carolina Leased to Jiffy Lube

by John Nelson

LELAND, N.C. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 4,042-square-foot, freestanding retail property in Leland. Jiffy Lube fully occupies the property at 8962 Ocean Highway E on a 15-year, corporate-guaranteed lease that features rent increases in the initial term. The store was built in 2023 on a 1.3-acre lot roughly nine miles west of downtown Wilmington, N.C. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, an undisclosed developer, and the buyer, an institutional investor, in the transaction. The sales price was also not disclosed. “Since the [Federal Reserve’s interest] rate cut, we are seeing institutions become more active and competitive buyers as their stock prices are going up and their cost of capital are coming down,” says McMinn.

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DevelopmentMultifamilyNew JerseyNortheastOffice

Prism Capital to Undertake Multifamily Redevelopment Project in Woodland Park, New Jersey

by Taylor Williams

WOODLAND PARK, N.J. — Locally based development and investment firm Prism Capital Partners will undertake a multifamily redevelopment project in the Northern New Jersey community of Woodland Park. The project will convert a 33-acre former corporate office campus at 385 Rifle Camp Road into a 400-unit apartment community. Twenty percent (80 residences) will be reserved as affordable housing. Jose Cruz, Jeremy Neuer and Ryan Robertson of JLL represented the undisclosed seller in the disposition of the site. Demolition work is underway, but a target completion date has not yet been established.

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