CHICAGO — KeyBank Real Estate Capital has arranged a $334.4 million Fannie Mae credit facility for Enlivant, a Chicago-based owner and operator of senior care facilities across the United States. The loan was arranged for 54 assisted living properties in 12 states including Iowa, Indiana, Kentucky, Michigan, Nebraska, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Washington and Wisconsin. The new loan structure provides Enlivant with access to growth capital at attractive rates during the 10-year term. Key’s Healthcare Mortgage Banking Team was led by Carolyn Nazdin and Charlie Shoop and worked in conjunction with Fannie Mae to originate and close the loan in less than 60 days.
DETROIT — Bernard Financial Group has arranged a $125 million CMBS loan for the acquisition of the Compuware Building, a 15-story, 1 million-square-foot office tower located at One Campus Martius in downtown Detroit. The acquisition includes an adjacent 10-story parking garage with 2,700 spaces. The borrowing entity is 1000 Webward LLC, a joint venture between Bedrock Real Estate Services and Meridian Health Plan. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan.
CHICAGO — The Virgin Group has opened its first property, Virgin Hotels Chicago. The new hotel brand will join a portfolio of hospitality companies led by Virgin Group and its founder, Sir Richard Branson. Virgin Hotels Chicago is located in Chicago’s Loop district in the historic Old Dearborn Bank Building at 203 N. Wasbash Ave. The 26-story Art Deco building includes 250 guestrooms, including 40 one-bedroom suites and two penthouse suites. All guestrooms are divided into two spaces by sliding doors. The dressing rooms include a full vanity, make-up desk and mirror, an extra-large shower with a bench and his and hers closets. Several of the building’s original features remain intact and are showcased throughout. Some of those include a 1920s oak cigar bar that serves as the hotel’s front desk, ornate brass elevator doors and an original mail slot and chute. Virgin Hotels plans to open a second location in Nashville in the summer of 2016 and a third property in New York City in 2017. The team will announce two additional locations by the end of 2016, with the brand planning to open 20 locations by 2025.
DOWNERS GROVE, ILL. — Adelphia Properties has brokered the $450,000 sale of a 5,000-square-foot freestanding retail building in Downers Grove. The property, which formerly housed Play It Again Sports, is located at 1628 Ogden Ave. George Spirrison and Simeon Spirrison of Adelphia Properties represented the seller, a private investor. Another private investor purchased the property at its full list price.
Omaha’s office market finds itself in a favorable position at the start of 2015. Local economic indicators are solid, absorption has been positive year over year, and vacancies across the board are declining. One big reason is that Omaha businesses are growing. The low vacancy rate of Class A space is driving an appropriate amount of new construction, and Omaha’s abundant supply of quality Class B office space is expected to accommodate demand. Class A Advantage As businesses compete for the best and brightest employees, office space becomes an important hiring tool, causing businesses to look for inviting buildings and spaces in locations with enhanced amenities. This trend has increased activity in Omaha’s Class A office market, driving down the vacancy rate and spurring new construction. Omaha’s Class A vacancy rate stood at 5 percent at the end of the third quarter of 2014. The average asking rent was $24.95 per square foot on a gross basis, up 4 percent since the start of 2014. The uptick in Class A rents is likely to continue Corporate headquarters and speculative buildings are spurring the Class A construction boom. Local businesses such as Millard Refrigerated Services, Tenaska, Gavilon, TD Ameritrade, NorthStar Financial …
ST. ROBERT, MO. — L3 Corp. has arranged the lease of a 10,000-square-foot retail building in St. Robert, 32 miles northeast of Lebanon, Mo. Dollar Tree will occupy space within Liberty Commons located at Liberty Drive. The landlord is American Realty and Development LLC. L3 Corp. represented the tenant in the transaction.
CHICAGO — J.C. Anderson Inc. has completed an 82,000-square-foot office build-out for Havas Worldwide at 36 E. Grand Ave. in Chicago. The project included renovating the entire third and fourth floors to create an open floor plan. Features of the new space include 17-foot exposed ceilings, a winding staircase to connect the two floors as well as high-end finishes throughout. J.C. Anderson installed a “town hall” area for full company gatherings with expandable bleachers, a broadcast studio, spray-painting station and in-office bike racks. The firm also coordinated the installation of a state-of-the-art AV system throughout the office. Project Executive, Seth Erlich, led the construction team along with Darrel Panfil as project superintendent. Gary Lee Partners provided the architectural services and the construction manager was Mace North America. Founded in 1991, Havas Worldwide is an integrated marketing communications agency headquartered in New York.
EAST LANSING AND WHITE LAKE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $8 million in loans for two multifamily properties located in Michigan. David Wilkins of Pillar’s Bloomfield Hills office originated the loans. Pillar has secured a $5.9 million HUD 223(f) refinancing for Homestead Apartments in East Lansing using HUD’s interest rate reduction program. The property is located near Michigan State University and U.S. Interstate 127. Homestead Apartments consists of 168 one- and two-bedroom apartment units with assigned covered parking. The property is fully leased at market rates. Wilkins also originated a $2.2 million non-recourse, long-term fixed rate CMBS loan through Pillar’s Small Balance Loan program to refinance the Lakeshore Hilltop Apartments for Fountainhead Properties. The property is located in White Lake on M-59 and features 60 renovated units, which include a view of the lake.
BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.7 million sale of a 23,959-square-foot shopping center in Belvidere. Landmark Crossings is located at 744-782 Beloit Road. The multi-tenant retail building is fully leased to national and local tenants. The seller was a Rockford, Ill.-based development group. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum represented the seller in the transaction.
CHICAGO — Mid-America Real Estate Corp. has arranged the $2 million sale of The Columbian Retail Shops in Chicago. Chicago-based Newcastle Limited purchased the 6,600-square-foot, two-tenant retail property for $2 million. The Columbian Retail Shops is located at the northwest corner of S. Michigan Ave. and E. Roosevelt Road. The center features retailers Burger Bar and Elements Therapeutic Massage.Joe Girardi and Carly Gallagher of Mid-America were the exclusive brokers in the transaction on behalf of Boston-based Long Wharf Real Estate Partners LLC.