WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.
ARLINGTON HEIGHTS, ILL. — The historic Vail Davis Building, located at 15 N. Vail Ave. in Arlington Heights, a northwest Chicago suburb, has undergone a complete makeover to create 16 luxury residences for upscale renters. CF Real Estate and 33, a real estate firm, acquired the historic mixed-use building in June 2014 for $2.5 million in an off-market transaction. Renovations at the Vail Davis Building included a total rehabbing of all rental units, new HVAC systems, electrical systems upgrades, new windows and a restored underground sewer system. The $1.4 million project was completed in early November and the 16 units are 100 percent leased. Restaurants La Tasca and Bangkok Café currently lease the ground-level retail space and have continued to operate during the renovations. Completed in 1929, the building originally included 16 apartments on the second and third floors and eight retail establishments on the first floor: Redker Real Estate, a druggist, barber, fish market, tailor, restaurant, Western Union and the Hoggay pool hall. In later years, one of the more well-known tenants in the building was the Hertzog cigar factory, makers of the hand-rolled Gander Cigar. The Vail Davis Building, which features an English-style architecture, includes a distinctive castle …
CHICAGO — Essex Realty Group Inc. has brokered the $1.5 million sale of a vacant warehouse property on the south side of Chicago. The building, Kissel Kar Lofts, is three stories and 54,000 square feet. Located at 2550 S. Wabash Ave., the property is in need of a full rehabilitation. Doug Fisher and Jason Fishleder of Essex brokered the transaction. The buyer and seller were undisclosed.
RACINE AND OCONOMOWOC, WIS. — Brokerage firm Siegel-Gallagher has completed two lease renewals in separate transactions in Wisconsin. In the first transaction, Check Into Cash of Wisconsin LLC renewed its 1,200-square-foot retail lease at 5201-5409 Washington Ave. in Racine. The property is owned by Racine Shopping Centre LLC. Devin Tessmer of Siegel-Gallagher arranged the transaction. In the second deal, Froedtert Memorial Lutheran Hospital renewed its 5,837-square-foot office lease in Oconomowoc. Ohio National Life Insurance is the landlord of the property located at 1230 Corporate Center Drive. Shaun Dempsey of Siegel-Gallagher brokered the deal.
CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.
CLAYTON, MO. — The Opus Group and AIG Global Real Estate have unveiled plans to build a six-story, mixed-use building in the downtown business district of Clayton, a western St. Louis suburb. The project will feature five stories of residential units. The units will be a mix of studio, alcove, one- and two-bedroom apartments. The ground level will consist of 13,000 square feet of retail space. Amenities will include a Fitness On Demand studio, secure bike storage, a rooftop terrace, clubroom, game room and a fire pit/grill area. Opus Development Company LLC will be the developer, and Opus Design Build LLC will be the design-builder. Opus AE Group LLC will be the engineer and project architect. Construction will begin late this year, and completion is slated for March 2017.
FORT WAYNE, IND. — JLL has arranged the lease of a 764,000-square-foot flex facility in Fort Wayne. The building is located at 2909 Pleasant Center Road, and VEREIT is the landlord. The building was built in 1994 and is a former Nestle distribution center. The property features 8,400 square feet of cooler space, 17,725 square feet of office space and is expandable to more than 1 million square feet. The asset has 66 front-load dock doors and parking for 300 trailers and 144 cars. Steve Schwegman and Brian Seitz of JLL represented the landlord in the transaction. Greg Pink of Bradley Cos. represented the tenant.
WAYNE, NEB. — Darland Construction Co. has broken ground on an expansion and remodeling project for Providence Medical Center located in Wayne, approximately 45 miles southwest of Sioux City, Iowa. Highlights of the project include a new emergency entrance, a new ambulance garage, 20 new patient rooms and the relocation of the pharmacy, X-ray lab, and administration offices. The expansion will add 9,150 square feet and will provide more space in the labor and delivery rooms. Completion of the renovation and expansion is slated for 2017. Avant Architects is serving as the primary architect on the project.
INDIANAPOLIS — Mid-America Real Estate Corp. has brokered the sale of a multi-tenant building in Indianapolis for an undisclosed price. Providence Development purchased the 4,935-square-foot Lawrence Commons from Sitehawk Retail Real Estate. Tenants in Lawrence Commons include Jimmy John’s, Wok N Roll and Orange Leaf. LA Fitness and Family Dollar shadow anchor the property. Carly Gallagher and Rick Drogosz of Mid-America represented the seller and were the sole brokers in the transaction.
ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.