ROCKFORD, ILL. — KeyBank Real Estate Capital has secured a $9 million CMBS loan for a retail property in Rockford in northern Illinois. Rockford Crossing is 118,650 square feet and is shadow anchored by Target and ULTA Beauty. The center is currently 97 percent leased. Randy Martin of KeyBank secured the loan from a CMBS lender. The borrower in the transaction was undisclosed.
MILWAUKEE, WIS. — Ogden & Co. Inc. has arranged the sale of four student housing buildings in Milwaukee that serve students of Marquette University. The assets sold for $6.8 million. Wiegand Investments sold the assets to Charles Tunkieicz Farms Inc. Ogden & Co. will manage the property. Michael Seramur and David Tighe of Ogden & Co. represented the seller, Wiegand Investments, in the transaction. Brett Garceau and Timothy Janusz of MLG Commercial represented Charles Tunkieicz Farms.
CHICAGO — Interra Realty has arranged the sale of two multifamily properties in Chicago’s South Shore neighborhood for a total of $1.8 million. The two courtyard buildings were constructed in 1920 and are located at 7625-33 and 7635-43 S. East End Ave. The two properties have a total of 51 one-bedroom units and comprise 42,129 square feet. Both properties have received recent upgrades including new windows, porches and roofs. David Goss and Jon Morgan of Interra represented the undisclosed seller. Brad Feldman of Interra represented the undisclosed buyer in the transaction.
PLAINFIELD, ILL. — CBRE has brokered the sale of a 16,625-square-foot retail center in Plainfield, approximately 37 miles southwest of Chicago, for an undisclosed price. Old Second National Bank sold Founders Plaza to COROC Management Group LLC. Located at 24000 W. Dayfield Drive, Founders Plaza was 32 percent occupied at the time of sale. COROC Management Group plans to occupy 10,000 square feet for the operation of a day-care center starting in 2016. Nicholas Peters of CBRE represented Old Second National Bank in the transaction.
AURORA, ILL. — Sinatra & Company Real Estate has acquired a 272-unit multifamily complex in Aurora as part of joint venture with Stadt Group and National Property REIT Corp. The purchase price was $34.5 million. The complex is located at 1240 W. Indian Trail Road in Aurora, approximately 40 miles west of Chicago. Orchard Village Apartments was built in 2000 and is situated on 17.3 acres. Community amenities include a clubhouse, fitness center and an outdoor swimming pool with sundeck. Unit amenities include private entrances, washers and dryers and vaulted ceilings. Peter Evans of Moran & Co. represented the seller, Sherman Residential. Anthony Licata and Pablo Petrozzi of Taft Stettinius & Hollister LLP represented the joint venture. Sinatra & Company Real Estate invests in distressed and value-add real estate opportunities. Stadt Group is a Chicago-based residential property management and acquisitions firm, and National Property REIT Corp. is a private real estate investment trust controlled by Prospect Capital Corp.
UNIONDALE, N.Y. — Arbor Commercial Mortgage LLC has funded six loans totaling $29.8 million for multifamily properties across Michigan. All of the loans fall under the Fannie Mae, Freddie Mac and FHA 223(f) programs. Mike Jehle of Uniondale-based Arbor Commercial originated all of the loans. Here are the details of each financing transaction: Aspen Lakes Estates Apartments in Holt, Mich., is a 213-unit complex. The borrower received $20.4 million under the FHA 233(f) loan program. The 35-year refinancing loan features a 20-year amortization schedule. Oakwood Villa Apartments in Royal Oak, Mich., is a 100-unit property. The borrower received a $2.7 million Fannie Mae refinancing loan that features a 20-year amortization schedule. Garfield Park Apartments in Fraser, Mich., is a 110-unit apartment complex. The borrower received a $2.2 million Freddie Mac refinancing loan. The loan includes a seven-year term and 30-year amortization schedule. Danbury Apartments is a 66-unit property in Grand Rapids, Mich. The borrower received a $1.9 million Freddie Mac acquisition loan that features a 20-year term and 30-year amortization schedule. North Park Cooperative in Detroit is a 94-unit multifamily property. The borrower received a $1.6 million Fannie Mae acquisition loan that has a 10-year term and 10-year amortization schedule. …
KETTERING AND CHILLICOTHE, OHIO — NorthMarq Capital has arranged nearly $10 million in refinancing for two multifamily properties in Ohio in separate transactions. In the first arrangement, PLK Communities LLC obtained a $7.7 million refinancing loan through Fannie Mae for Thirty43 by the Greene in Kettering, a southern suburb of Dayton. The 120-unit property is located at 3043 Fountain Circle. The loan features a 10-year term and 30-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. In the second transaction, Noah Juran of NorthMarq arranged a $2.2 million refinancing loan for University Hilltop Apartments, an 84-unit property located at 590-600 W. Fifth St. in Chillicothe, approximately 45 miles south of Columbus. The non-recourse loan features a fixed rate and 20-year amortization schedule. NorthMarq arranged the financing for the undisclosed buyer through its correspondent relationship with a life insurance company.
CARMEL, IND. — CBRE Group Inc. has brokered the sale of a 400-unit multifamily community in Carmel, a northern suburb of Indianapolis. The Village on Spring Mill, located at 14637 Handel Drive, is a Class A complex that was purchased by Monarch Investment for an undisclosed price. Monarch Investment was acting on behalf of a private investor based on the West Coast. The buyer plans to upgrade unit interiors with new appliances, lighting, hardware and countertops. Steve LaMotte Jr. and Dane Wilson of CBRE’s Central Midwest Multifamily team represented the seller, Meridian Realty Investments. Monarch Investment was self-represented.
ROCKFORD, ILL. — Sunil Puri and business partner Dan Arnold have donated a 15,500-square-foot building to the YMCA. The building will be the site of the new YMCA Rockford branch, approximately 88 miles west of Chicago. The existing building is being renovated to incorporate cardio and weight training rooms, fitness classes, personal trainers, wellness coaches, senior social clubs, childcare and youth and sports programs and is slated to open in early 2016. The facility has an estimated value of $2.2 million and will be renamed the Puri Family YMCA. Sunil Puri is an international real estate entrepreneur and the founder of First Midwest Group, a full-service real estate development company based in Rockford.
BANNOCKBURN, ILL. — GlenStar Properties has acquired a 420,613-square-foot office complex in Bannockburn, approximately 30 miles northwest of Chicago, for an undisclosed amount. Bannockburn Lakes is a Class A complex that is comprised of four buildings that are located at 2333, 2345, 2355 and 2201 Waukegan Road. The complex was previously owned by two different entities. Wells Fargo Bank sold buildings I, II and IV. Lonestar sold building III. GlenStar has plans for a $10 million capital improvement plan that includes renovating restrooms and common areas, repaving the parking lots, adding new signage and enhancing landscaping. GlenStar will also build a new amenity center that will feature food service, a tenant lounge, fitness center and conference center.