WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
MOKENA, ILL. — Capital One has provided an $11.9 million acquisition loan for a 28,000-square-foot medical property in Mokena, approximately 40 miles southwest of Chicago. MedProperties Holdings LLC acquired the Center for Minimally Invasive Surgery, which features four operating rooms, a 14,000-square-foot surgery center and a 5,350-square-foot recovery center. The seller and terms of the loan were undisclosed.
MILWAUKEE — Boston Capital has invested in the construction of a 90-unit apartment community in Milwaukee. Cardinal Capital Management is the general partner in the development. The Germania will feature 44 tax credit units and 46 market rate units. Tenants of the tax credit units must earn 60 percent or less of the area’s median income. The apartments will be located in an eight-story, vacant building that was constructed in 1896 and is listed on the National Register of Historic Places. The project will also include 8,500 square feet of ground-floor commercial space. The Germania will provide 38 one-bedroom units and 52 two-bedroom units ranging from 446 square feet to 1,210 square feet. Unit amenities will include washers and dryers, central air conditioning and dishwashers. Community amenities will include a leasing office, community room with kitchen, fitness center and storage lockers. The Germania will be built with tax credit equity from the Low Income Housing Tax Credit program, as well as federal and state historic tax credit programs.
CHICAGO — Summit Design + Build LLC has completed a 12,000-square-foot early childhood education center in Chicago’s Wicker Park/Bucktown neighborhood. The Michael R. Lutz Family Center is a two-story building located at 2129 W. North Ave. The center is owned and run by the Jewish Council for Youth Services. The facility features seven classrooms, staff offices and a 2,000-square-foot outdoor play area. OKW Architects provided architectural services for the project.
CHICAGO — Ryan Cos. and Lincoln Property Co. have topped out a 368-unit, luxury apartment building in Chicago’s Gold Coast neighborhood. Aurélien is a 31-story, $100 million project that will be located at 833 N. Clark St. Construction on the project began in July 2015 and is slated to be completed by early 2017. Daiwa House Texas Inc. is the primary equity investor in Aurélien. When completed, the building will offer 78 studios and convertibles, 209 one-bedroom units, 75 two-bedroom units and six penthouse apartments. The majority of unit sizes will range from 563 square feet to 1,252 square feet, while penthouse apartments will range from 1,179 square feet to 3,250 square feet.
TOPEKA, KAN. — McPherson Contractors Inc. has broken ground on a $30 million, 96,000-square-foot headquarters building for Federal Home Loan Bank in Topeka. The three-story building will feature 265 parking spaces, walking trails, outdoor terraces, a café and 3,400 square feet of amenity space. The LEED Gold design is expected to reduce energy use by 65 percent compared with a conventional design. HOK and Schwerdt Design Group are the architects of record. Construction is slated for completion in December 2017.
CHICAGO — Capital One has provided a $33.6 million loan for the acquisition of four medical office buildings near Chicago. A joint venture between Harrison Street Real Estate Capital and MedProperties Group purchased the assets. The seller in the transaction was undisclosed. The portfolio of properties includes the 51,632-square-foot Lockport Crossing in Lockport; the 22,467-square-foot Dryer Medical Clinic in Batavia; the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights; and the 17,374-square-foot Batavia Medical Campus II in Batavia.
OAKBROOK TERRACE, ILL. — Cushman & Wakefield has arranged an 18,044-square-foot office lease in Oakbrook Terrace, approximately 20 miles west of Chicago. Hyundai Motor America is relocating the office portion of its central regional offices to the top floor of TransAm Plaza Two. Hyundai’s service training center and parts distribution subsidiary, Mobis, will remain at an industrial facility located at 1705 Sequoia Ave. in Aurora, Ill. JBS Commercial represented the landlord, American Landmark Properties, in the transaction.
CHICAGO —TSP Value and Income Fund, a subset of Transwestern Investment Group, has purchased a five-property, industrial portfolio in the Chicago area for an undisclosed price. The portfolio, which is fully occupied, totals 1.4 million square feet. The properties include 3800 Sunset Ave. in Waukegan; 301-363 N. Third Ave. in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview; and 5100 W. 123rd St. in Alsip. The properties have clear heights ranging from 21 feet to 30 feet and all have some percentage of office finish. The portfolio features eight tenants including Dulin Metals Co., Permasteelisa North America, Midland Paper Co., Keystone Automotive Industries and Cornfields Inc. Christopher Carroll and Brian Carlton of HFF placed a five-year, fixed-rate acquisition loan for the portfolio with a life company.
DEARBORN, MICH. — Ford Motor Co. has unveiled plans for a 10-year, $1.2 billion renovation of its Dearborn campus, roughly 10 miles west of Detroit, according to The Architect’s Newspaper, a New York-based print and web publication. The project will combine 30,000 employees from 70 buildings into two primary locations — a product campus and a world headquarters campus. Over 7.5 million square feet will be rebuilt and upgraded into more modern, green and high-tech space. The product campus will feature trails and walkways, autonomous vehicles, on-demand shuttles and eBikes. The world headquarters will feature a Ford credit facility. Both campuses will also include new employee services and heightened wireless connectivity. At the heart of the product campus will be a 700,000-square-foot design center, which will include new design studios and an outdoor design courtyard. Construction of the product campus is expected to be complete by 2023. Work on the world headquarters campus begins in 2021 and is expected to be complete in 2026.
