INDUSTRY NEWS AMERICAN STREET CAPITAL ARRANGES LOAN FOR REFINANCING OF APARTMENT BUILDING St. LRC plans to update the units and add 90 storage units. Trin-ity AAA will manage the asset. Waller Group represented LRC in the transaction, which accounts for LRC’s fourth acquisition in the state of Michigan. CHICAGO — American Street Capital (ASC) has arranged a $12 million loan for the refinancing of an apartment building in Chi-cago’s Lakeview neighborhood. Built in 2019, the transit-oriented property consists of 37 apartment units and two retail spaces. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate below 4 percent and a 30-year amortization schedule. A national bank provided the loan on behalf of the undisclosed bor-rower. DREVER ATELIER PARTNERS ACQUIRES HOTEL FOR AFFORDABLE HOUSING CONVERSION JLL BROKERS $34 MILLION SALE OF APARTMENT PROPERTY LRC COMMERCIAL ACQUIRES MULTIFAMILY PROPERTY FOR $3.5 MILLION FLINT TOWNSHIP, MICH. — LRC Commercial has acquired Lux off Linden in Flint Township for $3.5 million. The 92-unit multifamily property is located at 1440 Linden ROCHESTER, MINN. — JLL Capital Markets has arranged the $34 mil-lion sale of Red44, a 159-unit apart-ment property in Rochester. Built in 2017, Red44 comprises studio, one-and two-bedroom units aver-aging 850 square feet. Amenities in-clude a pool, rooftop lounge, patio area with grills, clubhouse, fitness center, dog run and heated under-ground parking. Mox Gunderson, Adam Haydon, Dan Linnell and Josh Talberg of JLL represented the sellers, Roers Investments, Reuter Walton Development and North Bay Cos. Champaign, Illinois-based Regency Multi-Family was the buyer. Red44, which recently sold in Rochester, Minn., for $34 million, includes 159 units and was built in 2017. BERKADIA NEGOTIATES $39 MILLION SALE OF MULTIFAMILY COMMUNITY BLOOMINGTON, ILL. — Berkadia has negotiated the $39 million sale of Traditions Bloomington, a 396-unit apartment community in the Chicago suburb of Bloomington. Located at 901 Valley View Circle, the garden-style property con-sists of one-bedroom floor plans. Amenities include a fitness cen -ter, business center, conference room, two pools, community play-grounds and an outdoor grilling area. Ralph DePasquale, Jeff Irish and Brandon Grisham of Berkadia represented the seller, Minnesota-based Dominium. Georgia-based Traditions Harmony Housing LLC was the buyer. BRANSON, MO. — Drever Atelier has acquired Angel Inn in Branson and plans to redevelop the hotel into an affordable housing com-munity with 324 apartments. The property, originally built in 1994, will be named The Penleigh-Branson Row. The full renovation will include three resident loung-es, resort-style cabanas and an on-site pet park. The Penleigh will of-fer monthly rates of approximately $600 with incentives for early pay-ment, free after-school tutoring and affordable fitness programs. The community is slated for com-pletion in early 2022. The former 342-room hotel in Branson, Mo., will undergo a full renovation to include 324 apartments, three resident lounges, a swimming pool with two hot tubs and a pavilion. Independently owned and locally operated public accounting firm, with roots dating back to the 1980's. For the past thirty years, we have been a trusted advisor to a variety of clients and Management Companies in the Multifamily/Affordable Housing market. We offer audits, cost certification reports, historic tax credit implementation, consulting, and tax planning and preparation. Contact: Jeff Hamernik jhamernik@blackmanandassoc.com 402-330-1040 17445 Arbor Street, Suite 200 Omaha, NE 68130 ALBION RESIDENTIAL PURCHASES 719-UNIT COMMUNITY, PLANS $23 MILLION REVITALIZATION BMC CAPITAL ARRANGES $57 MILLION LOAN FOR REFINANCING OF APARTMENT COMMUNITY Member of PALATINE, ILL. — Albion Residen-tial has purchased Birchwood on Sterling, a 719-unit apartment com-munity in Palatine, a northwest suburb of Chicago. Matt Schoen-feldt of JLL Capital Markets ar-ranged a $94.2 million acquisition loan on behalf of Albion through Voya Investment Management. Albion plans to undertake a $23 million renovation project, com-pletion of which is slated for early 2024. All units that have not been recently updated will be modern-ized. Additional plans call for an expanded and updated club room, a newly built fitness center, reno -vation of the pool and the addi-tion of fire pits, bocce ball and dog runs. Birchwood on Sterling was originally built in the 1970s. OVERLAND PARK, KAN. — BMC Capital has arranged a $57 million loan for the refinancing of Promon -tory Apartments in Overland Park. The 291-unit, four-story apartment community was built in 2018. Noah Laredo and Clark Finney of BMC’s Dallas office arranged the Freddie Mac loan through Com-munity Preservation Corp. The loan features a fixed interest rate of 2.8 percent for 10 years, a 30-year amortization schedule and five years of interest-only payments. Launch Development was the bor-rower. Please send your news to Lpeisner@francemediainc.com Lynn Peisner, Editor 8 | Midwest Multifamily & Affordable Housing Business | September/October 2021 www.REBusinessOnline.com