Midwest

The Encore Southpark in Charlotte, North Carolina

CLEVELAND — BWE, the commercial finance firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged a $260 million loan for the refinancing of a portfolio of six properties totaling roughly 1,500 units. The company is based in Cleveland. Northwestern Mutual provided the five-year loan, which was structured with a 5.07 percent interest rate, full-term interest-only payments and a 55 percent loan-to-value ratio. The borrower was not disclosed. All properties were constructed within the past decade, and the portfolio had an occupancy rate of approximately 95 percent at the …

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Arden Townhomes in Warrenville, Illinois

WARRENVILLE, ILL. — Cantera Townhomes LLC has received $25 million for the refinancing of Arden Townhomes, a 60-unit townhome community located in the Cantera neighborhood of Warrenville, about 30 miles west of Chicago. Situated at 28291-28417 Torch Parkway, Arden Townhomes offers three-bedroom units averaging 1,898 square feet. The asset was recently built in 2024. JLL represented the borrower in securing the $20 million, two-year, floating-rate senior loan through an entity managed by Argentic Investment Management LLC. Pearlmark provided an additional $5 million in mezzanine financing. Trent Niederberger and Philip Galligan …

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Optima Verdana, in Wilmette, Illinois

Amenities are the personality of a multifamily property. They proclaim a community’s individuality and lure tenants with promises of a fun, relaxing or convenient lifestyle. What counts as a multifamily amenity today? If most renters and homeowners are accustomed to robust Wi-Fi or controlling their heating and air conditioning through their phones, is a smart thermostat or bulk internet something to advertise as an “extra,” or are these features a given nowadays, like a fridge or a microwave? “Want versus need is a spectrum when it comes to multifamily amenities,” …

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Lock Lane Apartments in Madison, Wisconsin

MADISON, WIS. — Vermilion Development will develop Lock Lane Apartments, a 309-unit project located on an 8.5-acre site in Madison. McShane Construction Co. will construct the property. Potter Lawson is the project architect. JLL arranged equity capital through Quartz Lake Capital and Clarion Partners. CIBC is providing construction financing.  Lock Lane Apartments will consist of two five-story buildings that house 289 apartments, as well as three two-story townhome buildings with 20 units. The property will also include a two-level parking garage. Planned amenities include green roof areas, fitness centers, clubrooms, …

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OMAHA, NEB. — Cavan Cos. has secured two construction loans totaling $87.5 million for the development of The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, two build-to-rent (BTR) projects in Omaha. ORIX Corp. USA’s Real Estate Capital Group provided the financing. Timelines for completion were not disclosed. Combined, the two projects will feature 466 single-story homes in one-, two- or three-bedroom layouts. Each residence will include open floor plans, 10-foot ceilings, laundry rooms, walk-in closets and fenced back yards with artificial turf. Select homes will also have garages. Both communities will …

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Grandview Terrace in Mound, Minnesota

MOUND, MINN. — CBRE has arranged the sale of Grandview Terrace, an 88-unit community located in Mound, roughly 25 miles west of Minneapolis, for $9.8 million. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller, IPG. An entity related to Lion Rock Properties was the buyer. Grandview Terrace was built in 1970. Located at 5600 Grandview Blvd., the community offers one- and two-bedroom floor plans averaging 800 square feet. According to Apartments.com, amenities include a pool, laundry facility, gated access, Wi-Fi connectivity and a courtyard.

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GREEN BAY, WIS. — A partnership between Gorman & Co. and the Lutheran Social Services of Wisconsin and Upper Michigan (LSS) has completed Bay City Lofts, a 48-unit affordable and supportive housing community in Green Bay. The property is located at 2510 University Ave. Of the total unit count, 40 are set aside for tenants earning between 30 and 60 percent of the area median income. The remaining eight units are market rate. Amenities include a community room, fitness center and onsite offices for LSS, which will provide supportive services …

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COLUMBUS, OHIO — Woda Cooper Cos. Inc., a developer and property manager headquartered in Columbus, has added two professionals as development officers.  The company hired Malik Jordan to the role of senior vice president of development. In this role, Jordan will oversee development projects that involve housing, capital projects and community engagement. Jordan received a bachelor’s degree in English from Coppin State University and a master’s degree in urban and regional planning from Georgetown University. Jordan has 16 years of experience and is a board member for GEDCO, a faith-based …

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Multifamily TheGuarantors Eben MacNeille

Despite the persistent housing shortage, landlords are having a more difficult time qualifying potential residents, especially non-traditional applicants who don’t check the usual boxes for credit and employment history. Renters are also facing bigger hurdles for income, credit and up-front deposits. “It has become increasingly expensive and challenging to rent an apartment in the United States,” says Eben MacNeille, senior director of sales at TheGuarantors. The New York-based financial technology company serves the multifamily industry by providing lease guarantees, security deposit replacements and renters insurance and compliance solutions. Today’s renter …

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The Pines at Q Plaza Apartments in Omaha, Nebraska

OMAHA, NEB. — CBRE has secured a loan for the refinancing of The Pines at Q Plaza Apartments, a 505-unit community in Omaha. John Larsen of CBRE Capital Markets’ Debt and Structured Finance team in Omaha secured the 10-year, full-term interest-only loan through Freddie Mac. The total loan amount was not disclosed. The company purchased the property in 1985 and will use a portion of the loan to renovate the common areas of all units. The Pines at Q Plaza is located at 8633 Q Plaza. Built in 1974, the …

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