Real estate deal of the week

Shoreline Lake Bluff LLC, led by Garrison P. Benson, recently purchased the Lake Bluff at East Pointe luxury apartment community from Milwaukee-based Mandel Group Inc. Shoreline paid $27.5 million for the four-story 110-unit apartment building at 1300 N. Prospect Ave. on Milwaukee’s east side. The sale price was considerably higher than the property’s assessed value of $16.68 million, according to city records. Matthew Lawton, senior managing director of the Chicago office of Holliday Fenoglio Fowler and directors Marty O’Connell, Sean Fogarty and Dave Nachison managed the sale for Mandel Group. Lake Bluff at East Pointe was built in 1998. "We are currently at a time in the real estate cycle and economic environment when, due to historically low interest rates and low capitalization rates, both sales and refinancing are extremely attractive," said Barry Mandel, president of Mandel Group. "We evaluated our entire portfolio recently and completed a number of refinancings as well as deciding to sell Lake Bluff."