KANSAS CITY, MO. — NorthMarq Capital has arranged $5.08 million in first mortgage financing for Regency North Apartments. The 180-unit apartment complex is located at 6024 N. Jefferson St. in Kansas City. David Farrell of NorthMarq's Kansas City regional office secured the financing for the borrower, Regency North Acquisition. The 10-year loan, which carries a 30-year amortization schedule, was arranged by NorthMarq through its seller-servicer relationship with Freddie Mac.
NEW ALBANY, OHIO — The Pizzuti Companies has broken ground for the development of a headquarters and operations facility for Accel Inc. Located in the New Albany Business Park in New Albany, the $18 million, 417,000-square-foot facility was designed by Columbus, Ohio-based Glavan Feher Architects. The project, which is seeking LEED Silver certification, is scheduled for completion in June 2011.
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.
INDIANAPOLIS — Carmel, Ind.-based Oaktree Co. has acquired Oaktree, a multifamily property located at 4100 N. Post Road in Indianapolis. The 348-unit property sold for $1.1 million. Built in 1969, the property offers 156 one-bedroom units and 192 two-bedroom units. Additionally, the property has received more than $2.3 million in capital improvements since 2001. Rick Vidrio, Rick Brace and David Walstrom of Hendricks & Partners represented the seller, Oaktree Apartments LLC, in the transaction.
INDIANAPOLIS — Brown – Davis Joint Venture LLC is developing Chase Near Eastside Legacy Center, which is a component of the 2012 Indianapolis Super Bowl Host Committee's community impact activities. Located on the campus of the Arsenal Technical High School, the $11.2 million, 27,000-square-foot Chase Neat Eastside Education and Wellness Center/NFL Youth Education Town will feature a fitness center with a full gymnasium and locker rooms, offices, conference rooms, classrooms, an educational kitchen, a media center, a lounge, a greenhouse and a mezzanine level with cardio equipment and an exercise studio. Additionally, the facility will offer comprehensive programs and youth development activities for neighborhood residents. Ratio Architects is providing architectural services for the project, which is slated for completion in December 2011. The joint venture, consisting of Browning Construction and Davis & Associates, is serving as construction manager for the project.
OMAHA, NEB. — Steve Ruff of Q10|Daisley Ruff Financial has arranged an $83 million loan for an office building in Omaha. The ten-story building offers 316,481 square feet of office space and a multi-level parking structure. Once complete in December, the property will serve as the Nebraska headquarters of a top health insurance company. Additional terms of the loan were not released.
AURORA, ILL. — Houston-based Boxer Property has acquired Fox Valley Executive Center in Aurora. Located at 75 Executive Dr., the 107,087-sqauare-foot property sold for an undisclosed price. Tom Gallagher of TPG Financial represented the buyer; Art Burrows of NAI Hiffman represented the seller, Miami-based LNR Property, in the transaction.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $37 million loan for Stonepost Apartments in Overland Park. Located at 12801 W. 136th St., the property offers 492 apartment units. Financing was based on a 10-year term and was arranged for the borrower, Stonepost Apartments LLC, through NorthMarq's correspondent relationship with Allianz Life Company of America. Greg Duvall of NorthMarq's Kansas City Regional office arranged the financing.
BLOOMINGTON, MINN. — United Properties and StuartCo have received final development plan approval for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington. The first phase of Penn & American includes a four-story building with 14,000 square feet of retail space and 60 apartments; an eight-story, 152-unit apartment building; and a four-story, 22-unit townhome building. Construction is scheduled to begin in May 2011 and will include 234 Genesee apartments and townhomes, built by StuartCo, and two retail buildings, built by United Properties.
DAVENPORT, IOWA — Ryan Companies US has completed the construction of Carver Aero's 28,000-square-foot complex at the Davenport Municipal Airport, which is located at 9230 N. Harrison St. in Davenport. The $2.9 million facility includes an 8,000-square-foot fixed base of operations office building and a 20,000-square-foot maintenance and storage hangar. The complex offers meeting rooms, an airport terminal, a pilots' lounge, storage for private planes and office space for Carver Aero, a full service aviation company that provides third-party aircraft management, maintenance and charter services.