MONTGOMERY, ILL. — Jameson Commercial has brokered the $4.7 million sale of Season’s Ridge Plaza in Montgomery, a western suburb of Chicago. The retail center sits on 3.8 acres at 1779-1799 Douglas Road and includes a freestanding Walgreens and Pet Supplies Plus. Esther Berman and Mark Jones of Jameson represented the seller, a local retail developer. A California-based buyer purchased the asset.
HARVARD, ILL. — Marcus & Millichap has arranged the sale of Harvard Park Apartments in northern Illinois for $2.8 million. Built in 1975, the 40-unit apartment property is located at 108-124 W. Brink St. The five-building property features two-bedroom units with private patios. David Tarnoff of Marcus & Millichap brokered the transaction on behalf of the undisclosed parties.
CLEVELAND AND CHICAGO — KeyBank Real Estate Capital has provided a $26.4 million CMBS loan for the acquisition of a portfolio of Extended Stay America hotels in suburban areas of Cleveland and Chicago. The portfolio is comprised of 14 hotels, built in the late 1990s and early 2000s, totaling 1,386 rooms. Jake Proctor of KeyBank originated the nonrecourse, fixed-rate financing with a five-year term, three-year interest only period and 30-year amortization schedule. Singerman Real Estate was the borrower. The portfolio also includes hotels in Columbus, Ga.
CHICAGO — Spaces Real Estate has begun pre-leasing of 1325 N. Wells, a 60-unit apartment community in Chicago’s Old Town neighborhood. Currently under development by Sedgwick Properties, the community will be managed by Laramar Group. First move-ins are scheduled for early 2019. Located between Schiller and Goethe streets, the property features one- and two-bedroom apartments ranging in size from 621 to 1,140 square feet. Monthly rents start at $2,225. Amenities include a fitness center, entertainment lounge and rooftop deck. Residents will also have access to bike storage, heated garage parking and dry cleaning service by Pressbox.
CHICAGO — Associated Bank has provided a $4.1 million loan for the construction of a 3,000-square-foot building in Chicago that will house a 7-Eleven gas station and convenience store. Construction is expected to begin in early 2019 and completion is slated by the end of the year. The property, located at 3163 N. Clybourn Ave. in the Lakeveiw neighborhood, was previously vacant. Brian Rogan of Associated Bank originated the loan on behalf of the borrower, GW Clybourn LLC, a subsidiary of GW Properties.
CHICAGO — CIBC Bank USA has provided $31.1 million in construction financing for 43 luxury condominium units and 12 townhomes in Chicago’s Wicker Park. The development is named Alcove M.D.P. for its proximity to Milwaukee Avenue, Division Street and Paulina Street. Vermilion Development is the developer. The seven-story condominium building will include units averaging almost 2,000 square feet. Units start at $600,000. The 12 four-bedroom townhomes, each attached with garages, are sized between 3,000 and 3,500 square feet. The townhomes start at $1 million. Vermilion is expected to break ground on the project in the first quarter of 2019, but a timeline for completion was not disclosed. Christopher Knight of HFF arranged the financing.
CHICAGO — Essex Realty Group Inc. has brokered the sale of The Northland Apartments in Chicago’s Old Town neighborhood for $24.5 million. The luxury apartment building comprises 60 units and one restaurant, Two Lights Seafood & Oyster. Amenities include a dog run and rooftop deck. Monthly rents start at $1,700. Jim Darrow and Jordan Gottlieb of Essex represented the seller, local developer JAB Real Estate. Kate Verde of Essex represented the out-of-state buyer who was completing a 1031 tax-deferred exchange.
SOUTH HOLLAND, ILL. — Marcus & Millichap has negotiated the $3.7 million sale of a 9,703-square-foot property occupied by DaVita Dialysis in South Holland, about 20 miles south of Chicago. The facility, located at 16110 LaSalle St., opened in 2016. DaVita operates under a 15-year, double net lease. Valerie Cook, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the undisclosed seller. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the asset.
EFFINGHAM, ILL. — CBRE | Capstone has arranged a $180.5 million CMBS loan for the refinancing of a 169-property portfolio occupied by Heartland Dental across 24 states. Jon Faulkenberg, Shawn Givens, Chase Gambill and Ken Higgins of CBRE | Capstone arranged the fixed-rate loan on behalf of the borrowers, Professional Resource Development Inc. and WMG Development LLC. Jonathan Brumleve and Curt Frost of Professional Resource Development led the transaction on behalf of the borrowers. UBS provided the 10-year loan, which features a 30-year amortization schedule and a 57 percent loan-to-value ratio. Effingham, Ill.-based Heartland Dental provides comprehensive administrative support services for marketing, accounting and other aspects of a dentist’s business.
CHICAGO — A joint venture between High Street Realty Co. and Angelo Gordon has purchased a four-property, 713,555-square-foot industrial portfolio in metro Chicago for an undisclosed price. The multi-tenant properties include: 1010-050 Sesame St. in Bensenville; 11241 Melrose Ave. in Franklin Park; 11939 S. Central Ave. in Alsip; and 6748-6750 S. Sayre Ave. in Bedford Park. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the seller, Hackman Capital Partners.