ORLANDO — KeyBank Real Estate Capital has arranged a $55.1 million Fannie Mae loan on behalf of CNL Healthcare Trust. Monique Bimler of KeyBank negotiated the 10-year, fixed-rate loan. The funds will be used to refinance the bridge loan for CNL's acquisition of five seniors housing properties in February 2012. The properties total 394 units and include Primrose Retirement Communities in Grand Island, Neb.; Marion, Ohio; Mansfield, Ohio; Casper, Wyo.; and Billings, Mont.
MINNEAPOLIS — HFF has arranged a$21.5 million Freddie Mac loan for Stadium Village Flats, a 120-bed student housing community serving the University of Minnesota in Minneapolis. Timothy Joyce and Stephen Skok led the HFF team that negotiated the 10-year acquisition loan for the borrower, Harrison Street Real Estate Capital. Stadium Village is located at 850 Washington Avenue S.E. The newly built property is fully leased and includes 19,175 square feet of retail space, which is fully occupied by CVS/pharmacy, Noodles & Co. and Dino's Gyros. Community amenities include a theater room, yoga studio and computer lab.
OMAHA — Opus Development Corp. has broken ground on a 127,000-square-foot world headquarters office for The Gavilon Group in Omaha. The Class A office building will be designed and constructed using sustainable elements and will feature 22-foot ceiling heights and an open staircase connecting two levels. Gavilon worked with the mayor's office, City of Omaha staff and the Omaha Economic Development Corp. in its decision to relocate offices. Construction is slated for completion in December 2013. Open Studio Architecture is the design architect for the project. Perkins + Will is designing the interior.
ROMULUS, MICH — CHAT Michigan Inc., a worldwide freight forwarder, has signed a lease for 89,765 square feet of industrial space at Northline Industrial Center in Romulus. The facility includes rail access and houses more than 1 million square feet of warehouse facilities on 164 acres. The center is located at 38481 Huron River Drive. Gary Glotzhober of Colliers International represented the owner, Northline, in the transaction. He also represented the tenant.
BOLINGBROOK, ILL. — Freedom Wireless, the owner of multiple Cricket Wirelesss stores, has acquired a 4,000-square-foot, bank-owned office space at 479 Quadrangle Drive in Bolingbrook. The company plans to use the property, which also contains 2,662 square feet of warehouse space, as its corporate headquarters. Adam Johnson and Leslie Yurek of NAI Hiffman represented the seller, Dearborn Street Holdings, in the transaction. Vick Mehta of Churchill Realty represented the buyer.
CHICAGO — Related Cos. has secured a $115 million construction loan that will enable the developer to build an apartment tower at 111 W. Wacker Drive, which has been sitting unfinished for years. U.S. Bank provided the loan to finance construction of the 504-unit building. Originally planned to be the fifth tallest building in Chicago, the prior development reached a mere 25 stories before the economic recession halted construction in 2008. In July 2011, Related acquired the building and announced plans to transform the tower into a 60-story luxury rental tower. Demolition is currently under way and vertical construction is expected to start in early 2013 with completion by the spring of 2014.
MERRIAM, KAN. — IKEA, the Swedish home furnishings retailer, plans to open a new 349,000-square-foot store in Merriam, eight miles southwest of Kansas City, in the fall of 2014. The store will be built on 18 acres — to be purchased from DDR Corp. — along the eastern side of I-35 at the Johnson Drive exit. The site will also include a two-level parking structure. IKEA Merriam will feature 10,000 exclusively designed items, 50 inspirational room settings, three model home interiors, a children's play area and a 450-seat restaurant.
CHICAGO — Polsinelli Shugart's Chicago office is expanding to a third floor in the Chicago Title and Trust Building at 161 N. Clark St. The law firm will gain an additional 18,000 square feet of space, which is part of the company's growth plan. Polsinelli moved into the property in 2009, originally occupying 29,000 square feet on the 41st and 42nd floors. The company will now occupy a total of 60,000 square feet in the building. Cushman & Wakefield represented Polsinelli in the transaction.
CHAMPAIGN, ILL. — A fully occupied, 10,000-square-foot retail site, located at 1902 N. Prospect Ave. in Champaign has sold for $4.2 million. The property is occupied by AT&T and Aspen Dental, both of which recently signed 10-year leases for the space. AT&T occupies 6,543 square feet while Aspen Dental occupies 3,205 square feet. The building is located at the intersection of I-74 and North Prospect Avenue, next to Market Place Mall. Elli Klapper and Charles Berger of CBRE Group represented the buyer in the transaction.
CHICAGO — Marcus & Millichap has arranged the $1.2 million sale of a 14-unit apartment property at 6760-6774 W. Raven St. in Chicago's Norwood Park neighborhood. The building contains a mix of four, one-bedroom units with eat-in kitchens and 10, one-bedroom units with separate dining rooms. James Clough and Joe Smazal of Marcus & Millichap represented the seller, an individual trust, in the transaction. They also secured the buyer, a private investor.