Midwest

Woodward Way Apartments in Meridian Township, Michigan
Affordable HousingDevelopmentMichiganMidwestNews

Woda Cooper Opens $13.9 Million Woodward Way Apartments Near Lansing, Michigan

by Channing Hamilton

MERIDIAN TOWNSHIP, MICH. — Woda Cooper Cos. has opened Woodward Way Apartments, a 49-unit affordable community in Meridian Township, which is 10 miles east of Lansing, Michigan. Financing for the $13.9 million property was supported with federal Low-Income Housing Tax Credits allocated by MSHDA through its competitive Qualified Allocation Plan. Units at Woodward Way Apartments are available to households earning between 30 and 80 percent of the area’s median income. In addition, eight units have attached rental assistance through Project Based Vouchers awarded by the Lansing Housing Commission. There are five …

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Residences at Bolivar in Cleveland, Ohio
DevelopmentFinanceMidwestNewsOhio

SomeraRoad Secures $38.5 Million Construction Financing for Residences at Bolivar in Cleveland

by Channing Hamilton

CLEVELAND — SomeraRoad Inc. has acquired $38.5 million in construction financing, in addition to Co-GP equity, for the development of Residences at Bolivar in downtown Cleveland. Leon McBroom, David Gaines, Lucas Borges and Will Haass of JLL Capital Markets represented the borrower. JLL arranged the loan through a Midwestern regional bank and also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project.  Residences at Bolivar will include 184 rental units, as well as 2,611 square feet of …

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Highland Chateau in Duluth, Minnesota
Investment SalesMidwestMinnesotaNews

Sherman Associates Sells Highland Chateau in Duluth, Minnesota for $8 Million

by Channing Hamilton

DULUTH, MINN. — Sherman Associates has sold Highland Chateau, a 60-unit community in Duluth, to PLB Highland Chateau LLC for $8 million. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL Capital Markets represented the seller. Encompass Real Estate Investment Services represented the buyer. Built in 1972, Highland Chateau offers 60 units in studio, one- and two-bedroom layouts. Amenities include garage parking, on-site laundry facilities, a fitness center and a courtyard with a grilling and picnic area.

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Village Green in Marshall, Mich.
Investment SalesMichiganMidwestNews

Friedman Real Estate Arranges $4.1 Million Sale of Village Green in Marshall, Michigan

by Channing Hamilton

MARSHALL, MICH. — Friedman Real Estate has arranged the $4.1 million sale of Village Green in Marshall, a city in southern Michigan. According to Apartments.com, Village Green offers one- and two-bedroom units, as well as amenities such as internet access, a playground, patios and on-site parking. Friedman’s Peter Jankowski represented the undisclosed buyer in the transaction. The seller was also not disclosed.

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DevelopmentIndianaMidwestNews

TWG to Develop $9 Million Affordable Community in West Baden Springs

by Channing Hamilton

WEST BADEN SPRINGS, IND. — TWG will develop West Baden Lofts, a $9 million affordable community in West Baden Springs, a town in Indiana’s French Link Township. West Braden Lofts will offer 44 units in two- and three-bedroom layouts. The community will be available to households earning between 30 and 60 percent of the area median income. Amenities include a bikeshare program, Wi-Fi connectivity, fitness center, community room, indoor play area, community garden, a playground and in-unit laundry. Construction of West Baden Lofts is expected to begin in June 2023. …

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North Water Apartments in Chicago, Illinois
IllinoisInvestment SalesMidwestNews

Crescent Heights Buys North Water Apartments in Downtown Chicago for $173 Million

by Channing Hamilton

CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar Group. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community is situated above the Loews Chicago Hotel, which was not included in the sale, and offers studio, one-, two- and three-bedroom floor plans. John Jaeger and Justin Puppi of CBRE represented the seller. …

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FinanceIllinoisInvestment SalesMidwestNewsPeople News

JLL Capital Markets Selects Bill Baumann as Managing Director

by Channing Hamilton

CHICAGO — Bill Baumann has joined JLL Capital Markets as a Managing Director in the firm’s Chicago office. In this role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing owners and developers. He will report to Senior Managing Directors Danny Kaufman and Jaime Fink. Prior to joining JLL, Baumann served as as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016. He earned his bachelor’s degree from Yale University and his MBA from …

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Irving School Apartments in Duluth, Minnesota
MidwestMinnesotaNews

High Point Holdings Acquires $3.7 Million Historic Irving School Apartments in Duluth, Minnesota

by Channing Hamilton

DULUTH, MINN. — High Point Holdings LLC has acquired Irving School Apartments from Sherman Associates for $3.65 million. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL Capital Markets led the team representing the seller. Irving School Apartments is a historic, 44-unit community in Duluth, which is a port city on Lake Superior in Minnesota. The property was built in 1895 and is known for its tall chimney. Irving School Apartments offers expansive studio, one-, two- and three-bedroom units.

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FinanceMidwestMissouriNews

Drever Partners Secures $15.7 Million to Refinance The Penleigh-Branson Row Micro Apartments in Branson, Missouri

by Channing Hamilton

BRANSON, MO. — Drever Partners has received a $15.7 million loan to refinance The Penleigh-Branson Row, a 325-unit micro apartment complex in Branson. Franklin Templeton provided the CMBS loan, which includes a 10-year term and a 60 percent loan-to-value ratio. The property was converted from a hotel and was leased up in nine months. CoreVest Finance, a division of Redwood Trust Inc., provided the original financing and construction loan for the conversion. Drever Partners is now raising capital for The Penleigh-Live Oak, which will sit adjacent to The Penleigh-Branson Row. …

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Affordable HousingDevelopmentIndianaMidwestNews

TWG to Break Ground on $9 Million West Braden Lofts in West Baden Springs, Indiana

by Channing Hamilton

WEST BADEN SPRINGS, IND. — TWG plans to begin construction on West Baden Lofts, a $9 million affordable housing community in West Baden Springs, this month. West Baden Springs is a town located in southern Indiana’s French Lick Township. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. The 44-unit development will offer two- and three-bedroom floor plans. Units will be reserved for households making 30 to 60 percent …

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