NEW LONDON, WIS. — Associated Bank has arranged $10 million in financing for the construction of Beacon Avenue Cottages, an affordable housing project in New London, about 25 miles northeast of Appleton. The property will consist of 40 apartment units in five cottage-style buildings at 580 Freemont St. The property will include a mix of two- and three-bedroom units, each with its own entrance and garage. Amenities will include a clubhouse, fitness center and laundry room. Completion is slated for spring 2018. Commonwealth Development Corp. is developing the project. Associated Bank provided a $4.7 million construction loan. In addition to the loan, $4.9 million was obtained in low-income housing tax credit equity and $510,000 was funded through an Affordable Housing Program grant. Bryan Schreiter of Associated Bank originated the loan, while Michael McGovern of Associated Bank managed the equity investment through a National Equity Fund Inc. proprietary fund.
EAGAN, MINN. — Monument Capital Management has acquired Lexington Hills Apartments in Eagan. The seven-building community consists of 168 units and is located at 4116 Lexington Ave. South. Amenities include a clubhouse, fitness center, swimming pool and detached garages. The community recently underwent $1.8 million in renovations, and upgrades will continue under the new ownership.
WICHITA, KAN. — NAI Martens has brokered the sale of The Northrock Suites and Wichita Inn North in Wichita. A hotel investor group purchased the hotels with plans to flag them as a Comfort Inn & Suites and a Super 8. Neither the sales prices nor the seller were disclosed. Northrock Suites was built in 1996, and consists of four stories and 101 rooms. Wichita Inn North was built in 1998, and consists of three stories and 96 rooms. Troy Farha of NAI Martens brokered the transaction.
CHICAGO — Home Chef has signed a 29,095-square-foot office lease at the Wrigley Building in Chicago. The site will serve as the weekly meal delivery service’s new headquarters. Home Chef previously occupied headquarters space at 225 West Ohio St. The company will occupy the 14th floor of both the North and South Wrigley Towers, which are connected by a sky bridge. John Skalla and Craig Nadborne of Bradford Allen competed the lease transaction on behalf of Home Chef. The transaction is a sublease between Home Chef and Extreme Reach, which was represented by John Ziesmer and Kevin Moore of Avison Young.
PEMBROKE PINES, FLA. — InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza retail centers in Pembroke Pines for $163 million. The two adjacent centers are located approximately 20 miles north of Miami. Upon completion of an ongoing expansion project in mid-2017, the two centers will total approximately 389,000 square feet. The properties include national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx. “The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida’s strongest retail submarkets,” says Michael E. Podboy, CFO at InvenTrust. InvenTrust is a self-managed REIT that owns and manages 88 retail properties totaling 15.1 million square feet of retail space. —Kristin Hiller
BROWNSVILLE, WESLACO, HARLINGEN AND EDINBURG, TEXAS — KeyBank Real Estate Capital has provided a total of $84.7 million in HUD financing for a six-property seniors housing portfolio located across Texas. Totaling 722 units, the portfolio includes Brownsville Nursing and Rehabilitation and Ebony Lake Nursing and Rehabilitation in Brownsville; Weslaco Nursing and Rehabilitation in Weslaco; Harlingen Nursing and Rehabilitation in Harlingen; and Edinburg Nursing and Rehabilitation and Windsor Arbor View in Edinburg. John Randolph of Key’s Commercial Mortgage Group arranged the financing through the HUD 232/223(f) mortgage insurance program for the undisclosed borrower. Loan proceeds were used to refinance existing debt.
WILMER, TEXAS — Medline Industries has opened an 800,000-square-foot distribution center in Wilmer, a suburb of Dallas. The $59 million facility is located at Medline Drive and Interstate 45 within Sunridge Business Center. The facility currently employs 55 people. Medline is a manufacturer and distributor of medical products.
DALLAS — Marcus & Millichap has arranged the sale of Reiger Place, an apartment building located at 4515 Reiger Ave. in Dallas. An undisclosed partnership acquired the 16-unit property for an undisclosed price. Constructed in 1955, the property offers one-bedroom/one-bath, 725-square-foot units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, while Fluellen, Hoover and Sean Scott, also of Marcus & Millichap, procured the buyer in the deal.
HOUSTON — Cypressbrook Co. has arranged the lease of industrial space at Prologis Pine Forest, an industrial park located at 575 W. 38th St. in Houston. SRG Ventures, a custom furniture maker, will occupy 40,352 square feet of space at the development. John Hornbuckle and Joyce Sterling of Cypressbrook Co. represented the tenant, while Beau Kaleel and Allison Hall of Cushman & Wakefield represented the landlord, PrologisWN2 LLC, in the transaction.
DALLAS — Colliers International has arranged the lease of office space at Rosewood Court, an office building located at 2101 Cedar Springs Road in Dallas’ Uptown district. CyrusOne LLC, a data center solutions and colocation services provider, will relocate its corporate headquarters to 30,137 square feet at the property. David Wetherington, Tyler Howarth and Chelsea Story of Colliers International represented the tenant, while Mike Wyatt and Travis Boothe of Cushman & Wakefield represented the undisclosed landlord in the deal.