Midwest

The-Meadows-Roseville
Affordable HousingInvestment SalesMichiganMidwest

Standard Communities Buys, Preserves Affordable Housing in Metro Detroit

by Lynn Peisner

ROSEVILLE, MICH. — Affordable housing investment and development firm Standard Communities has acquired The Meadows, a 124-unit property in Roseville, an unincorporated city 15 miles northeast of downtown Detroit. All units are income-restricted and supported by project-based Section 8 Housing Assistance Payment (HAP) contracts. Of the 124 units, 111 are restricted to households earning at or below 60 percent of area median income (AMI), and 13 are restricted at 40 percent AMI. Affordability was extended through a 20-year Section 8 renewal via a HAP assignment and assumption. Standard will complete …

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Douglas-Terrace-Racine
Investment SalesMidwestNewsWisconsin

MLG Capital Sells Douglas Terrace in Racine, Wisconsin, for $23M

by Lynn Peisner

RACINE, WIS. — Northmarq has arranged the $23 million sale of and acquisition financing for Douglas Terrace Apartments in Racine. Northmarq’s Chicago-based investment sales team led by Alex Malzone, Parker Stewart, Dominic Martinez and Jake Lamb represented seller Wisconsin-based MLG Capital. The buyer was a private capital group from Illinois. A debt and equity team led by Brett Hood and Kevin McCarthy arranged an $18.3 million Fannie Mae loan for the buyer. Douglas Terrace Apartments is a 202-unit garden-style community located at 3706 Douglas Ave. Built in 1966 and renovated …

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sage-on-prospect-Milwaukee
Investment SalesMidwestNewsWisconsin

CBRE Arranges Sale of Sage on Prospect in Milwaukee

by Lynn Peisner

MILWAUKEE — CBRE has arranged the sale of Sage on Prospect, a 34-unit community in Milwaukee’s Lower East Side neighborhood. The asset traded for approximately $8.3 million. CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller, locally based Dominion Properties in the transaction. Three Sixty Real Estate Solutions, headquartered in La Crosse, Wisconsin, was the buyer. Dominion Properties purchased the asset in 2014 and embarked on a redevelopment project that converted a 1961-built assisted living facility into a LEED Platinum-certified multifamily community. The redevelopment included the …

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Reside-on-Barry-Chicago
FinanceIllinoisMidwestNews

Northmarq Arranges $45M Refinancing of Reside on Barry in Chicago

by Lynn Peisner

CHICAGO — Newcastle Investors has obtained a $45 million loan to refinance Reside on Barry, a 161-unit high-rise in the Lakeview neighborhood of Chicago. Kevin McCarthy of Northmarq’s Chicago office arranged the financing. The lender was PGIM. Newcastle, a Chicago-based investment firm, bought the asset in 2011 for $33.3 million in an all-cash deal. Reside on Barry is a 17-story, 1970-vintage apartment community offering renovated one-, two- and three-bedroom residences.

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Spuhler-Drive-Batavia
IllinoisInvestment SalesMidwestNews

Interra Arranges $7.9M Sale in Batavia, Illinois

by Lynn Peisner

BATAVIA, ILL. — Interra Realty has arranged the $7.9 million, off-market sale of a nine-building, 36-unit rental townhome portfolio in Batavia. Neither party to the transaction was named. Interra’s team was led by Nathan Zito, Patrick Kennelly and Paul Waterloo. The properties were 92 percent occupied at the time of sale. Located at 29-65 and 109-155 Spuhler Drive, residences within the community all feature two-bedroom layouts. The buildings were constructed in 1980, and approximately two-thirds of the townhomes have recently undergone interior renovations.

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Apex-at-Twin-Creek-Bellevue
Investment SalesMidwestNebraskaNews

Northmarq Arranges $44.2M Sale of Apex at Twin Creek in Nebraska

by Lynn Peisner

BELLEVUE, NEB. — Northmarq has arranged the $44.2 million sale of Apex at Twin Creek, a 240-unit garden-style community at 4002 Raynor Parkway in Bellevue, 10 miles south of Omaha. The property is also five miles west of Offutt Air Force Base. Northmarq represented the New York-based seller, Briar Capital Management. The buyer was Clipper Capital Group. Northmarq’s Newport Beach debt and equity team led by Joe Giordani, Brendan Golding and Scott Botsford, arranged $28.7 million in acquisition financing on behalf of Clipper through Freddie Mac. Apex at Twin Creek …

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Chateau-on-Wells-Chicago
FinanceIllinoisMidwestNews

JLL Arranges $25.2M Refinancing for 43-Unit Chicago Property

by Lynn Peisner

CHICAGO — JLL has arranged a $25.2 million floating-rate loan through lender D2 Residential for the refinancing of Chateau on Wells, a 43-unit property in downtown Chicago. The borrower was Chicago-based investment and development firm Akara Partners. The property features a 2016-built midrise apartment building with one retail suite located at 707 N. Wells St. in the River North entertainment district. The building is 95 percent occupied. The apartments rent for approximately $4,091 per month. JLL’s team was led by Jesse Wright, Joshua Odessky, Sam Tarter, Miguel Pedersen and Ben …

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2350-W-Higgins-Hoffman-Estates
DevelopmentIllinoisInvestment SalesMidwestNews

Synergy Construction Buys Seven Acres in Chicagoland for Luxury Development

by Lynn Peisner

HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has arranged a $3.7 million land sale in Hoffman Estates, approximately 30 miles northwest of Chicago. The 7.2-acre parcel at 2350 W. Higgins Road is adjacent to a 101,769-square-foot shopping center and is the former site of a Kmart and a Mendard’s store. The buyer, an affiliate of Chicago-based Synergy Construction Group, is planning to develop a 330-unit luxury apartment project on the site. The sellers were Depa Holding Co., based in The Netherlands, and its U.S. partner Caruso Development. The Village of …

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4400-S.-Drexel-Blvd-Chicago
IllinoisInvestment SalesMidwestNews

Interra Realty Brokers $11.7M Sale in Kenwood Neighborhood of Chicago

by Lynn Peisner

CHICAGO — Interra Realty has arranged the $11.7 million sale of a 46-unit apartment building at 4400 Drexel Blvd. in Chicago’s Kenwood neighborhood. Neither the buyer nor seller’s identity was disclosed. Interra’s Lucas Fryman represented the seller during the 2020 trade when the party was on the buy side. The community was 91 percent occupied at the time of the sale. Rents are subsidized via vouchers administered through the Chicago Housing Authority. Built in 1924, the courtyard-style building features one- and two-bedroom units.

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310-West-Huron-Chicago
DevelopmentFinanceIllinoisMidwestNews

JLL Arranges $44.1M in Construction Financing for Chicago’s 310 West Huron

by Lynn Peisner

CHICAGO — JLL has arranged $44.1 million in construction financing for the joint venture developers of 310 West Huron, a 149-unit project in Chicago. The financing consisted of a $38.1 million loan provided by CIBC and $6 million in preferred equity from N3 Capital Management. Third Coast Real Estate and N3 Capital Management are the developers behind the nine-story project, which is situated in the River North neighborhood. Units will be offered as studios, one- and two-bedroom floor plans, including 11 two-story units with private patios. Amenities include a rooftop …

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