ST. LOUIS, MO. — David Garfinkel of NorthMarq Capital's St. Louis office has arranged permanent financing for the 195,363-square-foot South Lakeview Plaza, located at 4432 Lemay Ferry Rd. in St. Louis. Hancock Life Insurance Co. provided the financing.
GOLDEN VALLEY, MINN. — Grandbridge Real Estate Capital has arranged a $1.25 million, first mortgage loan for a 36-unit apartment property in Golden Valley, Minn. Tony Carlson of Grandbridge's Minneapolis office closed the 10-year loan with a 20-year amortization schedule through Ohio National.
ELK GROVE VILLAGE, ILL. — A joint venture between Boston-based Alcion Ventures and Chicago-based Golub & Co. has acquired the 579-unit Hamilton Court in Elk Grove Village for an undisclosed price. The property is approximately 95 percent leased. The buyer was self-represented by Michael Goldman and Adam Short of Golub & Co. and Mark Potter, Martin Zieff and Kris Galletta of Alcion Ventures. Michael Miller and Jeff Cherner of NorthMarq Capital's Chicago office represented the undisclosed seller in the transaction. Additionally, Miller and Rupesh Patel, also of NorthMarq's Chicago office, arranged acquisition financing through Freddie Mac.
MISHAWAKA, IND. — Fishers, Ind.-based AHEPA National Housing Corp. and the Department of Housing and Urban Development have broken ground for the 50-unit Penelope 60 Apartments, an affordable senior housing apartment building located at 810 S. Merrifield Ave. in Mishawaka. AHEPA Management Co. will manage the property, which is slated for completion in September 2012.
NORMAL, ILL. — Faris Lee Investments has arranged the $18 million recapitalization of a 200,000-square-foot shopping center in Normal, on behalf of the owner, The Dial Companies Schnucks Grocery and a 14-screen Starplex Theater anchor the center, which is currently 70 percent leased. The recapitalization allowed Faris Lee to represent Thompson National Properties in a joint venture with The Dial Companies to acquire the note on the property. Thompson acquired the developed portion of the center and The Dial Companies has been established as the owner of the center's 12 unfinished outparcels.
MICHIGAN — Arbor Commercial Funding has closed on loans through Fannie Mae for seven apartment complexes in Michigan. The properties are: – The 143-unit Carriage Hill East in East Lansing – The 143-unit Appletree Apartments in Sparta – The 86-unit Wood Mar Apartments in Lansing Township – The 427-unit Colonial Square Cooperative in Ann Arbor – The 72-unit Tree Tops Apartments in Northville – The 49-unit Cloisters Apartments in Clawson – The 30-unit Edgewood Court North in Birmingham All of the loans were originated by Michael Jehle of Arbor's Bloomfield Hills, Mich., office.
WOOD RIVER, ILL. — NorthMarq Capital has secured $1.6 million in non-recourse financing for a 45,500-square-foot retail property currently leased to Shop N Save, located at 1900 E. Edwardsville Rd. in Wood River. The fully amortizing loan was arranged with Ohio National.
VALPARAISO, IND. — Birmingham, Ala.-based The Sanders Trust has started construction on a $12 million, 60,000-square-foot medical office building, to be located on the campus of Community Health System's Porter Hospital. Birmingham, Ala.-based Robins & Morton is the contractor for the project with Gresham, Smith and Partners providing architectural services. Construction is slated for completion in late 2012 to coincide with the grand opening of the new Porter Hospital.
PINE LAWN, MO. — Kwame Building Group has completed the new 65,000-square-foot Barack Obama Elementary School, located at 3883 Jennings Station Rd. in Pine Lawn. Kwame provided construction management on the project with general contractor S.M. Wilson and architect TR,i. The school was funded through a portion of a $23 million, no-tax bond issue.
INDIANA — Oakbrook Terrace, Ill.-based Mid-America Real Estate Group and Indianapolis-based Sitehawk Retail Real Estate have formed a strategic partnership. Both independent companies are part of Chainlinks Retail Advisors. The partnership will focus its efforts on Indiana.