Property Type

Love Funding Arranges $12.3M HUD Loan for Construction of Community in Chicago

by Christina Cannon February 16, 2016

CHICAGO — Love Funding has arranged a $12.3 million HUD loan for the construction of Montclare Senior Residences of Lawndale, a 120-unit supportive living community in Chicago. The two-story community will be built on a 2.5-acre lot in an urban neighborhood less than six miles from downtown Chicago. Supportive living is a subset of assisted living that is an alternative to skilled nursing for low-income seniors. It combines apartment-style housing with care services. Bruce Gerhart of Love Funding secured the financing. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by low-income housing tax credits through the Illinois Housing Development Authority (IHDA), a Chicago Department of Housing loan, a TIF grant and an Illinois Department of Commerce & Economic Opportunity grant. Philip Mappa, the managing member and founder of MR Properties LLC, is leading the community’s development. Cinnaire, a nonprofit real estate investment firm formerly known as Great Lakes Capital Fund, is purchasing the tax credits.

February 16, 2016

Loans Michigan Midwest Multifamily

KeyBank Provides $8.5M Freddie Mac Loan for Multifamily Property Near Ann Arbor

by Christina Cannon February 16, 2016

YPSILANTI, MICH. — KeyBank Real Estate Capital has provided an $8.5 million refinancing loan through Freddie Mac for a multifamily property in Ypsilanti, about 10 miles southeast of Ann Arbor. Fairway Trails Apartment Homes is a 231-unit, garden-style apartment complex that was constructed in 1972. Dirk Falardeau of KeyBank Real Estate Capital arranged the financing for the undisclosed borrower.

February 16, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $1.8M Sale of Two Multifamily Properties in Chicago Suburbs

by Christina Cannon February 16, 2016

OAK PARK AND CICERO, ILL. — Interra Realty has brokered the $1.8 million sale of two multifamily properties in the suburbs of Chicago. A property at 428 S. Scoville Ave. in Oak Park sold for $1 million at a capitalization rate of 5.8 percent. The 10-unit property consists of eight one-bedroom units and two two-bedroom units. The property also includes 15 parking spaces. Patrick Kennelly of Interra Realty represented both parties in the transaction. In the second deal, a property at 1900 S. 51st Ave. in Cicero sold for approximately $800,000 at a capitalization rate of 10.7 percent. The building included six two-bedroom units, four one-bedroom units and nine studio apartments for a total of 19 units. Kennelly, along with James Clough and Joe Smazal of Interra Realty, brokered the transaction. All parties in both transactions are undisclosed locals.

February 16, 2016

Midwest Ohio Retail

Marcus & Millichap Arranges $1.6M Sale of Retail Center in Columbus Suburb

by Christina Cannon February 16, 2016

MARYSVILLE, OHIO — Marcus & Millichap has arranged the sale of a 13,026-square-foot retail center in Marysville, approximately 33 miles northwest of Columbus, for $1.6 million. Millcreek Center was 84 percent occupied at the time of sale, and tenants include Subway, Anytime Fitness, All Smiles Family Dental Care and TK Nails. A private, out-of-state investor sold the asset, located at 15590 U.S. Route 36, to a local investor. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller.

February 16, 2016

Michigan Midwest Multifamily

Friedman Brokers Sale of 96-Unit Apartment Building in Kalamazoo

by Christina Cannon February 16, 2016

KALAMAZOO, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 96-unit apartment building in Kalamazoo for an undisclosed price. Ravine Apartments LLC sold the building to Ravine Apartment Limited Partnership and Princeton Enterprises. The property is located at 3510 N. Drake Road. Rick Tabbi of Friedman represented both parties in the transaction.

February 16, 2016

Loans Multifamily Texas

JLL Secures $18M in Acquisition Financing for Apartment Complex in San Antonio

by Haisten Willis February 15, 2016

SAN ANTONIO — On behalf of Frontline Capital Partners, JLL has secured $18 million in acquisition and rehabilitation financing for Churchill Park Apartments, a 392-unit gated apartment community located in San Antonio. LegacyTexas provided the loan. Mark Brandenburg led the JLL Capital Markets team in arranging the loan. The apartment community consists of 31 two- and three-story buildings and features a fitness center, two swimming pools, a park and a barbeque area. The property is located near the area’s major highway systems, major employers and retail options.

February 15, 2016

Mixed-Use Multifamily Retail Student Housing Texas

Canyon Partners Invests $29.4M in Equity for Three Developments in Texas

by Haisten Willis February 15, 2016

ARLINGTON, PLANO AND SAN ANTONIO, TEXAS — Canyon Partners Real Estate, a commercial real estate investment firm, has completed three preferred equity investments in the fourth quarter of 2015. The deals totaled $29.4 million and will be used to develop apartment communities in Plano and San Antonio and a mixed-use student housing property in Arlington. The three investments closed included: An equity investment of $11.7 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the construction of The Huntington, a 320-unit multifamily property in Plano. The site is less than a quarter-mile from Legacy Business Park, a 2,655-acre, Class A office development, which serves as the headquarters for many Fortune 500 companies; An equity investment of $7.6 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the development of 101 Center, a mixed-use student housing community in Arlington. The project includes 244 units with high-end finishes and Class A amenities, 18,412 square feet of ground-floor retail with 90 parking spaces and a 600-space parking garage; A preferred equity investment of $10.1 million in a joint venture with an affiliate of the NRP Group to fund the development of …

February 15, 2016

Healthcare Office Texas

Old Capital Arranges Acquisition Loan for Purple Sage Ranch in Metro San Antonio

by Haisten Willis February 15, 2016

BANDERA, TEXAS — Old Capital has arranged a loan for the purchase of Purple Sage Ranch in the San Antonio suburb of Bandera. The property spans 543 acres and was purchased by Josh and Lisa Lannon. The property is about 45 minutes northwest of San Antonio and will be converted to a private drug and alcohol treatment center under the name of Warrior’s Heart. Old Capital arranged a 25-year, fully amortizing loan at a 75 percent loan-to-value ratio. The loan included a fixed interest rate for the first five years.

February 15, 2016

Office Retail Texas

Colliers Arranges Sale of 4.3 Acres in Metro Houston

by Haisten Willis February 15, 2016

TOMBALL, TEXAS — Northpointe Crossing LLC has purchased 4.3 acres located on Tomball Parkway near Northpointe Boulevard in Tomball. Christopher Winters of Colliers International represented the seller, Eastbourne Northpointe I, and R1 Brokerage represented the purchaser in the transaction. Northpointe Crossing is a local real estate developer specializing in retail and office development.

February 15, 2016

Industrial Texas

Lee & Associates Negotiates 630,000 SF Industrial Lease in Dallas

by Haisten Willis February 15, 2016

DALLAS — Lee & Associates has completed a lease transaction for 630,000 square feet of space located at 1 Mountain Creek Parkway in Dallas with Niagara Bottling, which will use the facility to distribute its water and flavored drinks to the contiguous 48 states. Trey Fricke and Reid Bassinger of Lee & Associates represented the tenant, Niagara Bottling, in the transaction. Kacy Jones and Steve Koldyke of CBRE represented the landlord.

February 15, 2016

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