GLEN CARBON, ILL. — Mia Rose Holdings has broken ground on The Meridian, a 144-unit development in the St. Louis suburb of Glen Carbon. The Meridian will comprise 110,000 square feet across four three-story buildings and a one-story clubhouse. Planned amenities include a pool, fitness center, dog park, garages and walking paths. Completion is slated for spring 2025 Midas Construction is the general contractor. Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc. and mechanical, electrical and plumbing engineer Engenuity. 2B Residential will be …
EVANSVILLE, IND. — CBRE has arranged the sale of Post House, a 159-unit property located at 215 Vine St. in Evansville. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties, in the transaction. Prosperity Commercial Real Estate was the buyer. The sales price was not disclosed. Post House was constructed in 2020. The community offers studio, one- and two-bedroom units that average 894 square feet, as well as 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, …
CHICAGO — Peak Properties has been awarded management of The Ludlow, a 131-unit property located in Chicago’s Lincoln Park neighborhood. Located at 2032 N Clybourn, the community is the adaptive reuse of the former Ludlow Typograph Company Building, which was originally built in 1913 and became defunct in 1974, according to the City of Chicago. The Ludlow consists of five buildings. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a rooftop lounge, fitness center with infrared sauna and yoga studios, demonstration kitchen, media room, co-working lounge, …
MADISON, WIS. — CBRE has brokered the sale of Royster Commons and 515@Royster, two properties totaling 174 units in Madison. Weidner Apartment Homes purchased the assets from Ruedebusch Development & Construction for $34 million. Royster Commons was built in 2019 and features 86 apartments. The average unit size is 956 square feet. Built in 2022, 515@Royster comprises 88 units with an average size of 761 square feet. Gretchen Richards, Patrick Gallagher, Matson Holbrook and Ted Nevermann of CBRE represented the seller in the deal. CBRE also provided acquisition financing for …
CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. The LIHTC Collateral Pilot Program provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. While all FHLBank Chicago members are …
OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile, a 379-unit property in Omaha. The complex was built in 2023. Amenities include a pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. The community also features commercial space, which has been leased to three restaurant/entertainment concepts. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate …
AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit property located at 1 S. View St. in Aurora. The property offers studio, one- and two-bedroom floor plans. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule.
FITCHBURG, WIS. — Marcus & Millichap (NYSE: MMI) has negotiated the sale of Sun Valley Apartments, a 204-unit community in the Madison, Wisconsin suburb of Fitchburg. Matthew Whiteside of Marcus & Millichap’s Milwaukee office represented the seller, Sierra West LLC and procured the buyer, Monarch Investment and Management Group. Sun Valley Apartments was built in 1975 and renovated in 2011. The complex consists of 12 buildings on a 12-acre site. Amenities include a fitness center, leasing office, playground and green spaces. The property is situated adjacent to the Nevin Springs …
RIVERVIEW, MICH. — Friedman Real Estate has brokered the sale of Huntington House Apartments, a 129-unit complex located at 17400 Fort Street in the southern Detroit suburb of Riverview. The property traded hands for $10.5 million. Peter Jankowski and Rich Deptula of Friedman Real Estate represented the undisclosed seller in the deal. The buyer was also not disclosed.
MADISON, WIS. — A joint venture between Vermilion Development and Quartz Lake Capital has secured $95 million in debt and equity financing for a 309-unit development located at 1617 Sherman Ave. in Madison. JLL Capital Markets negotiated $33.3 million in joint venture equity for the project through Clarion Partners. 1617 Sherman will comprise six buildings featuring apartments and townhome-style units. The average unit size is 793 square feet. Community amenities will include a fitness center, bike storage, pet spa, coworking space, breakout rooms, community garden and a rooftop terrace featuring …