SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $2.2 million loan for the Vanguard Office Building in Southfield. The 115,000-square-foot office building is located at 23800 W. 10 Mile Road. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Vanguard Owner LLC. Bloomfield Capital Partners LLC is the lender.
Midwest
MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.
CHICAGO — Sperry Van Ness | Chicago Commercial has completed the $2.5 million sale of a 12-unit apartment building in Chicago to an undisclosed buyer. The property is located at 853 W. Grace St. in the heart of the Wrigleyville neighborhood of Lakeview. The building consists of one-, two- and three-bedroom apartments. Wayne Caplan of Sperry Van Ness represented the buyer in the transaction.
CHICAGO — Brokerage firm @properties Commercial has arranged a seven-year lease for a 3,072-square-foot multi-use building in Chicago. The space is in the Elston Corridor, located at 1731-1749 N. Elston Ave. Rebecca Lundstrom and Jim Moller of @properties Commercial represented the landlord, Urban Development LLC. Eric Myers of Avison Young represented the tenant, Edge Athletics Inc., an athletic training company. Other tenants in the building include Crossfit, Fresenius Medical, Akira, Creative Scholars and Language Stars.
SKOKIE, ILL.– Essex Realty Group has arranged the $845,000 sale of an apartment building in Skokie, Ill. to an undisclosed buyer. The 10-unit building is located at 8325 N. Kilpatrick St., three blocks north of the Chicago Transit Authority’s Skokie train station. Matt Welke and Jason Fishleder of Essex brokered the transaction.
SOUTHFIELD MICH. — Bernard Financial Group has arranged a $5.2 million CMBS loan for Claymoor Luxury Apartments in Southfield. The multifamily property, located at 29260 Franklin Road, consists of 133 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan on behalf of the borrower, Claymoor Properties LP. Bernard Financial, a mortgage banking firm representing several life insurance companies and conduits in Michigan, will provide full servicing for this loan.
WEST LAFAYETTE, IND. — Orlando-based Cuhaci & Peterson Architects Engineers Planners has completed the design of a Fresh City Market in West Lafayette, Ind. The 22,000-square-foot store will feature fresh food, groceries and produce and will be the anchor tenant in 720 Northwestern Avenue, a residential and retail development under construction on Northwestern Avenue across from Mackey Arena near the Purdue University campus. The West Lafayette store will include a Caribou Coffee Shop and in-store seating for ready-to-eat hot foods from the deli bar. Construction of the new market is set for completion in August.
ANN ARBOR, MICH. — Colliers International will lease restaurant and retail space at 116 and 120 W. Huron St. in downtown Ann Arbor. The site will be redeveloped by Ann Arbor-based First Martin Corp. as an upscale 110-room hotel and will feature retail and restaurant opportunities. The hotel brand will be announced at a later date. Colliers will lease space ranging from 5,870 square feet on the main level up to 8,805 square feet, including a mezzanine. Jim Chaconas and Brendan Cavender of Colliers will list the available retail and restaurant spaces.
LIBERTYVILLE, ILL. —NorthMarq Capital has secured $10.2 million in acquisition financing for a 217,620-square-foot industrial property in Libertyville. NorthMarq structured the 12-year loan and 25-year amortization through its relationship with Genworth Financial, a correspondent life company. The Class-A, single tenant warehouse/distribution center is located at 1500 Harris Road. Greg Nalbandian of NorthMarq represented the New Jersey-based borrower in the transaction.
Considering the city’s recent negative press, as well as the government loans that General Motors and Chrysler both required in order to manage their way through structured bankruptcies nearly five years ago, it is understandable why one would question the economic vibrancy of Detroit and the surrounding region. However, the much-maligned Motor City is actually a lot healthier than the view projected by the city’s high-profile bankruptcy status. The Michigan jobless rate is hovering near 9 percent. While still high compared to other states, the unemployment rate is the lowest it has been since mid-2008. Since March 2012, the state has gained more than 18,000 manufacturing jobs and over 20,000 jobs in other sectors. The U.S. energy boom is making it more cost effective for factories to operate, and Michigan’s manufacturing base is directly benefitting from lower energy costs. In addition to the automotive sector, Michigan industries that thrive include advanced manufacturing, defense, information technology, water technology, medical devices, food processing and logistics and supply-chain management. The rebound in manufacturing has cut metro Detroit’s overall industrial vacancy rate by 400 basis points since the peak of the recession, falling from approximately 14 percent in mid-2010 to 10 percent at the …