Midwest
DEAL OF THE DAY: Oak Grove Capital Closes $7.2M HUD 223(f) Refinancing Loan
Shakopee, Minn.–Oak Grove Capital provided $7.2 million in funding for White Pines Apartments. The HUD MAP 223(f) refinance was for a repeat borrower.
McCaffery Begins Marketing for Ambitious Chicago Lakeside Development
Chicago–McCaffery Interests Inc. has kicked off the marketing of Chicago Lakeside Development L.L.C. by opening a 2,000-square-foot marketing center on the site of the development.
Stimulus Funds Help Kick Off Affordable Senior Housing Project
Waukegan, Ill.–The assistance of federal stimulus funds allowed Banner Apartments to begin constructing The Residences at Fountain Square outside Chicago.
DEAL OF THE DAY: NorthMarq Arranges $37M Mortgage for Two Phases of Apartment Project
Overland Park, Kan.–NorthMarq Capital has arranged first mortgage financing of $37 million for Stonepost Apartments.
DEAL OF THE DAY: Berkadia Originates $25,230,600 in Fixed-Rate Debt for Chicago Multifamily Property
Chicago–Berkadia Commercial Mortgage originated $25,230,600 in fixed-rate debt through its FHA/HUD program for the refinance and additional construction of Long Grove House, a multifamily property in Chicago.
MARKET SNAPSHOT: Consistency Remains Milwaukee’s Greatest Strength
Milwaukee–A modest pricing correction of single-family home has maintained renter demand in Milwaukee, according to the most recent report by Marcus & Millichap.
Historic Chicago Redevelopment Becomes Green Apartments
Chicago–An apartment property that combines historic renovation with green building features is now leasing on the West Side of Chicago, and developers say the combination is helping to attract tenants.
DEAL OF THE DAY: NorthMarq Arranges $44M Mortgage at 4.04% Interest on Behalf of Amli
Woodridge, Ill.–Frank Relihan, vice president, Kenneth Gentzel, senior vice president and managing director and Gary McGlynn, senior vice president and managing director of NorthMarq’s Washington, DC Regional office arranged first mortgage financing of $44 million for AMLI at Seven Bridges, a 520-unit multifamily complex located at 6566 Double Eagle Drive in Woodridge, Ill.
Oak Residential Enters Indianapolis Market
Deerfield, IL–Oak Residential Partners, LLC closed on its second multifamily investment in the Indianapolis area in two months, the 146-unit Grande Reserve at Geist Apartments.
KeyBank Real Estate Capital Comes Through with $106.7M for Seven NJ Seniors Housing Communities
Cleveland, Ohio–Real estate financing is still hard to come by, even for borrowers in the relatively stable seniors housing sector, but KeyBank Real Estate Capital recently stepped up to the plate for seven assisted living and age-restricted communities in New Jersey.