Midwest

MAVERICK ARRANGES $75.5M LOAN FOR MIXED-USE PROJECT

by admin May 9, 2013

CHICAGO — Maverick Commercial Mortgage Inc. has arranged $75.5 million in first mortgage debt and mezzanine financing for a mixed-use project located at 1400-1460 North Halsted in Chicago. A limited liability company sponsored by Structured Development was the borrower. In 2007, Structured Development developed the project, which encompasses an entire city block in the Clybourn Corridor. The project includes educational, retail, medical office and parking uses within the development. The project is 94 percent occupied with a variety of tenants including British Schools of Chicago, Advocate Health Centers, Northwestern Memorial Hospital, Diamond Headache Center, Town & Country Pediatrics, Pine Dental and REI. Deutsche Bank and Prime Finance provided the financing. The five-year, fixed-rate loan and additional capital allowed for Structured Development to refinance and recapitalize the project and buy out the former equity partner in the transaction. New York-based Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Attorneys from Kaye Scholer included Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O’Connell. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers. Mid-America Real Estate Corp handles the leasing and management for Structured Development.

May 9, 2013

IRET PROPERTIES BUYS APARTMENT COMMUNITY FOR $28.3M

by admin May 9, 2013

OMAHA — Investors Real Estate Trust’s operating partnership, IRET Properties, has completed its acquisition of Whispering Ridge Apartments, a nine-building, 336-unit apartment property in Omaha, for $28.3 million. The apartment community, which is situated on 18 acres, was constructed in 2010. With the acquisition, IRET Properties now owns approximately 1,370 apartment units in the Omaha/Lincoln area. IRET Properties will manage Whispering Ridge Apartments.

May 9, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $11M LOAN FOR APT. COMMUNITY

by admin May 9, 2013

VALLEY PARK, MO. — NorthMarq Capital has arranged an $11 million first mortgage loan to refinance Forest Woods Apartments, a 260-unit multifamily property in Valley Park, a southwest suburb of St. Louis. Financing was based on a 10-year term and a 30-year amortization schedule. Forest Equities LLC was the borrower. Jeff Chaney of NorthMarq arranged the loan through Freddie Mac. The market-rate community is located at 101 Forest Parkway.

May 9, 2013

Industrial Midwest

JLL TO MARKET TWO CHICAGO INDUSTRIAL PARKS

by admin May 9, 2013

CHICAGO — Jones Lang LaSalle has been selected by Venture One Real Estate as the marketing agent for two of the developer’s industrial parks — Rock 39 Industrial Park and Loves Park Corporate Center — located along the I-39 Industrial Corridor west of Chicago. The two parks have a combined total of 340 acres. Shovel-ready sites of up to 120 acres with build-to-suit opportunities are available, ranging from 50,000 to 1.5 million square feet. Current tenants/owners include PepsiCo Inc., Con-way Inc. and Danfoss Group.

May 9, 2013

Industrial Midwest

FRAIN GROUP BUYS 330,000 SF WAREHOUSE IN SUBURBAN CHICAGO

by admin May 8, 2013

CAROL STREAM, ILL. — The Frain Group, a used manufacturing and processing equipment dealer, has acquired a 329,732-square-foot warehouse in Carol Stream, a western suburb of Chicago. The company plans to relocate its operations into the building, located at 245 E. North Ave., later this year. The property includes a 36,800-square-foot office, 26 dock doors and four drive-in doors. Dominic Carbonari and Frank Griffin of Jones Lang LaSalle represented the seller, Holland Stream LLC, in the transaction. Larry Goldwasser and Jay Maher of Cushman & Wakefield represented the buyer.

May 8, 2013

Midwest Mixed-Use

STRUCTURED DEVELOPMENT SECURES $75M LOAN FOR CHICAGO MIXED-USE PROPERTY

by admin May 8, 2013

CHICAGO — A limited liability company, sponsored by Structured Development, has secured a $75 million loan for a Chicago mixed-use property located at 1400-1460 N. Halsted St. Benjamin Kadish of Maverick Commercial Mortgage Inc. arranged the first mortgage debt and mezzanine financing through Deutsche Bank and Prime Finance. Structured Development completed the property in 2007, which includes educational, retail and medical office components. The property is 94 percent occupied and tenants include British Schools of Chicago, Advocate Health Centers and Diamond Headache Center. The five-year, fixed-rate loan and additional capital will allow the borrower to refinance and recapitalize the property, and buy out the former equity partner in the transaction.

May 8, 2013

Midwest Office

PRIMERA ENGINEERS EXPANDS LEASE AT LISLE OFFICE CAMPUS

by admin May 8, 2013

LISLE, ILL. — Primera Engineers Ltd., an engineering design, management and consulting firm, has expanded its lease to 19,101 square feet of office space at 550-650 Warrenville Road in Lisle. The 172,695-square-foot building is located within Corporetum VI, an office campus along I-88. Following the deal, the property is now 85 percent occupied. Patrick Kiefer, Jim Adler and Dan O'Neill of NAI Hiffman represented the landlord, Winthrop Realty Trust, in the transaction. David Miller and Jesse Van Dyke of Jones Lang LaSalle represented the tenant.

May 8, 2013

Midwest Retail

NON-TRADED REIT CLOSES FIRST TWO PURCHASES

by admin May 8, 2013

SULLIVAN, MO. — American Realty Capital Trust V (ARCT V) Inc. has closed on its first two acquisitions — two build-to-suit Dollar General stores in Sullivan and Mission, Texas. The combined purchase price was $2.2 million. The properties, totaling 18,126 square feet, are fully leased to Dollar General Corp. ARCT V is a publicly registered, non-traded real estate investment trust based in Maryland. The company aims to acquire single-tenant, net-leased properties.

May 8, 2013

Midwest Multifamily

DOUGHERTY ARRANGES $18.8M LOAN FOR APT. COMPLEX

by admin May 7, 2013

JOHNSTON, IOWA — Dougherty Mortgage LLC has arranged an $18.8 million refinancing loan for the Mansions at Hemingway, a 184-unit, market-rate multifamily complex located in Johnston. Dougherty Mortgage arranged the 10-year term, 9.5-year yield maintenance refinance loan on behalf of the borrower, Mansions at Hemingway LLC. The Mansions at Hemingway is located near the Saylorville Lake recreational area.

May 7, 2013

Midwest Multifamily

TREVIAN FUNDS $15.8M LOAN SECURED BY TWO APT. COMPLEXES

by admin May 7, 2013

ELGIN, ILL. AND SOUTH HAVEN, IND. — Trevian Capital has funded a $15.8 million first-mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin and South Haven, suburbs in the Chicagoland market. Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184-unit, 99 percent occupied multifamily property and a 138-unit, 95 percent occupied multifamily property.

May 7, 2013

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