SIOUX FALLS, S.D. — John Reed of NorthMarq Capital's Omaha office arranged $11 million for the first mortgage refinancing of West Briar Commons, a 153-unit apartment complex in Sioux Falls. The 159,765-square-foot property is located at 2805 S. Hidden Place. Freddie Mac financed the 10-year loan, which has a 30-year amortization schedule. The borrower was West Briar Commons LLC.
TOPEKA — NorthMarq Capital has secured $9.4 million for the first mortgage refinancing of Lowe's Home Improvement Center, a 135,000-square-foot property in Topeka. The 7-year loan has a 25-year amortization schedule. Jeffrey Haskell of NorthMarq arranged the loan through a regional bank. The borrower is a private investor.
COLUMBUS, OHIO — KeyBank Real Estate Capital closed on a $44 million loan to refinance three multifamily communities in the Columbus market. The properties include Kenyon Square, located at 9220 Worthington Rd.; Alexander Square, located at 747 Worthington Woods Blvd.; and Mercer Square, located at 7331 Skyline Dr. KeyBank originated the loan through Freddie Mac. The borrower was developer Preferred Living.
KANSAS CITY, M.O. —Pembrook Capital Management has closed on a $32 million tax-exempt bond for Antheus Capital's redevelopment of a 600-unit apartment portfolio in Kansas City. The portfolio includes 11 historic pre-war buildings located along Armour Boulevard in Kansas City. Antheus purchased the property, which is currently largely unoccupied, for $60.5 million. The developer is renovating the entire portfolio, which will return to the market as apartment rentals. The bond was partially financed by an undisclosed large financial institution.
CHICAGO — Sperry Van Ness has sold two West Loop properties, totaling $1.9 million, in Chicago. Scott Maesel represented the seller of 1328 W. Randolph, formerly known as the Weinstein Meatpacking Building. A private investor purchased the 14,700-square-foot building for about $1.1 million. Maesel also represented both parties in a transaction at 935 W. Randolph. The 7,200-square-foot former meatpacking building had housed the Jos. A. Baumgartner Co. since 1977. A private investment group purchased the property for $725,000 and will redevelop the building into a mixed-use property.
BROOKINGS, S.D. — Chicago-based Bel Brands USA — the maker of Laughing Cow, Mini Baybel and Boursin Cheese — plans to build a new 170,000-square-foot manufacturing facility in Brookings. The $100 million facility will employ more than 200 workers once the plant becomes fully operational in 2014. The company plans to break ground this summer on a 42-acre land parcel along 32 Avenue, near the I-29 cooridor. The facility will be used to produce Bel Brands' Mini Baybel cheese. Dan Maslauski, Brian Chernett, Ann Woessner-Collins, Kris Bjorson, Dan McGillicuddy and Rich Thompsen of Jones Lang LaSalle assisted Bel Brands in the site selection process.
NORTH OLMSTED, OHIO — Love Funding has closed on a $4.7 million loan to refinance Olmsted Manor Care Center, a 74-unit skilled nursing facility in North Olmsted. Bruce Gerhart and Robert Smallwood of Love Funding's Cleveland office secured the loan through a U.S. Department of Housing and Urban Development program. The loan has a 30-year term.
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.
