CHICAGO — Chicago Mayor Rahm Emanuel is expected to announce sometime today plans for a $173 million, 10,000-seat arena for DePaul University’s basketball teams to be built near downtown Chicago, reports the Chicago Tribune. The basketball arena will be located near McCormick Place and be built with $125 million in public funds — $55 million in tax-increment financing and $70 million in hotel taxes, according to the newspaper. Plans also include the construction of two mega hotels on the property in the hopes of growing convention and meeting business in Chicago.
ELK GROVE VILLAGE, ILL. — CenterPoint Properties has broken ground on an 87,975-square-foot build-to-suit redevelopment located in Elk Grove Village for Weiss-Röhlig. The international logistics company in airfreight and sea freight transport will lease 57 percent of the facility with the remaining 43 percent to be completed on a speculative basis. The building will be situated on 4.4 acres of land at 1601 Estes Road, about 25 miles northwest of Chicago. Colliers International represented CenterPoint, and CBRE represented Weiss-Röhlig in the long-term lease transaction. CenterPoint, in a venture with an institutional advisor, expects construction to be completed this fall.
CHICAGO — NorthMarq has arranged $31.6 million in first mortgage refinancing for a 23-property industrial portfolio throughout the suburban Chicago area. The portfolio consists of 900,000 square feet and includes a diverse mix of more than 90 tenants in single- and multi-tenant industrial properties. The borrower, VIP Holdings I, wanted the flexibility to sell individual properties, partially prepay the loans and fix long-term rates for the portfolio, according to NorthMarq. Financing was based on five- and seven-year terms and a 25-year amortization schedule. Jeff Cherner and Rup Patel of NorthMarq arranged the loans through a life insurance company and a regional bank.
BARABOO, WIS. — Irgens will develop a $6.5 million, 30,000-square-foot medical office building on the St. Clare’s Hospital campus in Baraboo, about 40 miles north of Madison. SSM Healthcare, owner and operator of St. Clare Hospital and Dean Health System, will provide a variety of primary and specialty care services at the new building. The project, which will be located adjacent to the existing St. Clare Hospital, is scheduled for completion in December. As the developer and owner of the building, Irgens has overseen all facets of the project, including financing procurement, site due diligence, entitlements and design/construction administration. The facility is 100 percent pre-leased, with Dean taking 50 percent of the space and St. Mary’s Dean Ventures leasing the remaining portion. The new facility will enable the hospital to continue to expand its service lines in conjunction with its physician and health system partners. Other project team members include Eppstein Uhen Architects and J.H. Findorff & Son Inc. as the general contractor.
JACKSON, MICH. — Bernard Financial Group has arranged a $7.6 million loan for Alpine Lake Apartments in Jackson. The property includes 34 two-story apartment buildings and 268 units. Alpine Lake LLC was the borrower. Pillar Capital Finance LLC was the lender. Kevin Kovachevich of Bernard Financial Group originated the loan.
FOREST LAKE, MINN. — Dougherty Mortgage LLC has closed a $4.6 million Fannie Mae loan for the refinancing of Mill Pond II Apartments in Forest Lake, located about 30 miles north of Minneapolis. The borrower was Mill Pond II LLC. The 10-year loan includes a 30-year amortization schedule. The recently constructed 60-unit multifamily affordable housing property is located at 525 4th St.
WAUSAU, WIS. — Midway Hotel Club LLC has purchased the Best Western Midway Hotel at 2901 Hummingbird Lane in Wausau for $1.9 million. The seller was Midway Hotel Group LLC. The two-story hotel features 97 rooms. Amenities include two restaurants and a 10,000-square-foot atrium, pool, hot tub, game room and fitness center. Alok Gupta of @properties Commercial was the sole broker in the transaction.
ANN ARBOR, MICH. — Bloomfield Capital has sold a mixed-use building in downtown Ann Arbor to 212 4th Ave. LLC. Located at 210-216 S. Fourth Ave., the property consists of approximately 20,000 square feet of retail space on the first floor and loft office space on the second floor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor, represented the seller and the buyer in the transaction.
BOLINGBROOK, ILL. — NorthMarq’s Chicago regional office has arranged $23.8 million in first mortgage refinancing for Greenleaf Apartments in Bolingbrook, located 30 miles southwest of Chicago. The 321-unit affordable housing community for seniors is located at 502 Kildeer Drive. The borrower is Greenleaf Limited Partnership. The 19.3-year loan is fully amortizing and was placed through AmeriSphere Multifamily Finance LLC, a Fannie May DUS Lender.
LIBERTYVILLE, ILL. — Paragon Real Estate has broken ground on two retail buildings at the southeast corner of Milwaukee Avenue and Artaius Parkway in Libertyville, a northern suburb of Chicago. Anchor tenant Trader Joe’s is scheduled to move into the entire 12,500-square-foot building at 1600 S. Milwaukee Ave. later this year. Oak Brook, Ill.-based Paragon is also developing an 8,100-square-foot, multi-tenant building divisible for up to three retailers at the south end of the three-acre parcel. A Mariano’s Fresh Market, Lowe’s, Staples and Starbucks are located across from the site, and a Jewel-Osco is located just north of the development. The site includes 130 parking spaces and two monument signs along Milwaukee Avenue, one for Trader Joe’s and the other for the multi-tenant retail. Paragon purchased the site in July 2012.