CHICAGO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed two loans totaling $3.3 million in Chicago. The 51-unit Woodlawn Apartments received a $1.29 million loan, which was funded under the Fannie Mae DUS Small Loan product line. The 10-year loans carries a 26-year amortization schedule. Additionally, the 56-unit Drexel Apartments complex received $2.01 million in Fannie Mae DUS Small Loan financing. The 10-year loan amortizes on a 30-year schedule. Michael Jehle of Arbor's Bloomfield HIlls, Mich., office originated the loans.
Midwest
CHICAGO — Pangea Equities has purchased a 31-unit multifamily property, which is located at 7263 S. Coles Ave. in Chicago's South Shore district. The 95-year-old, 9,698-square-foot building is a three-story plus basement walk-up style apartment building offering one-, two- and three-bedroom units. Chase Bank sold the property for $397,500. Brad Thompson of Millennium Properties R/E brokered the transaction.
BEDFORD PARK, ILL. — M. Block & Sons, a provider of end-to-end supply chain solutions, has leased a 341,144-square-foot industrial facility in Bedford Park. Located at 6755 W. 65th St., the property features 2,500 square feet of office space, 30-foot clear ceiling heights, 141 parking spaces with 50 trailer spaces, 36 exterior docks and three drive-in doors. Missner Construction is completing work and tenant improvements to the property, which is owned by Principal Real Estate Investors. Jeff Locascio of Newmark Knight Frank represented the tenant; Larry Much, Steve Connolly and Kelly Disser of NAI Hiffman's Industrial Services Group represented the landlord, Principal Real Estate Investors, in the transaction. Terms of the lease were not released.
BELLEVILLE, ILL. — Swansea, Ill.-based Holland Construction Services has completed the construction of an addition at ROHO Group's manufacturing facility in Belleville. The 12,000-square-foot expansion offers storage space and two receiving docks. Collinsville, Ill.-based Oates & Associates Engineering and Architecture and Belleville-based Design Six provided architectural and design services for the project.
GLENDALE, WIS. — Glendale Business Center LLC has signed 16,200 square feet of industrial/office space to Prototype Composites LLC. The space is located at 6675-6681 N. Sidney Place in Glendale. Brian Parrish of The Dickman Company represented the landlord; Brett Garceau and Curt Pitzen of NAI MLG Commercial represented the tenant in the transaction. Terms of the lease were not disclosed.
JEFFERSON, WIS. — Crown Court Properties has acquired Jefferson Oaks West and Jefferson Commons, two apartment communities in Jefferson, for a combined price of $3.05 million. Jefferson Oaks West is located at 622 Collins Road and Jefferson Commons is located at 1009 Meadows Lane. The two properties were combined to form a 64-unit affordable housing project utilizing Federal American Recovery and Reinvestment Act Funds and received an allocation of tax credits under the Section 42 Low Income Housing Tax Credit program, which is administered by Wisconsin Housing and Economic Development Authority. Additionally, the transaction was funded by the United States Department of Agriculture under the Section 515 program. Dan Roseliep and Shane Thomas of Sperry Van Ness represented the seller, Roof Tree Properties, in the transaction.
SCHAUMBURG, ILL. — Crescend Technologies, a communication equipment designer and manufacturer, has purchased a 25,500-square-foot property in Schaumburg. Located at 140 E. State Parkway, the state-of-the-art facility features an air-conditioned production area, office space, engineering space and heavy power. The buyer plans to use the facility as its corporate headquarters and manufacturing center. Dan Smolensky of The Modal Group represented the buyer. The seller was not disclosed.
MANKATO, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.86 million loan for Village Place Apartments in Mankato. The complex offers 70 apartment units. Funded under the Fannie Mae DUS Small Loan product line, the 10-year loan carries a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office originated the loan.
The Twin Cities area, a region of more than 3 million people, is still trying to extricate itself from the base of this pesky commercial real estate cycle. While the retail real estate deal volume is starting to pick up here, it remains more of a trickle than a flow, with value-priced merchants spurring much of the activity. In the first half of 2010, the Twin Cities retail vacancy rate stood at 10.4 percent, meaning nearly 7 million square feet of retail space remains vacant, according to Minneapolis-based NorthMarq, a commercial real estate services firm. On the national tenant side, several retailers are repositioning themselves, either by upgrading existing stores or relocating to more advantageous spaces as leases expire. There are also rumblings of several national tenants eyeing vacancies in the 10,000- to 25,000-square-foot range. Not surprisingly, value merchandisers such as Dollar General, Big Lots and Dollar Tree have increased their footprints in this environment as well. We are also seeing a slight resurgence in demand from mom-and-pop tenants. As in past downturns, there’s a growing roster of talented people who were displaced by corporate America that are opening their own retail businesses. At the commodities level, the grocery trade …
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.