LINDEN, MICH. — Associated Bank has provided a $3.8 million construction loan to Chicago-based Zeman Homes for the construction of Pine Ridge Manufactured Housing Community in Linden. The 195-site manufactured housing community, located at 9348 Silver Lake Road, about 17 miles south of Flint, Mich., features a clubhouse and children’s playground. Jerry Rotunnno of Associated Bank originated the loan.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of Tuscan Pointe Apartments, located at 1451 E. Southport Road in Indianapolis. The purchase price was $11.7 million, or $35,671 per unit. Built in 1971, Tuscan Pointe Apartments is a 328-unit complex that features a mix of one-, two- and three-bedroom units. The apartments include screened-in balconies and private patios, wall-to-wall carpeting and individual climate control. Select units have vaulted ceilings. Community amenities include a swimming pool with a large sundeck, fitness center, clubhouse and party room. James Walsh of Marcus & Millichap’s Chicago office represented the buyer, a California-based investment fund, and the seller, a Chicago-based family partnership.
ANN ARBOR, MICH. — Armada Real Estate Services has brokered the $12 million sale of an 84,000-square-foot office complex located at 3027 Miller Road in Ann Arbor. Constructed in 2000, Forest Cove is 100 percent occupied with 17 tenants, including ETAS Inc., Enlighten and Perficient Inc. Darryl and Bruce Goodwin of Armada Real Estate Services represented both the buyer, Oxford Co., and the undisclosed seller.
ROCHESTER, MINN. — Knutson Construction and Rochester Community & Technical College (RCTC) have broken ground on a $6.5 million education facility at the University Center Rochester Campus in Rochester. RCTC selected Knutson to provide construction management services for the 22,350-square-foot Career Technical Education Center (CTECH) and Science, Technology, Engineering and Math (STEM) facility addition. The building is expected to service 400 students per year and will offer classroom and laboratory spaces for career, technical education and training, plus administrative and faculty support spaces. Funding for the project is being provided by the city of Rochester. The target date for the project to be completed is July 2016.
KANSAS CITY, MO. — Walker & Dunlop Inc. has arranged a $4.3 million Freddie Mac loan for Cloverleaf Apartments in Kansas City. The 204-unit affordable housing complex is located near US Highway 71 and features a mix of two- and three-bedroom apartments. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the fixed-rate loan with a 10-year term, two years of interest-only payments and a 30-year amortization schedule. Walker & Dunlop arranged the acquisition loan on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.
DEERFIELD, ILL. — The Philipsborn Co. has arranged $4 million in first mortgage financing for an 81,550-square-foot, multi-tenant office building located at 707 Lake Cook Road in Deerfield, a northern suburb of Chicago. Ameritas Investment Partners provided the 21-year, fixed-rate, self-amortizing refinancing loan. Constructed in 1979, the three-story office building is located in the north village’s corporate business corridor and is currently 80 percent leased. David Kubert of Philipsborn represented the lender and the borrower, an Illinois-based limited liability company.
FRANKFORT, IND. — The Opus Group has completed the construction of a 1.6 million-square-foot distribution center for Omaha-based ConAgra Foods in Frankfort, about 46 miles north of Indianapolis. The center is situated on 288 acres of land and houses over 200 employees. The distribution center features 15,000 square feet of office space, 34-foot clear heights in the warehouse, 125 dock doors, 10 rail doors and more than 850 trailer parking spaces. Shipments to customers from the center began in July. The Opus Group developed, designed and built the property.
RACINE, WIS. — PMZ Realty Capital LLC has arranged an $8.1 million non-recourse loan for the Harbourwalk Hotel, located at 223 Gas Light Circle in Racine, approximately 24 miles south of Milwaukee. The loan carries a fixed interest rate of below 4.5 percent. JP Morgan provided the funds to the owner, an affiliate of Graves Hospitality, which will be used to repay existing debt and renovate the hotel. The $2 million renovations, to be completed by next summer, will include a total refurbishment of the guest rooms and common areas to meet the standards for a Doubletree by Hilton Hotel. The property has been without a franchise and is converting to a DoubleTree by Hilton flag within the next 12 months.
CHICAGO — Nordic Realty Partners LLC has closed on the acquisition of a three-story mixed-use property located at 3824 N. Clark St. in Chicago’s Wrigleyville neighborhood. Nordic Realty Partners originally purchased the property for an undisclosed price. Properties in the Wrigleyville area are becoming more attractive and desirable due to the $575 million 1060 Project underway at Wrigley Field. 1060 Project is a four-year, four-phase renovation plan for Wrigley Field set forth by the Chicago Cubs management. Nordic Realty Partners LLC represented the undisclosed buyer and Beaulieu Real Estate represented the undisclosed seller.
OTTAWA, ILL. — Marcus & Millichap has brokered the sale of a 48-unit apartment property for $1.8 million located at 600-606 E. McKinley Rd. in Ottawa, approximately 80 miles south of Rockford, Ill. Willow Crossing Apartments features mostly two-bedroom units, with individual gas furnaces and water heaters for each unit. The property also includes a lot zoned for a third, 24-unit building. Jim Walsh represented the buyer and seller, both of which were individuals/personal trusts.