SOUTHFIELD, MICH. — HFF has arranged the sale of a $31.6 million senior mortgage loan secured by three multifamily properties located in Southfield. Providence Green, Providence Tower and Providence Place total 1,312 units and were built between 1965 and 1968. HFF marketed the loan on behalf of a major financial institution. The lender originated the loan in 2006 to fund the acquisition of the three properties and an additional property that was later sold by the borrower. The loan is set to mature this May. As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) featured a combined occupancy of 65 percent. The properties are located near the intersection of West 9 Mile and Greenfield roads, approximately 10 miles northeast of downtown Detroit. Daniel O’Donnell, managing director, and Wickliffe Kirby, associate director, led the HFF team representing the seller.
SPRINGFIELD, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a 10-year, fixed-rate loan for the acquisition of two multifamily properties in Springfield, a city in central Illinois. Rick Lynn, a director in MMCC’s Oak Brook office, arranged the loan. James Walsh, senior vice president of investments in Marcus & Millichap’s Chicago office, represented the seller, the property’s developer. David Gaines and Alex Blagojevich, both vice presidents of investments at Marcus & Millichap, marketed the property. The Chicago-area buyer is a private investor representing his family investment trust.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $7.5 million sale of a 117,000-square-foot, multi-tenant retail center located in Peoria. A Milwaukee-based investment group purchased the property. Chad Firsel, president, and Daniel Waszak, senior vice president at Quantum Real Estate Advisors, represented the seller, a New York-based global financial institution.
CHICAGO — The Missner Group has completed the construction of a three-story, 41,000-square-foot medical office building for the Illinois Bone & Joint Institute (IBJI) in Chicago. Debb Kosich LLC was the developer for the project. The Missner Group demolished an existing industrial warehouse and cleared the site for the new three-story healthcare facility. IBJI will occupy the entire third floor of the building. Construction of the 20,000-square-foot space included the addition of private offices, meeting and conference rooms, medical exam rooms, MRI and X-ray suites and medical storage space. The building is located at 2923 N. California Ave. Glen Missner, vice president, Drue Stoehr, senior project manager, and Bill Stransky, superintendent, led the construction team for The Missner Group. Stephen Rankin & Associates provided the architectural services.
FISHERS, IND. — Viking Partners, a Cincinnati-based private equity real estate firm, has sold Fishers Crossing shopping center in metro Indianapolis to a private California investor for $4.1 million. Located on 1.2 acres at 7235-7220 Fishers Crossing Drive, the 29,569-square-foot center is shadow-anchored by a Kroger. Other tenants include Advance America, Pet Supplies Plus, Papa John’s Pizza, Elegant Nails, Café Korea, and Krav Maga. Marcus & Millichap brokered the center sale, while Katz, Teller, Brant & Hild provided legal counsel to Viking.
COLUMBUS, OHIO — Canada-based Avison Young has acquired PSB Realty Advisors LLC and opened a new office in downtown Columbus. The newest American office represents Avison Young’s 39th office outside of Canada and an additional step in the firm’s ongoing growth strategy. During the past five years, Avison Young has grown from 11 to 54 offices in 43 markets and from 300 to more than 1,500 real estate professionals across Canada and the United States. As a result of the acquisition, Avison Young will assume a significant leasing and management portfolio, including the 20-story, 225,000-square-foot Key Bank tower in downtown Columbus. Effective immediately, Scott Pickett, former president and principal owner of PSB Realty, is now a principal at Avison Young. Pickett is also a managing director of the new Columbus office and will oversee the growth and development of Avison Young’s presence in Columbus, as well as manage the day-to-day operations of the office.
CHICAGO — J.C. Anderson Inc. has completed a 25,000-square-foot build-out for DePaul University’s Schmitt Academic Center (SAC) at 2320 N. Kenmore Ave. in Chicago. The SAC houses academic and administrative offices for DePaul University, the nation’s largest Catholic university. The build-out included renovating the entire third floor, as well as half of the second and fourth floors. J.C. Anderson also added private offices, public corridors and conference rooms. Steve Boulukos of J.C. Anderson was the project executive, and Vasilko Architects provided design services.
INDIANA— Berkadia Commercial Mortgage LLC has arranged three acquisition loans totaling $43.7 million through Fannie Mae for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s Seniors Housing and Healthcare group, originated the loans for seniors housing properties located throughout Indiana. Each 10-year, fixed-rate loan includes 30-year amortization schedule and features a loan-to-value ratio in the low- to mid-70 percent range. Properties include Sugar Grove Senior Living ($21 million), Woodview ($12.4 million) and River Crossing Independent & Assisted Living Community ($10.3 million). The communities total 388 units, including 48 independent living units, 257 assisted living units and 83 memory care units. Average occupancy for the properties was more than 95 percent at the time of the transaction.
CINCINNATI — Marcus & Millichap has arranged the $30 million sale of a 12-property, 7-Eleven store and gas station portfolio located throughout Ohio. Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office represented the buyer and seller, both large institutions, in the transaction. Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices, is Marcus & Millichap’s broker of record in Ohio. 7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.
MISSOURI — Housing & Healthcare Finance LLC has closed $22.5 million HUD loan for the refinancing of four skilled nursing facilities totaling 596 beds in Missouri. The loan includes a fixed interest rate of 4.39 percent, and the loan-to-value ratio was 66 percent. The borrower plans to use the loan to consolidate the existing mortgage debt and fund approximately $123,000 in repairs and capital improvements. With the new HUD loan, the borrower will save an estimated $335,000 in annual debt service savings, according to Housing & Healthcare Finance.