MUNCIE, IND. — Viking Partners, a private equity firm, has acquired a non-performing note secured by McGalliard Mall Shops in Muncie. Tenants at the 54,090-square-foot shopping center include Panera Bread, Buffalo Wild Wings and Rent-A-Center. McGalliard is situated on an outparcel to Muncie Mall, which is owned by Simon Properties. Viking plans to increase property occupancy, extend short-term tenant leases and reduce overall operating expenses.
ST. CHARLES, ILL. — Love Funding has secured a $12.5 million loan to refinance Covington Court Apartments, a 208-unit apartment community in St. Charles. Jon Wagenknecht of the Chicago office of Love Funding arranged the 35-year loan through a U.S. Department of Housing and Urban Development program. Covington is one of six multifamily units owned by Shodeen interests in the tri-city area of Illinois, which includes Geneva, St. Charles and Batavia.
CHICAGO — The Pritzker Group has acquired Entertainment Cruises Inc., a Chicago-based dining cruise company. New York-based ICV Partners, a private equity firm, was the seller. Entertainment Cruises has 24 vessels with operations in seven U.S. cities. Kirkland & Ellis LLP acted as legal advisor and Lazard Middle Market LLC served as financial advisor to Entertainment Cruises. Terms of the deal were undisclosed.
BROOKLYN PARK, MINN. — Marcus & Millichap Capital Corp. has arranged $9.1 million for the refinancing of a 171-unit apartment property in Brooklyn Park, the second-largest suburb in the Twin Cities. John Mulcahey of Marcus & Millichap's Minneapolis office arranged the loan. The 10-year loan has a 30-year amortization schedule.
DETROIT — Rock Ventures is closing on its purchase of the historic Federal Reserve building in Detroit, a 176,000-square-foot building that has sat vacant since 2004. Built in 1927, the building is located at 160 W. Fort St. The Federal Reserve Bank moved to a new building in 2004, leaving the property empty. Rock Ventures was formed by Dan Gilbert, chairman and founder of Quicken Loans. In the past year, Gilbert has purchased nine buildings, three parking structures and one parking lot in downtown Detroit. Gilbert broke the news of the Federal Reserve purchase during the opening of Rock Venture's $12 million renovation of the Madison Theater Building in Detroit. The building has been renamed The M@dison.
MADISON, IND. — The Lodging Unlimited Group of Cos. has been appointed receiver of the Country Hearth Inns & Suites hotel in Madison by a Midwestern savings bank. The hotel is located at 308 DeMaree Dr. and will be operated by Lodging Unlimited's Chicago-based hotel management division. The hotel investment company reports a 50-year track record of operating and turning around troubled hotels. It is the eighth hotel currently owned and operated by the company.
FORT WAYNE, IND. — The University of Saint Francis has purchased an 83,000-square-foot complex at 431 W. Berry St. in downtown Fort Wayne. The center will serve as the main location for several of the university's new and existing media arts programs. It will also be available for use by the public for events, meetings and concerts. Barry Sturges and Carolyn Spake-Leeper of CBRE/Sturges represented the buyer and seller in the transaction.
CHICAGO — Chicago-based Structured Development has signed leases with PetSmart and buybuyBaby to occupy 45,000 square feet at 1415 N. Kingsbury St., a 2.3-acre retail development that will break ground early this year in Chicago. The Kingsbury Center project will also include an additional 8,500 square feet of retail space for lease. Structured Development moved forward with the project after its partner, Commonfund of Wilton, Conn., withdrew from the LLC. Structured paid off the existing PNC loan through a refinancing provided by The Private Bank in the amount of $14 million.
INDIANAPOLIS — Record Street Warehouse LLC has purchased a 110,000-square-foot industrial property in Indianapolis for an undisclosed amount. The building is located at 7800 Record St. Andrew Schrage of Coldwell Banker Commercial Realty Services represented Record Street in the transaction. The seller, LBC Corp. was represented in-house.
CHICAGO — BL Restaurant Operations will open a new Bar Louie location in Chicago's River North neighborhood on Feb. 1. The 11,591-square-foot restaurant and bar will be the eleventh Bar Louie in the Chicago area. Located at 333-335 N. Dearborn St., Bar Louie will seat about 260, with an additional 73 seats on the patio. The bar opens Feb. 1.