BLOOMINGTON, MINN. — Dougherty Mortgage LLC has arranged an $11.4 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Bloomington at Valley West, a 77-unit senior cooperative project located in Bloomington. United Properties is the developer of the project. Dougherty’s Minneapolis office arranged the 40-year loan. The cooperative site is located near a variety of shopping, dining and recreational opportunities. This is the fourth cooperative construction loan financed by Dougherty Mortgage for United Properties.
Midwest
SEVILLE, OHIO — Global Healthcare REIT Inc., a Utah corporation, has agreed to acquire the Meadowview Nursing Home in Seville, approximately 40 miles south of Cleveland, for $3 million. The 27,500-square-foot facility, situated on five acres, is licensed for 100 skilled nursing beds. The purchase agreement is subject to satisfactory completion of a 45-day inspection period and other conditions. Global will need to secure financing to cover a portion of the purchase price. The closing is scheduled to occur on Sept. 30. Global intends to lease the facility to a unaffiliated third-party operator. The Meadowview acquisition increases Global’s portfolio to five properties. The company expects to acquire several additional properties this quarter.
WESTLAND, MICH. — Bernard Financial Group has arranged a $2.8 million loan to refinance the Bayview Market Place Center, a 21,024-square-foot shopping center in Westland, located approximately 20 miles west of Detroit. The complex consists of two buildings situated on nearly one acre. Dave Dismondy of Bernard Financial Group arranged the loan for the borrower, Westland Associates Partners LLC, with a CMBS lender.
JOLIET, ILL. —Marcus & Millichap has brokered the $753,500 sale of an 18,435 square-foot medical office property in Joliet. The multi-tenant building is located at 310 N. Hammes Ave. The property is a few blocks east of Presence Saint Joseph Medical Center.Jonathan Hegwood and John Abuja of Marcus & Millichap’s Chicago downtown office represented the seller, a limited liability company. An undisclosed buyer purchased the property.
CINCINNATI — Cohen Financial has secured $12.4 million in acquisition financing for two multifamily properties located in Cincinnati. The properties include the 352-unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316-unit Towerview Apartments located at 5313 East Knoll Court. Dan Rosenberg originated the two 10-year, fixed-rate loans with a CMBS lender for the borrower, an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.
DYER, IND. — Construction has begun on the Claremont of Dyer, a medical resort development in northwest Indiana. The 82,108-square-foot property, located at 1532 Calumet Ave. in Dyer, will include 130-units. The facility will provide short-term rehabilitation and therapy in a hotel-like setting. Carmel, Ind.-based Mainstreet is developing the project and Illinois-based Symphony Post Acute Network will operate the facility. The project is expected to create approximately 300 construction jobs and up to 115 part-time and full-time facility jobs. Construction is scheduled for completion in the summer of 2015.
COLUMBIA, MO. — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has acquired a 656-bed off-campus student housing community near the University of Missouri, for an undisclosed sales price. Campus View Apartments features two- and four-bedroom units. The fully furnished apartment community also includes a clubhouse, swimming pool surrounded by a large sundeck, fitness center, business center and numerous sports courts. The University of Missouri master leases a specified number of beds at Campus View. Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan.
COMMERCE TOWNSHIP, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 20,000-square-foot industrial building in Commerce Township, approximately seven miles north of Novi. The building is located at 2077-2089 E. St. The seller, H & K Investments Inc., sold the building to 2089 Easy Street LLC for an undisclosed sales price. Phil Konopitski of Friedman Integrated Real Estate Solutions represented the buyer and the seller in the transaction.
CANTON, MICH. — Greystone has provided a $24.1 million loan to refinance Meadowood Townhomes in Canton, approximately 35 miles west of Detroit. The multifamily community features 452 rental units comprising of two- and three-bedroom townhomes and one-bedroom ranch style units. John Marr of Greystone originated the Fannie Mae loan under its Delegated Underwriting and Servicing (DUS) program. The 10-year fixed-rate loan terms includes a 30-year amortization schedule.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $6.6 million loan for Central Business Park in Southfield. The property is an existing single-story office property consisting of four buildings in close proximity to each other, containing a total of 180,307 square feet of rentable area. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, CBP RES LLC, through a CMBS lender.