Midwest
Arbor Realty Appoints New VP
Sam Gold will be in charge of Freddie Mac SBL, Fannie Mae and FHA loan originations for clients in the Midwest. He will be based in the company’s Chicago office.
How Mission Lenders Fueled Motor City’s Comeback
After the housing crash, Detroit’s revival was powered by mission lenders. Nearly 42 percent of investment in Detroit real estate was possible with financing from such alternative financing organizations. Urban Institute’s Brett Theodos filled MHN in on mission lending and its opportunities for expansion.
JV Secures $130M Senior Loan for Minneapolis Condos
Provident Real Estate Ventures and Shamrock Properties Inc. will develop The Legacy, a 374‐unit property that will include an eight‐story podium with a 14‐story and a 17‐story tower, along with three levels of subterranean parking.
IRET Buys in Hot Twin Cities Market
The company acquired the 500-unit Park Place in Plymouth, Minn., for $92.3 million. The community consists of four apartment buildings and is currently more than 95 percent occupied.
Capital One Refinances Illinois Nursing Facility
The $21.5 million fixed-rate HUD loan will be used to refinance Avantara Long Grove, a senior nursing facility in Long Grove, Ill.
Chicago’s Woodlawn: A Success Story in the Making
In the last few years, the long-struggling neighborhood has seen robust construction activity in the housing and retail sectors. Nonprofit developer POAH together with the city of Chicago have initiated a series of affordable housing projects meant to transform the community and trigger other residential, educational and cultural developments.
ARA Adds New SVP to Chicago Team
James Mitchell, who brings with him 30 years of experience in real estate, will be responsible for overseeing the firm’s sales and client relationships.
All Eyes on Core in Cleveland
The city’s market is growing slowly, particularly in submarkets outside the urban core that still face difficulties stemming from the last downturn.
Civitas, Guttman to Develop Ohio Senior Housing
The Grand of Sugarcreek in Dayton will offer 220 independent-living, assisted-living and memory-care units. Construction is slated to start in the first quarter of 2018.
EdR Goes Into The Woods at Northern Michigan U
Scheduled for completion in 2018, the $75.4 million public-private partnership will create 1,229 beds on the Upper Peninsula campus.