DETROIT — Bernard Financial Group has arranged a $4.7 million non-recourse loan for Clark Street Industrial, a 147,000-square-foot industrial property located in Detroit. The borrower is Clark Street Redevelopment One LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the CMBS loan.
MADISON, WIS. — ALTUS Commercial Real Estate Inc. has brokered the lease of 1,664 square feet to The Float Factor Inc. at 326 Junction Road in Madison. The Float Factor will open its new location in July. The Float Factor offers a nearly zero-gravity environment in float tanks of Epsom salt water, maintained at skin temperature, and far-infrared saunas, which help to promote healing by reducing stress, improving sleep and energy levels through relaxation and detoxification. Jeff Jansen of ALTUS Commercial represented the tenant in the transaction.
COLUMBUS, OHIO — NXT Capital has provided a $20.6 million first mortgage loan for the acquisition of two multifamily properties, totaling 284 apartment units, in Columbus. An undisclosed borrower acquired the properties: The Reserve at Walnut Creek and The Ravines at Rocky Ridge. Amenities at both properties include a swimming pool, 24-hour fitness center, community center with WiFi, movie theater and billiards area. Additional terms of the financing were not released.
TERRE HAUTE, IND. — Sansone Group has acquired Towne South Plaza, a shopping center located on U.S. Highway 41 in Terre Haute. Creekstone Towne South Plaza LLC sold the 162,285-square-foot property for $18 million. Gander Mountain, Best Buy, PetSmart, Guitar Center and Five Below occupy the property. Sansone plans to eventually expand the center to 213,000 square feet.
BLOOMFIELD HILLS, MICH. — Bernard Financial Group has arranged an $8.6 million loan for the refinancing of New Bloomfield Plaza in Bloomfield Hills. Located on Telegraph Road, the property offers 167,150 square feet of retail space. Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, New Blooomfield Plaza LLC. The lender was One America.
CHICAGO — The Boulder Group has completed the sale of a single-tenant Starbucks Coffee property, located at 7101 South Stony Island Ave. in Chicago. A Chicago-based private investor acquired the net-leased property for $1.4 million from a Midwest-based real estate development and investment firm. There are approximately 10 years remaining on the Starbucks lease, which expires in July 2024. The lease features an 8.3 percent rental escalation in the primary term and 7.5 percent in each renewal option period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.
OAK BROOK AND OAKBROOK TERRACE, ILL. — Chicago-based Bradford Allen Realty Services has been hired as the exclusive leasing agent for two additional office properties in suburban Chicago. The firm was selected by the ownership to lease the 55,729-square-foot office building at 800 Enterprise Drive in Oak Brook and the 56,414-square-foot Oakbrook Terrace Atrium located at 17W220 22nd St. in Oakbrook Terrace. The Oak Brook property features suites ranging from 1,494 square feet to 5,753 square feet and Oakbrook Terrace Atrium offers suites ranging from 1,398 square feet to 10,829 square feet. Ryan Moen of Bradford Allen will handle leasing efforts for both properties.
O’FALLON, MO. — St. Louis-based TriStar Properties is developing Bramblett Hills, a 204-unit apartment community located near the intersection of Highway K and Mexico Road in O’Fallon. Contegra Construction Co. is serving as general contractor for the project. Situated on 11 acres, Bramblett Hills will feature 17 freestanding three-story buildings with a combination of one-, two- and three-bedroom apartments. Ranging from 770 to 1,330 square feet, the residences will feature full kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, bay windows and vaulted ceilings in third-floor homes. Additionally, a combination of detached garages and carports will offer covered parking for 204 vehicles and supplement ample open-air parking. Community amenities will include a 2,500-square-foot clubhouse featuring a fitness center, a business center, multi-purpose community spaces, a zero-entry swimming pool with waterfall waterscape, poolside cabanas and trellised outdoor cooking and fireplace lounges. Additional on-site amenities include a dog park and recycling center. The first phase, including the clubhouse and 36 residences, is slated to open in September. Full build-out is scheduled for September 2016.
CHICAGO — Ziegler has closed two loans, totaling $135 million, for Covenant Retirement Communities (CRC). The loans include $112.8 million of Series 2015A fixed-rate refunding bonds and $22.34 million of Series 2015B variable rate refunding bonds sold directly to the bank. Illinois-based CRC, a not-for-profit organization that owns and operates continuing care retirement communities, has several locations across the country. CRC’s Obligated Group consists of 14 communities in eight states: four in California, four in Illinois, and one each in Colorado, Connecticut, Florida, Michigan, Minnesota and Washington. As of December 2014, the Obligated Group properties comprised 4,769 total units, with 3,065 independent living units, 755 assisted living units and 949 skilled-nursing beds. Proceeds of the Series 2015A Revenue Refunding Bonds, together with trustee-held funds, were used to advance refund CRC’s outstanding Series 2005 bonds in the amount of $118.1 million, fund a debt service reserve fund, and pay certain costs of issuance.
KANSAS CITY, MO. — Village Green has acquired ICON on the Plaza Apartments in Kansas City for an undisclosed price. The company plans to redevelop and reposition the three-tower apartment community, located in Country Club Plaza, to be one of its City Apartments brands. The redevelopment community will feature studio, one-, two- and three-bedroom apartments and penthouses; a 24/7 fitness center; Zen garden; resort swimming pools; bark park/dog run; rooftop Sky Club with gourmet kitchen, two-sided fireplace, lounge and bar seating, large television and gaming area; an outdoor Sky Park with fire pit and lounge seating overlooking Country Club Plaza; theater room; business center/conference room; dog wash; and a bike storage and repair area. The property’s new name and models will be announced in June. Village Green Construction is the contractor for the redevelopment project, which is slated for completion in spring 2016.
