Midwest

OWNERS OF WINGOVER APARTMENTS IN BLOOMINGTON RECEIVE $19.8M LOAN

by admin March 21, 2013

BLOOMINGTON, ILL. — Love Funding has arranged a $19.8 million HUD 223(f) loan for the refinancing of Wingover Apartments, a market-rate apartment community in Bloomington, located about 72 miles north of Springfield. The refinancing will allow the property owners to take on needed repairs and consolidate four separate mortgages into a non-recourse, fixed-rate loan with a term of 35 years. The ownership group includes Illinois State University graduate Darren Rogers and his business partners Donald Franke and Harold Hoeferle. Wingover Apartments was built in four stages between 2006 and 2009, and consists of 19 two- and three-story buildings and 250 apartment units. Love Funding Midwest regional director Bruce Gerhart secured the financing.

March 21, 2013

DOUGHERTY ARRANGES $10.4M REFINANCING LOAN FOR LOWERTOWN COMMONS

by admin March 21, 2013

ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $10.48 million refinancing loan for Lowertown Commons, a seven-story, 112-unit multifamily building located in St. Paul. The borrower was REE Lowertown LLC. The HUD 223(f) non-recourse loan has a 30-year term and a 30-year amortization schedule. Constructed in 1905 as a facility for the St. Paul Rubber Co., the historic building was rehabbed and converted to apartment units in 1985. Approximately $1.2 million in renovations will be completed as part of the refinancing. Lowertown Commons is owned and managed by Real Estate Equities.

March 21, 2013

Midwest Office

Q10 | DAISLEY RUFF FINANCIAL ARRANGES $2.8M LOAN FOR OMAHA OFFICE BUILDING

by admin March 21, 2013

OMAHA — Q10 | DaisleyRuff Financial has arranged $2.8 million in acquisition financing for a 46,000-square-foot office building located at 440 Regency Parkway in the Regency Office Park in Omaha.The fixed-rate loan includes a 24-year amortization schedule and was arranged by Bob Chalupa, senior vice president, of Q10 | Daisley Ruff Financial.

March 21, 2013

Industrial Midwest

NAI HIFFMAN REPRESENTS MIRVAC IN 64,326 SF LEASE IN CHICAGO

by admin March 21, 2013

CHICAGO — NAI Hiffman has represented Mirvac Industrial Trust in signing a new tenant, Samuel, Son & Co., to 64,326 square feet of industrial space at 900 E. 103rd St. in Chicago. Other tenants within the building include Promet Steel and the city of Chicago. Samuel, Son & Co. distributes carbon steel, stainless steel and aluminum in North America and will use the Chicago location as a service center. Chris Gary of Hiffman’s industrial services group represented Mirvac in the transaction. Peter Bourke of Colliers represented Samuel, Son & Co.

March 21, 2013

Midwest Multifamily

ARBOR FUNDS $10.8M LOAN FOR APARTMENT COMMUNITY IN METRO DETROIT

by admin March 20, 2013

SHELBY TOWNSHIP, MICH. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has provided a $10.8 million Fannie Mae loan for the refinancing of Stoney Creek Village Apartments in Shelby Township, a northern suburb of Detroit. The 240-unit multifamily property includes one- and two-bedroom apartments and is located at 56965 Stoney Creek Drive. The 10-year loan includes a 30-year amortization schedule.

March 20, 2013

Hospitality Midwest

VISTA CAPITAL CO. ARRANGES $7.7M LOAN FOR HOTEL IN METRO INDIANAPOLIS

by admin March 20, 2013

FISHERS, IND. — Vista Capital Co. has arranged $7.7 million of financing for the Staybridge Suites in Fishers, a northeast suburb of Indianapolis. The Staybridge Suites is a 146-room, five-story hotel built in 2000 and is located at 978 Crosspoint Blvd. A European-based structured finance group provided the CMBS loan. The 10-year, fixed-rate financing will be used to fund a performance improvement plan in 2015. The financing will also retire an existing loan, while concurrently reducing debt-service payments and providing ownership with an equity recapitalization. This is the second hotel financing Vista has closed in metropolitan Indianapolis within the last four months.

March 20, 2013

Midwest Seniors Housing

DOUGHERTY ARRANGES $4.4M LOAN FOR ASSISTED LIVING FACILITY IN DES MOINES

by admin March 20, 2013

DES MOINES — Dougherty Mortgage LLC has arranged a $4.4 million refinancing loan for 3801 Grand Place, a 60-unit assisted living and dementia care facility located in Des Moines. The non-recourse HUD loan has an amortization of 373 months (approximately 31 years) and was arranged for 3801 Grand Associates LP by Dougherty’s Minneapolis office. The seniors housing facility is an existing HUD facility built in 1994 and managed by Newbury Management Co.

March 20, 2013

Midwest Office

UNION GROUP SIGNS 20,688 SF LEASE IN METRO CHICAGO

by admin March 20, 2013

ROSEMONT, ILL. — United Food and Commercial Workers Unions (UFCW) and Employers Midwest Health and Pension Funds is moving its headquarters from Park Ridge to the Northwest Plaza office complex in Rosemont, a northwest suburb of Chicago. The group has signed a lease for 20,688 square feet of office space. Rick Benoy, senior vice president of Jones Lang LaSalle, represented the building’s owner, a partnership including Fulcrum Asset Advisors LLC. Jon Springer, Paul Diederich and Gary Fazzio of CBRE represented the union benefit plan in the transaction. The Employers Midwest Health and Pension Funds provides health plans and/or pension benefits to full- and part-time UFCW workers in grocery stores, retail stores and nursing homes and in the food processing and meat packing industries. Northwest Plaza is a 328,000-square-foot, Class B office located at 9701-9801 W. Higgins Road.

March 20, 2013

Midwest Multifamily

GREYSTONE ORIGINATES $34.6M HUD LOAN FOR INDIANAPOLIS MULTIFAMILY PROPERTY

by admin March 19, 2013

INDIANAPOLIS — Greystone has originated a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex in Indianapolis. Greystone received a commitment from HUD insuring the Section 223(a)(7) FHA loan for Lake Castleton just 44 days from submission. The self-amortizing loan has a 35-year term. The property is located at 7601 Carlton Arms Drive. Josh Sasouness of Greystone’s New York City office originated the deal.

March 19, 2013

Healthcare Midwest

$2M HOSPITAL EXPANSION IN ST. LOUIS NEARS COMPLETION

by admin March 19, 2013

ST. LOUIS — A $2 million expansion of the Pain Management Center at Barnes-Jewish Hospital (BJH) in St. Louis is scheduled for completion in May. The project will expand the BJH Pain Management Center into a new 11,000-square-foot space on the 14th floor of the Center for Advanced Medicine. Construction began in February. McGrath is providing construction management services, and the design team includes OWH Inc. and EDM Inc. More than 25 percent of the project contract has been awarded to minority-owned and women-owned businesses. Disadvantaged business subcontractors include Miller Building Group, Waterhout, Deluca/BE Scaife, Mechanical Solutions, Pro Insulation and Guarantee/TD4.

March 19, 2013

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