DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020. The community was fully leased at the time of sale. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The property is adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.
COLUMBUS, OHIO — Colliers Mortgage has negotiated a $10.8 million in acquisition financing for The View on Grant in Columbus. Zach Shope of the Colliers Mortgage Atlanta office arranged the loan through Fannie Mae on behalf of an undisclosed buyer. The View on Grant is the adaptive reuse of a former five-story steel pressing factory. The community include 86 units, as well as a public café and a 43-space automatic stacked parking garage.
ST. LOUIS — Berkadia has brokered the sale of Majestic Stove Lofts, a 120-unit community in St. Louis. Built in 2006 at 2017 Washington Ave., Majestic Stove Lofts was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. A California-based buyer acquired the asset. The sales price was not disclosed.
The 160-acre Mississippi Crossings site in Champlin, Minnesota, was a thriving commercial district in the early part of the 20th century. From the 1980s until the early 2000s, however, the area had been in decline for many years and was mostly known for its dilapidated commercial buildings, according to the City of Champlin. After a few redevelopment efforts started and stalled, the city entered into a development agreement in 2019 with Greco to be master developer of 12 acres within the Mississippi Crossings site. Greco is a Minneapolis-based commercial developer, …
WESTFIELD, IND. — CenterSquare has acquired Casey Corner, an 80-unit build-to-rent community currently under construction in the Indianapolis suburb of Westfield. The final deliveries of the townhome-style units are slated for February 2024. Units average 1,750 square feet with three bedrooms and attached two-car garages. The acquisition of completed homes will occur in stages as the project is built. The seller and purchase price were undisclosed.
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Fine-Tune Borrowing Strategies to Activate Multifamily Projects
Multifamily developers and owners seeking debt financing face a gauntlet of headwinds, but deal flows confirm that good deals are still landing loans. That’s according to Janette O’Brien, head of production for multifamily lending at KeyBank. As one of the nation’s largest bank-based financial services companies, KeyBank has a full pipeline of multifamily loans in process. That puts O’Brien’s finger on the pulse of what differentiates viable deals in today’s volatile market. Multifamily & Affordable Housing Business asked O’Brien about current borrower challenges, as well as the strategies that are helping some …
NORTH SAINT PAUL, MINN. — Tareen Development Partners has broken ground on Article No. 7, an 82-unit complex in the northeast Minneapolis suburb of North Saint Paul. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, community spaces and underground parking. The development team for the project also includes Bauer Construction, Momentum Design, Sail Management and the City of North Saint Paul. The building is slated for completion in fall of 2024.
DULUTH, MINN. — JLL Capital Markets has arranged the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment project in the Canal Park neighborhood of Duluth. Devon Dvorak, Mox Gunderson, Dan Linnel, Josh Talberg and Adam Haydon led the JLL Capital Markets Investment Sales and Advisory team that represented the seller, Sherman Associates. The buyer was not disclosed. Canal Park Square was originally constructed in 1886 and was redeveloped in 2015, which converted the office space on the second floor into apartments. The property now offers 29 apartments and …
WHITEHALL, OHIO — Woda Cooper Cos. and IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall. The Enclave on Main will be affordable to tenants earning between 30 and 80 percent of the area median income. Units will come in one-, two- and three-bedroom layouts, with several units adapted for those with mobility challenges or sight and hearing disabilities. Amenities include a community room with kitchenette and management office for an onsite community manager. The Ohio Housing Finance Agency (OHFA) provided …
EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $69 million in joint venture equity and construction financing for Golden Triangle Station, a 237-unit development in the Minneapolis suburb of Eden Prairie. A regional bank provided a $47 million construction loan, and Amstar Group provided $22 million in joint venture equity. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson of JLL represented the sponsor, Greco and Eagle Ridge Partners. The project is set to break ground this fall. Of the total unit count, 25 percent will …