ORLAND PARK and ARLINGTON HEIGHTS, ILL.— Cohen Financial has secured $5 million to refinance loans for two Class B retail properties in the Chicago area. The two properties are Waterfall Plaza, a 22,000-square-foot retail strip center located in Orland Park, and Plaza Del Grato, an approx. 40,000-square-foot retail strip center located in Arlington Heights. Brandon Harrington of Cohen’s Phoenix office originated the $2 million loan for Waterfall Plaza and the $3 million loan for Plaza Del Grato. The lender is StanCorp Mortgage Investors and the borrower is a group of retail investors.
WAUKEGAN, ILL. — A Brazilian investor has purchased a net-lease PNC Bank branch located in Waukegan. The single-tenant property was constructed as a build-to-suit three years ago for National City, which was acquired by PNC. Chad Firsel of Quantum Real Estate Advisors represented the seller, a local developer, in the deal.
MINNEAPOLIS — Dominium executed a purchase agreement with BNC Bank, who currently owns the Pillsbury Lofts. The landmark Pillsbury Mill site is located across the Mississippi River from downtown Minneapolis and will be the site for affordable live-work housing. The development will consist of approximately 240 apartments located throughout three of the historic buildings — A-Mill, South Mill Complex and Warehouse No. 2. The timeline for construction on this adaptive reuse project is approximately 14-16 months. The project team is Dominium and the team lead is Owen Metz. The developer of the project is BKV Group.
BLOOMINGTON, MINN. — United Properties and StuartCo have broken ground for Genesee Apartments & Townhomes at Penn & American, a multi-phase, mixed-use development combining retail, restaurants and high-end apartments. The first phase will include construction of 212 apartments and 22 townhomes developed by StuartCo., and 14,000 square feet of retail and restaurant space developed by United Properties. All buildings in this phase will be complete by September 2012. Frana Co. is the general contractor for the project.
ZIONSVILLE, IND. — A joint venture between Richmond, Va.-based McCann Realty Partners and Boca Raton, Fla.-based Silver Capital has acquired Quail Run Apartments, a 166-unit apartment community located in The Indianapolis suburb of Zionsville. Constructed in 1972, the community contains predominantly two-bedroom, 1,200-square-foot townhome apartment units. In the near term, the new owners plan to complete a three-year capital improvements program that will include new amenities and upgraded unit interiors. The purchased was funded in part by a 10-year Fannie Mae loan carrying a 5.29 percent fixed interest rate. The seller's name and the sale price were not released.
NORTH CANTON, OHIO — Hendricks & Partners has brokered the REO sale of a North Canton apartment community. Willow Creek is a 36-unit property located at 8050 Cleveland Ave. NW. Constructed in 1998, the garden-style community comprises 12 one-bedroom and 24 two-bedroom units. Occupancy was 95 percent at the time of closing. Lancaster, Ohio-based LFG Properties purchased the property for $1.2 million. The seller was Willoughby, Ohio-based Property One Management, which was acting as receiver for Huntington National Bank. Eric Taylor of Hendricks & Partners' Michigan office represented both parties in the deal.
EAGLE RIVER, WIS. — Hotel Source Inc. has brokered the sale of the Days Inn located at 844 Railroad St. in Eagle River. The hotel features an indoor swimming pool, a hot tub and a sauna. The Hotel Source team of Seth Glickman and Steve Marx arranged the deal between the two undisclosed parties.
AVON, IND. — Northbrook, Ill.-based The Boulder Group has brokered the sale of a 56,100-square-foot retail building located in the Indianapolis suburb of Avon for $5.75 million. Recently developed, the property, which is situated at 212 Gable Crossing Drive, is leased on a long-term basis to Hobby Lobby. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private company, as well as the buyer, an institutional investment firm.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Golden Living Centers of Kenosha, a 97-unit senior housing property located in Kenosha for $3.95 million. The property traded for approximately $500,000 above the asking price despite the expiring lease of the tenant, a national nursing home company. Mark Myers of Marcus & Millichap's Chicago office and Ray Giannini of the firm's Milwaukee office, both of whom are also members of the firm's National Seniors Housing Group, arranged the deal. Matt Fitzgerald of Marcus & Millichap's Milwaukee office provided additional representation.
KANSAS CITY, MO. — NorthMarq Capital has arranged $16.5 milllion in Freddie Mac financing for a Kansas City apartment community. Wild Oak Apartments contains 348 units and is located at 7987 NE Flintlock Road in Kansas City. The loan carries a 10-year term and a 30-year amortization schedule. David Farrell of NorthMarq's Kansas City office secured the funds on behalf of the undisclosed borrower.