CHICAGO — Beech Street Capital LLC has provided $12.9 million in Fannie Mae loans to refinance four properties located within the Rogers Park and Lakeview neighborhoods of Chicago. The transaction was originated by Gershon Friedman of Meridian Capital Group LLC, and was financed by Beech Street Capital. The 10-year-loan has a 30-year amortization schedule. Totaling 230 multifamily units and one commercial space, the portfolio consists of low-rise, brick buildings constructed in the mid-1920s.
GROVEPORT, OHIO — Rancho Dominguez, Calif.-based Union Supply Co. has signed a long-term lease agreement for 315,534 square feet in building seven at Opus Business Center in Groveport, Ohio. Rick Trott, Mike Hurd and Kevin McGrath of Cassidy Turley represented the building owner, Opus Development Corp., in the transaction. San Diego-based McKinney Brokerage Group represented Union Supply Co.
OVERLAND PARK, KAN. —Johnson Capital has closed four loan transactions totaling more than $10 million for four commercial properties in Kansas and Missouri. In Kansas City, Mo., Thomas Cohen and John Schorgl arranged a $3 million note on Metro Plaza Retail Center, a 90,000-square-foot retail center. Proceeds from the bank-financed loan were used to renovate and upgrade the center. The loan carries an initial interest-only period which converts to a five-year term with a 25-year amortization schedule. In Topeka, Kan., Cohen and Schorgl arranged $3.3 million in financing for White Lakes Plaza, a 144-unit multifamily property. The loan carries a five-year term and 25-year amortization schedule. In St. Joseph, Mo., Johnson Capital arranged a $1.5 million bank-financed loan on Gene Field Apartments, a 107-unit, multifamily property. The 10-year loan has a 25-year amortization schedule. The proceeds of the loan were used to refinance existing debt and reduce the interest carry. In Riverside, Mo., Cohen and Schorgl placed a $2.6 million note with a local bank for Northcrest Apartments, a 140-unit multifamily property. Proceeds from the loan were used to refinance existing debt. The interest rate is fixed for the first five years and then reset after the fifth year.
CHICAGO — In a joint venture, Chicago-based Fifield Cos. and national developer Wood Partners have broken ground on K2, a 34-story apartment tower, located at 365 N. Halsted St. in Chicago. The apartment tower will include 496 units and 348 parking spaces. McHugh Construction is the general contractor and Pappageorge/Haymes is the architect for the project, which is scheduled for completion in 2013. Residences at K2 will include studio, one-, two- and three-bedroom apartments.
COLUMBIA, MO. — St. Louis-based Paric is beginning construction on a $50 million addition and renovation at Lenoir Woods continuing care retirement community in Columbia, Mo. The five-year project is planned in phases, and construction includes a new two-story assisted living building, a four-story independent living building with underground parking and a new memory care facility. The senior living community is operated by St. Louis-based Lutheran Senior Services.
BOSTON HEIGHTS, OHIO —Gladstone Commercial Corp. has purchased a 25,000-square-foot office building in Boston Heights, Ohio for approximately $4.7 million. The property was a new build-to-suit for Paychex North America, a subsidiary of Paychex Inc. The tenant leased the property for 10 years and has three options to renew the lease for additional periods of three years each. Buzz Cooper of Gladstone Commerical Group represented Gladstone in the transaction.
ST. LOUIS — The Peabody Opera House, located at 1400 Market St. in St. Louis, was recently reopened after undergoing a $78 million restoration that began in July 2010. Updates to the 77-year-old building included adding quiet air conditioning, modern fire protection and washroom facilities. The developers include Sports Capital Holdings-St. Louis; Optimus Development; and St. Louis-based Paric Corp., in partnership with KAI Design & Build.
GERMANTOWN, WIS. — KitPackers LLC, an adhesive company, has leased 4,881 square feet of industrial space at the Alpine Business Center on Maple Road in Germantown, Wis. Ryan Kopp and Steve Stewart of Milwaukee-based Inland Cos. brokered the deal.
GRANDVIEW, MO. — Kansas City, Mo.-based Block Real Estate Services LLC will open the 20,000-square-foot Grandview Medical Building Oct. 31 in Grandview, Mo. Located at 7201 E. 147th St., the roughly $4 million building will serve as an addition to New Grandview Triangle. Tenants include Hickman Mills Clinic, Carondelet Health and Albers Medical Pharmacy.
BROOKFIELD, WIS. — Cincinnati-based Phillips Edison Strategic Investment Fund II has closed on the purchase of Brookfield Town Centre in Brookfield, Wis. for $15.4 million. The 188,000-square-foot retail center is located on the southwest corner of West Capitol Drive and Brookfield Road. The center is anchored by Sendik's Fine Foods and includes more than two dozen shops and restaurants. The property was purchased from Harris Bank, which foreclosed on the property in 2010.
