Property Type

Love Funding Secures $97M in FHA Financing for Multifamily Properties in Michigan

by Kristin Harlow August 11, 2017

NOVI, UTICA AND SUPERIOR TOWNSHIP, MICH. — Love Funding has secured $97 million in FHA financing for five multifamily properties in Michigan and Illinois. The five loans will be used for the construction, rehabilitation or refinancing of the properties. Bruce Gerhart of Love Funding secured a $33.3 million FHA 221(d)(4) new construction loan for Manchester, a market-rate apartment community in the Detroit suburb of Novi adding 172 units. A $22.5 million FHA 221(d)(4) new construction loan will be used for Encore Townhomes, a market-rate townhouse community being developed in Utica, Mich. An $11.2 million FHA (223)(f) loan will refinance Danbury Park Manor, an existing 151-unit Section 8 multifamily community in Superior Township, Mich. The two remaining FHA (223)(f) loans will be used for the refinancing of two seniors housing Section 8 communities in Illinois. The borrower was not disclosed.

August 11, 2017

Illinois Midwest Office

Northern Trust Signs 462,000 SF Office Lease in Chicago

by Kristin Harlow August 11, 2017

CHICAGO — Northern Trust has signed a 462,000-square-foot office lease at 333 South Wabash in Chicago. The global financial services company will move some of its Chicago staff to the office property in 2020, upon completion of building renovations planned by ownership. Northern Trust will have the option to expand its footprint in the building up to 750,000 square feet at a future date. Northern Trust’s global headquarters will remain unchanged, located at 50 S. LaSalle St. Affiliates of The John Buck Co. and Morgan Stanley purchased 333 South Wabash from CNA Financial Corp. (CNA) last year, after CNA signed a lease to relocate its offices and left a 750,000-square-foot vacancy in the 1.2 million-square-foot office tower. The property was originally constructed in 1972 and is known for its red exterior. Renovations are planned for the property, including construction of a new building lobby, an upgraded fitness center, day care and tenant lounge. Completion of the renovations is slated for 2019. Bill Rolander and Jon Cordell of Newmark Knight Frank negotiated the lease transaction on behalf of The John Buck Co. and Morgan Stanley. Todd Lippman, Todd Doney, James Whalen, Maura Mahoney and Scott Brandwein of CBRE represented Northern Trust. Rolander and Cordell …

August 11, 2017

Michigan Midwest Multifamily Seniors Housing

Greystone Arranges $33M Sale of Two Seniors Housing Properties in Metro Detroit

by Kristin Harlow August 11, 2017

SOUTHFIELD AND WESTLAND, MICH. — Greystone Real Estate Advisors has arranged the sale of two seniors housing properties in the Detroit metropolitan area for $33 million in a single transaction. Ashford Court, located in Westland and built in 1986, consists of 143 independent living, assisted living and memory care units. Sterling Place, located in Southfield and built in 1987, consists of 156 independent living units. The portfolio is almost fully occupied and consists of approximately 250,000 square feet. Amenities include libraries, lounge areas, hair salons and landscaped grounds. Cody Tremper and Mike Garbers of Greystone represented the seller, New Senior Investment Group. Chevalier International Holdings Ltd. purchased the properties.

August 11, 2017

Loans Midwest Multifamily Wisconsin

KeyBank Provides $23.8M Acquisition Financing for Affordable and Seniors Housing Communities in Madison, Wisconsin

by Kristin Harlow August 11, 2017

MADISON, WIS. — KeyBank Real Estate Capital has provided $23.8 million in Fannie Mae loans for the acquisition of Hanover Square Apartments and Prairie Park Senior Apartments in Madison. Hanover Square is an affordable housing property built in 2002. Of its 65 units, 57 are set aside for households earning from 30 to 60 percent of the area median income. Prairie Park is a seniors housing property constructed in 2003. Of its 96 units, 90 are set aside for seniors earning 30 to 60 percent of the area median income. KeyBank also refinanced Hollow Creek in Conroe, Texas. John Gilmore of KeyBank arranged the financing for the borrower, Harmony Housing.

August 11, 2017

Midwest Ohio Retail

Colliers Brokers $2.4M Sale of Shopping Center in Bellbrook, Ohio

by Kristin Harlow August 11, 2017

DAYTON, OHIO — Colliers International has brokered the sale of The Sugar Bell shopping center in Bellbrook, about 15 miles south of Dayton, for $2.4 million. The 19,904-square-foot property, constructed in 1997, is 100 percent leased. Tenants include El Toro, Cassano’s, Capital Cleaners and Crafters Lodge. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers represented the seller, Belle Ventures. The Sun Moon Light Trust purchased the property.

August 11, 2017

Florida Mixed-Use Southeast Top Stories

Kimco Begins Phase I of $1B Mixed-Use Development in South Florida

by Kristin Harlow August 11, 2017

DANIA BEACH, FLA. — Kimco Realty Corp. (NYSE: KIM) has broken ground on the Phase I retail portion of Dania Pointe, a mixed-use project in Dania Beach, a beachside suburb of Fort Lauderdale in Broward County. Total project costs are estimated at $1 billion, according to local media reports. Slated to open in time for the 2018 holiday season, the $109 million Phase I comprises 300,000 square feet of retail space, which is approximately 80 percent preleased to tenants such as T.J. Maxx, Hobby Lobby, BrandsMart and Ulta Beauty. Upon completion, Dania Pointe will be a 1 million-square-foot, open-air lifestyle community incorporating over 100 retail tenants and restaurants. Future phases will include up to 500,000 square feet of Class A office space, 1,000 luxury apartment and condominium units and two hotels. Dania Pointe is located near the Fort Lauderdale-Hollywood International Airport and adjacent to Oakwood Plaza, which Kimco also owns. Hoar Construction and locally based developer Salzman Real Estate Advisors also make up the project team. New York-based Kimco is a real estate investment trust focused on owning and operating open-air shopping centers. As of June of this year, the company’s portfolio spanned 510 shopping centers and 84 million square …

August 11, 2017

Market Reports Office Texas Texas Market Reports

Houston’s Office Market Rides Out Oil Downturn, Poised For Stability

by Taylor Williams August 11, 2017

Over the past few years, Houston’s diverse economy has proven resilient. This diversity helped the city weather a major drop in oil and gas prices that, during previous downturns, severely affected the office market. While Houston has taken its share of recent hits, it appears poised to move forward into a period of stability and steady growth. While most of Houston seems to be in recovery mode, the local office market historically trails the oil and gas industry and usually takes additional time to reflect the current economic recovery. Houston’s office market was hit hard by the downturn when oil prices plummeted at the end of 2014. Submarkets like the Central Business District and the Energy Corridor — where roughly half of the workforce belongs to the energy sector — were hardest hit. Firms in these submarkets suffered big layoffs and created large swaths of available sublease and direct office space. However, according to CoStar, tenants still spent more than $7 billion (larger than the GDP of 55 sovereign nations) on office space during the past year. What does this all mean for the office market? At the end of the first quarter of 2017, Houston’s direct vacancy rate was …

August 11, 2017

California Loans Multifamily Western

Douglas Emmett Receives $550M to Refinance Multifamily Portfolio in Los Angeles

by Nellie Day August 10, 2017

LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.

August 10, 2017

Multifamily Oregon Western

Witham Hill Oaks Apartments in Corvallis Sells for $56M

by Nellie Day August 10, 2017

CORVALLIS, ORE. — An unnamed buyer has acquired the 420-unit Witham Hill Oaks Apartments in Corvallis for $56 million. The community is located at 4275 N.W. Clubhouse Place. The 50-building property was built in three phases in 1968, 1977 and 1998. Witham Hill contains one- to three-bedroom units, with amenities like a fitness center, clubhouse, basketball court, children’s playgrounds, pool, spa, laundry facilities and covered parking. It’s situated less than two miles from the Oregon State University campus, near major employers like Hewlett-Packard and Good Samaritan Regional Medical Center. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Witham Hill Oaks Apartments LLC, in this transaction.

August 10, 2017

California Industrial Western

JV Acquires Bay Area Data Center Development Site

by Nellie Day August 10, 2017

SAN FRANCISCO — A joint venture between CIM Group and fifteenfortyseven Critical Systems Realty (1547) has acquired a 7.3-acre site at 400 Paul Ave. in the Portola neighborhood of San Francisco for an undisclosed sum. The site will soon be home to a 187,000-square-foot data center with 24 megawatt power capacity. The acquisition also includes two 1930s-era buildings that total 54,225 square feet. The facilities will undergo improvements to serve as office and support space for data center tenants.

August 10, 2017

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