BRECKSVILLE, OHIO — Columbus, Ohio-based Morris, Smith & Feyh (MS&F) has recently closed two loans totaling $13.35 million. In the first transaction, Grand Bay Apartments received a $12.15 million first mortgage loan through one of MS&F’s correspondent life insurance companies. Located in Brecksville, the 184-unit multifamily community offers 166 two-bed/two-bath units and 18 three-bed/two-bath units. Jeffrey Morris of MS&F originated the loan, which has a term of 7 years with a 30-year amortization and a 6.5 percent fixed interest rate. In the second transaction, Morris originated a $1.2 million loan for a 58,320-square-foot, two-building office property in Brecksville. The 10-year loan has a 20-year amortization schedule and a 7.5 percent interest rate.
Midwest
WAUCONDA, ILL., SPRINGBORO, OHIO, AND SHELBY TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sales of three shopping centers in the Midwest. In the first transaction, Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust acquired Liberty Square, a 107,369-square-foot retail center in Wauconda, for $15.2 million. Ben Wineman, Joe Girardi and Stan Nitzberg of Mid-America represented the seller, Dallas-based Fritz Duda Co., in the transaction. In the second deal, Indiana-based Equity Investment Group, dba EIG Springboro Plaza LLC, purchased Springboro Plaza, a 154,034-square-foot shopping center in Springboro, for $7.1 million. Wineman and Rick Drogosz, also of Mid-America, and Amy Holter of Anchor Associates represented the seller, Inland Real Estate Corp. In the final transaction, a private investor acquired the 92,515-square-foot Roseland Shopping Center in Shelby Township for $3.5 million. Wineman, along with Daniel Stern and Richard Kerwin of Lormax Properties, represented the seller of the lender-owned property.
CHICAGO — Essex Realty Group has completed the sale of a vintage courtyard apartment building, which is located at 6849 S. Clyde in Chicago’s South Shore neighborhood. The 30-unit property consists of six one-bedroom, 21 two-bedroom and three three-bedroom units. An undisclosed buyer acquired the property for approximately $1.1 million. David Goss and Jon Morgan of Essex represented the undisclosed seller; Jim Darrow, also of Essex, represented the buyer in the transaction.
ST. PAUL, MINN. — Ryan Companies US Inc. recently completed the construction and renovation of Lexington Commons Apartments in St. Paul for CommonBond Communities. The 45,351-square-foot, 48-unit facility will serve as a supportive housing community. The $8 million project was primarily financed through Minnesota housing using federal stimulus funds. The renovation projected included the demolition of all non-structural walls, asbestos abatement, complete roof replacement and a new, high-efficiency mechanical system. Additionally, the building received upgraded windows, architectural panels and a landscaped patio area. Elness Swenson Graham Architects provided architectural services for the project, which achieved LEED certification. Residents are expected to take occupancy in October.
APPLE VALLEY AND MANKATO, MINN. — Tony Carlson, Dick Riley and Dave Rasmussen of Grandbridge Real Estate Capital's Minneapolis office originated and closed two first mortgage multifamily loans totaling more than $4.7 million. In the first transaction, an undisclosed borrower received a 10-year term loan to refinance a 36-unit apartment complex in Apple Valley. The loan features a 30-year amortization and a fixed rate. In the second transaction, an undisclosed borrower received a loan for a 72-unit apartment property in Mankato. The loan refinanced the borrower's maturing loan and was funded at 80 percent of appraised value. The loan features a 10-year term, 30-year amortization and a fixed rate. Both financing transactions were funded through a Fannie Mae Small Loan Program lender.
GRAYSLAKE, ILL. — Scannell Properties LLC has acquired a 33-acre land parcel, which is located at Route 83 within Grayslake Business Park in Grayslake, from Delos Inc. Scannell plans to develop a 215,000-square-foot distribution center for FedEx Ground in the site. Rodger Chenore, Patricia Baldwin and Terence Lynch of Chicago-based Paine/Wetzel • ONCOR International represented the seller in the transaction. The acquisition price was not disclosed.
MOUNT PROSPECT, ILL. — Cohen Financial has secured a $12 million loan for a multifamily property in Mount Pleasant. The borrower is using the loan to refinance the 222-unit property. Dan Rosenberg of Cohen's Chicago office arranged the 35-year, fixed-rate loan with an 85 percent loan-to-value through Oak Grove Capital, a national multifamily lender. The borrower is a Chicago-based multifamily property investor and manager.
OAK CREEK, WIS. — CenterPoint Properties is developing an 82,950-square-foot, build-to-suit industrial facility for Crothall Laundry Services, a division of Crothall Healthcare. Located on a 5.64-acre site in the Creekside Corporate Park in Oak Creek, the property will be used as a laundry facility for the Wayne, Penn.-based healthcare laundry provider. Terms of build-to-suit lease were not released.
GRAYSLAKE, ILL. — Marcus & Millichap brokers $1.25 million sale of Swanson Corners Retail Center, a multi-tenant retail center, located at 1276 N. Illinois Route 83 in Grayslake. Built in 1995, the 5,500-square-foot property is fully leased to 7-Eleven, Papa John's Pizza and Village II Cleaners. Demetrie Livaditis of Marcus & Millichap's Chicago office represented the undisclosed seller. The property traded at a cap rate of 8.34 percent. The buyer was not released.
NOBLESVILLE, IND. — Aspire Indiana, a newly formed organization created by the merger of Carmel, Ind.-based BehaviorCorp and Anderson, Ind.-based The Center for Mental Health, has purchased a 26,600-square-foot office property in Noblesville. In the fall, the organization is expected to relocate its headquarters to the new property in Noblesville Business Park. John Demaree of Summit Realty Group represented the buyer; Philo Lange of NAI Olympia represented the seller, NBP One LLC, in the transaction. The acquisition price was not disclosed.