OMAHA — Dougherty Funding LLC has provided a $16.1 million loan for a 196-unit affordable housing property in Omaha. The borrower, Omaha Leased Housing Associates II LLLP, will use the loan proceeds to refinance the property and complete unit and amenity renovations. Bluff at Cherry Hills Apartments includes a fitness center, garages, playground, clubhouse and swimming pool. Unit amenities include kitchen appliances, in-unit washers and dryers, walk-in closets and patios or balconies. The complex offers two-, three- and four-bedroom townhomes. Dougherty Funding arranged the financing.
SAGINAW, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 141,231-square-foot retail building in Saginaw for an undisclosed price. LNR Partners LLC sold the single-tenant building, located at 3828 Bay Road, to A.T. Frank Floor Covering via Ten-X. The store was formerly occupied by Value City and is situated on a 17.2-acre site. A.T. Frank Floor Covering will occupy the building, which will serve as the company’s seventh location. Rich Deptula of Friedman represented both parties in the transaction.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of a 28-unit apartment property in St. Paul for $2.3 million. Birmingham Woods, located at 1424 and 1426 Case Ave., was built in the early 1980s and consists entirely of three-bedroom/one-bathroom units. A private investor purchased the asset from a limited liability company. The seven-building complex features amenities such as a pet play area, courtyard, laundry facility, extra storage and garage parking. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
NORTHFIELD, ILL. — Reed Construction will complete a 545,000-square-foot renovation and build-out for Medline Industries Inc. in Northfield, approximately 20 miles northwest of Chicago. Medline, a global medical supply manufacturer and distributer, will relocate its headquarters to the facility, which was the former headquarters for Kraft Foods. Medline’s current headquarters in Mundelein, Ill., will stay open for the next several years. The renovation will include interior demolition and a rebuild of the existing space, followed by construction of new offices, meeting rooms, break areas and more. The construction is slated for completion this November. Partners by Design is providing architectural services, and MB Real Estate is representing the owner.
THREE RIVERS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 91,264-square-foot shopping center in Three Rivers, approximately 30 miles south of Kalamazoo. Carson Equities LLC sold the building to Stockbridge Northridge LLC for an undisclosed price. The Three Rivers Shopping Center, located at 1320 W. Broadway St., is situated on 11.7 acres and is 81 percent occupied. Tenants at the center include Peebles, Dunham’s Sports and Family Farm & Home. The property is shadow anchored by Home Depot and Meijer. Rich Deptula of Friedman represented both parties in the transaction.
NORTH RIVERSIDE, ILL. — The Illinois St. Andrew Society has completed construction of The Caledonian House, a 20-unit memory care building in the Chicago suburb of North Riverside. The St. Andrew Society is the nonprofit operator of The Scottish Home assisted living and skilled nursing community. The Caledonian House is located on the community’s five-acre campus and will offer the first memory care services at the community.
CHICAGO — Marcus & Millichap has brokered the sale of a seven-unit apartment building in downtown Chicago for $1.6 million. A private owner sold the asset, which is located at 1953 N. Cleveland Ave., to Laramar Group. The property features hardwood floors, French doors, porches and a new water heater and boiler. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
PEWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged a 20,242-square-foot office and industrial lease in Pewaukee, approximately 20 miles west of Milwaukee. TF Final Mile LLC will occupy Suite 200 in the building, which is located at W233 N2800 Roundy Circle W. Byrne Family Limited Partnership & 3RP LLC is the landlord. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the landlord in the transaction. Bill Langhoff of Colliers International represented the tenant.
WESTLAKE, OHIO — New York Life Real Estate Investors has provided a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland. The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joe’s, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.
NAPERVILLE, ILL. — Cushman & Wakefield has arranged a 25,170-square-foot lease for DuPage Montessori School in Naperville, approximately 35 miles southwest of Chicago. Calamos Investments owns a vacant office building that will be redeveloped into a Pre-K – 8th grade school complete with an outdoor playground and a turf sports field. Construction will start this summer and is slated for completion by the 2017-2018 school year. The building, located at 111 E. Warrenville Road, is situated on 1.9 acres. The school will occupy the first two floors of the 38,425-square-foot, three-story building, which was the former headquarters for Calamos Investments. Over 220 students are expected to enroll in the private, non-profit school next year. Adam McCostlin and Brian Duffy of Cushman & Wakefield represented the DuPage Montessori School in the transaction.