CHICAGO — Capital One Multifamily Finance has provided a $21.4 million fixed-rate, HUD 232/223(f) loan to refinance a 186-bed skilled nursing facility in Chicago. The borrowers are operators who have assembled an extensive portfolio of skilled nursing facilities in the Midwest over the last decade. Joshua Rosen, who leads Capital One’s agency healthcare lending from the company’s Chicago office, originated the transaction for the borrowers. The 35-year loan is nonrecourse and fully assumable.
NORTH BRANCH, MINN. —Marcus & Millichap has arranged the $525,000 sale of North Branch Self Storage, a 123-unit self-storage facility in North Branch. The property is located at 6757 Ash St. Adam Haydon of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both private investors.
NEW HAVEN, MICH. — L. Mason Capitani CORFAC International has arranged the lease of a 12,133-square-foot office building in New Haven. Cargill will occupy the space within a larger office & hi‐tech facility located at 31029 Comcast Drive. Cargill provides food, agriculture, financial and industrial products and services. The company employs more than 145,000 people in 67 countries. Jason Capitani and Joe DePonio of L. Mason Capitani represented the landlord in the transaction.
HUNTLEY, ILL. — Colliers International has arranged the $5.2 million sale of a 58,400-square-foot office building in Huntley, approximately 57 miles west of Chicago. Life Spine Inc. will occupy space in the former Duo-Fast Corp. building located at 13951 S. Quality Drive. Glenview, Ill.-based Illinois Tool Works Inc. sold the two-story, 44,000-square-foot Class A office building, which it acquired in 1999. The property was built in 1997. Life Spine, a spinal implant company, outgrew its 11,000-square-foot headquarters building at 2401 W. Hassell Road in Hoffman Estates and will move to the new location before the end of the year. Ned Frank of Colliers represented the buyer, Life Spine. Jeff Janda and Jim Planey of Lee & Associates represented the seller, Illinois Tool Works.
ALBION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million construction loan for an 83,087-square-foot industrial building in Albion Township. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Woodworth Homer LLC. Stancorp Mortgage Investors LLC, a mortgage-banking firm representing several life insurance companies and conduits, provided financing for the loan.
LANSING, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 22,556-square-foot office building in Lansing. The property is located at 6452 Millennium Drive. The seller, 6452 Millennium LLC, sold the building to Pat and Mark Properties LLC. Barry Swatsenbarg and Richard Deptula of Friedman represented both the buyer and seller in the transaction.
CHICAGO — Marcus & Millichap has brokered the $425,000 sale of a six-unit apartment property in Chicago. The property is located at 3145 N. Keating Ave. and features one- and two-bedroom units. The building also features an on-site laundry facility and a detached two-car garage. An undisclosed buyer purchased the property. Kyle Stengle and Tony Mazur of Marcus & Millichap’s Chicago downtown office represented the seller, an individual/personal trust.
APPLE VALLEY, MINN. — IMH Financial Corp. (IMHFC) has broken ground on a 196-unit luxury apartment development in Apple Valley, a suburb of Minneapolis. Gabella at Parkside will be the first of a planned five-phase, 12.5-acre development known as Parkside Village. The class A, four-story property is expected to be complete by February 2016. The total development cost of $36 million will be financed through an equity contribution of $12 million by IMHFC and a construction loan of $24 million secured from the Bank of the Ozarks. Gabella at Parkside will feature a mix of one-, two- and three-bedroom units ranging in size from 800 square feet to 1,388 square feet. Amenities will include a resort-style pool and hot tub, sun deck, cabanas, grills, fire pits, indoor/outdoor gaming area, a fitness center, theater room, lounge, yoga studio, spinning studio, internet cafe and dog walking and washing areas. Kaas Wilson is the project architect and Stonebridge Construction is the general contractor for the project. IMHFC has partnered with developer Titan Investments of Denver, Colo. to design the project and coordinate with the city of Apple Valley over the last two years to receive full entitlements and negotiate the development subsidies from …
MINNEAPOLIS — The Opus Group has completed construction on The Nic on Fifth, a luxury high-rise apartment complex in downtown Minneapolis. The 26-story development is located on the corner of Fifth Street and Nicollet Mall. The apartment building features 20,000 square feet of retail space on the street and skyway levels with 253 apartment units above – including 26 penthouses. Residents began moving into the building in September, and it is now more than 60 percent leased. All units feature condo-level finishes with granite countertops, stainless steel appliances and floor to ceiling windows with floor plans ranging from alcove units to three-bedroom penthouse suites. Opus Development Co. LLC began construction for the building in November 2012. Opus Design Build LLC served as the design-builder for the project. Opus AE Group LLC served as the architect, structural engineer of record, and interior designer. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect.
INDIANAPOLIS — Tikijian Associates has arranged the sale of Decatur Woods Apartments in Indianapolis. The 180-unit, garden-style apartment community is located at 5838 W. Mooresville Road. Indianapolis-based Ardizzone Group purchased the apartment community for an undisclosed sales price. Ardizzone Group plans to rename the property Aspen Pointe and complete a multi-million-dollar renovation, which will include the addition of new windows, a clubhouse, full interior upgrades to apartment units and an updated common area. Tikijian Associates represented the seller, Chicago-based JVM Realty.