MERRILLVILLE, IND. — McShane Construction Co. has completed the construction of Merrillville Memory Care, a 48-unit memory care community in Merrillville, approximately 40 miles southeast of Chicago. Dete Development hired McShane on behalf of Whiteco Industries, the land owner. The 33,760-square-foot, single-story complex is located on a nine-acre site.
KETTERING, OHIO — Bernard Financial Group has arranged a $5.4 million loan to refinance Fox Hunt Apartments in Kettering, approximately six miles south of Dayton. The 250-unit complex consists of 17 two-story buildings. Fox Hunt Apartments was built in 1975 and is situated on 14.3 acres. Amenities at the property include a business center, fitness center, laundry facility, clubhouse, playground and swimming pool. Fox Hunt Owner LLC is the borrowing entity. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender.
CHICAGO — KeyBank Real Estate Capital has provided a $182 million Freddie Mac loan and a $142 million corporate credit facility to Enlivant, a Chicago-based owner and operator of nearly 200 seniors housing communities throughout the United States. The Freddie Mac loan is secured by 36 assisted living communities comprised of 1,477 units in 14 states. The capital provides permanent, non-recourse financing. The corporate credit facility is comprised of a $100 million term loan and a $42 million revolver, secured by 40 assisted living communities that are located throughout 12 states. The credit facility provides Enlivant with capital to implement its operating and growth strategy. Charlie Shoop of KeyBank Healthcare Mortgage Banking Group arranged the Freddie Mac financing. Paul Di Vito, Tim Sylvain and Mark Amantea of KeyBank Real Estate Capital’s Healthcare Group arranged the corporate credit facility.
ITASCA, ILL. — The Opus Group will build a 183,000-square-foot office building for the American Academy of Pediatrics (AAP). The national headquarters facility will be located within the Hamilton Lakes Business Park in Itasca, approximately 30 miles northwest of Chicago. The five-story building will feature 10-foot floor-to-ceiling windows and a two-story lobby, which will serve as the central hub for AAP’s conference center and visitor activity. The office will have areas dedicated to educational training, recording videos for procedures and demonstrations, conferences, outdoor meetings and a historical archival storage area. Construction is slated to start this July and be completed by the fall of 2017. Eric Kunkel and Scott Ohlander of JLL represented AAP in the transaction.
DETROIT — Detroit’s M-1 Rail streetcar project, named the QLine after Dan Gilbert’s Quicken Loans, is on track to be completed by the end of the year. The 3.3-mile track is over 50 percent complete, and the program expects to be carrying passengers starting sometime next spring. The QLine will contain six streetcars, and the first streetcar is half complete. Brookville Equipment Corp. is building the streetcars, as well as providing spare parts and support services, for $32 million. In May, Turner Construction completed work on the Penske Tech Center, which will house the M-1 Rail administrative staff and serve as the maintenance and operations center for the streetcars. The first streetcar will be delivered to the Penske Tech Center by the end of the year, and testing and safety certification will begin at that time.
WARRENSBURG, MO. — Annex Student Living has broken ground on Annex 56, a 324-bed student housing community located adjacent to the University of Central Missouri campus in Warrensburg. The community will offer 87 two- and four-bedroom, fully furnished units with bed-to-bath parity. The project will be ready for student occupancy in August 2017.
WILMINGTON, OHIO — Marcus & Millichap has brokered the $4.9 million sale of a property net leased to JD Equipment in Wilmington, approximately 50 miles northwest of Cincinnati. JD Equipment carries John Deere, Hustler and Stihl farming and agriculture products. A limited liability company sold the 30,266-square-foot property, which is located at 7550 U.S. Route 68. John Reehil and Dan Yozwiak of Marcus & Millichap listed the property on behalf of the seller. Darpan Patel, Joel Dumes, Stan Falk and Steve Anevski of Marcus & Millichap represented the buyer, a limited liability company, in the transaction.
CHICAGO — Intercontinental Real Estate Corp. has sold the River East Center, a 251,060-square-foot, mixed-use property in the Streeterville area of downtown Chicago. A joint venture between Wheelock Street Capital and Madison Capital purchased the center for $133 million, according to Crain’s Chicago. The buyer has plans to rebrand the property, which is situated on 2.8 acres encompassing an entire city block. Intercontinental Real Estate paid $117.5 million for the property in early 2006, according to Crain’s. The three-story retail and entertainment complex sits on top of a four-story underground parking garage with 1,154 spaces. The property also features an 18-story Embassy Suites hotel and a 58-story, 620-unit luxury condominium tower, neither of which are included in the sale. Tenants at the retail and entertainment center include AMC Theatres, Lucky Strike, LA Fitness, FTW Chicago, Walgreens, Bright Horizons, NIU Sushi, Bellwether restaurant and BMO Harris Bank. Located at 322 E. Illinois St., River East Center is 97.8 percent leased. HFF arranged financing for the transaction. — Christina Cannon
CHICAGO — White Oak Realty Partners LLC and CA Ventures have broken ground on a 20-story, trophy office tower in Chicago’s West Loop. The project is slated for completion by the first quarter of 2018, according to Crain’s Chicago. The building, located at 625 W. Adams St., will consist of 432,000 square feet of office space and a 400-space parking facility. Amenities at the tower will include three outdoor terraces, a fitness center, panoramic views, a conference auditorium that can accommodate up to 1,000 people and 2,500 square feet of ground-floor retail. Martin Wolf of Solomon Cordwell Buenz designed the project.
LITTLE CANADA, MINN. — Nottingham Construction has broken ground on Cardigan Ridge, a 118-unit senior living community in Little Canada, approximately 15 miles northwest of Minneapolis. The four-story facility, located at 3300 Rice St., will provide independent living, assisted living and memory care units. Construction on the 158,000-square-foot building is slated for completion by May 2017. Amenities at Cardigan Ridge will include overnight guest rooms, underground parking, a community room, private dining room, movie theater, fitness center, hair salon, spa tub room, workshop and craft room and library with computer access. Heart Development will own the property, and Ebenezer Management Services will manage the community. Kaas Wilson Architects is designing the project.
