INDIANA AND OHIO — Savills has arranged the workout, sale and recapitalization of a 4,681-unit distressed apartment portfolio. The properties include two communities in Cleveland; four communities in Cincinnati; five communities located in Toledo, Ohio; one community located in Speedway, Ind.; and one community located in Pittsburgh.The ownership group purchased the portfolio in 2006 and 2007 and capitalized the community with approximately $172 million in debt and equity; however, occupancies fell to under 75 percent, and the properties defaulted on their loans. Savills arranged the modification of the properties' existing debt as well as the transfer of ownership to a partnership between Square Mile Capital, The Kushner Companies and Apollo Property Management. The new owners plan to complete a major repositioning and capital improvements program. Apollo will now manage all of the communities.
CHICAGO — Chicago-based Newcastle Limited has purchased a 98-unit apartment building located at 426 West Belmont in Chicago's Lakeview neighborhood for $10.55 million. The 13-story building contains a mix of studio and one-bedroom units. Bill Baumann of Kiser Group represented the undisclosed seller in the deal.
INDIANAPOLIS — Trinity Metals has purchased the former Smurfit Stone corrugated container facility located at 6400 English Ave. in Indianapolis. The buyer plans to use the 120,000-square-foot facility as its new headquarters. Mark Writt of the Indianapolis office of CB Richard Ellis represented the seller, Covington Capital Corporation. The acquisition price was not disclosed.
MUNDELEIN, ILL. — Larsen Manufacturing has acquired a 56,640-square-foot industrial building located at 1201 Allanson in Mundelein. The company plans to relocate its operations to the building. Whit Heitman of Paine/Wetzel • ONCOR International represented the buyer. Coldwell Banker Commercial represented the seller, a private investor.
ST. LOUIS — Gratiot Properties has purchased a 30,000-square-foot industrial building located at 711 S. Theresa Ave. in St. Louis from STAJO Iron & Metal. William Barnes of Coldwell Banker Commercial represented the buyer, and Solon Gershman represented the seller.
MINNETONKA, MINN. — Behringer Harvard has disposed of 12600 Whitewater Drive, a 70,705-square-foot office building located within Minnetonka Corporate Center in Minnetonka. The property features a two-story atrium, a cafeteria, a patio and a heated garage. It is fully leased to Associated Financial Group, Vanco Services and KMG America. The buyer and purchased price were not released. Behringer Harvard first purchased the building in 2006.
MICHIGAN CITY, IND. — Franciscan St. Anthony Health has selected HSA PrimeCare to develop a new 19,593-square-foot cancer treatment center at the hospital system's Michigan City outpatient campus. The single-story facility will feature a radiation oncology center with a linear accelerator and a PET/CT scan, an infusion center, and office space. Design Organization is the project architect and Tonn & Blank Construction is the general contractor.
GRAND FORKS, N.D. — NorthMarq Capital has secured a $7.63 million loan for Carrington Court Townhomes, a 156-unit multifamily poperty located at 2225 S. 34th St. in Grand Forks. The loan, which was provided by Basis Investment Group – CMBS Platform, carries a 10-year term and a 30-year amortization schedule. David Garfinkel of NorthMarq's St. Louis office arranged the funding on behalf of the undisclosed borrower.
KANSAS CITY — A joint venture between Hunt Midwest Real Estate Development and Principal Senior Living Group is developing four senior housing projects in the Kansas City metro area. The total cost for the four projects will be approximately $30 million. One of the communities has already broken ground. Construction began in May for Benton House at Shoal Creek, an 80-bed assisted living facility located within the Benton Place master-planned community in Kansas City, Mo. The second project, which will break ground this summer, will be Benton House of Lee's Summit, an assisted living city to be located at the intersection of U.S. Highway 50 and Todd George Road in Lee's Summit, Mo. Both projects will be complete by next spring. Plans for the other two projects were not disclosed.
JENNINGS, MO. — Construction has commenced for Windfall Trace Apartments, a 46-unit multifamily community located in Jennings. The project will consists of ten apartment buildings and a clubhouse. Construction will include the demolition of existing buildings on the site as well as the installation of new infrastructure. The project is seeking certification from the Enterprise Green Communities program. The general contractor is E.M. Harris Construction Co., and the project architect is Rosemann & Associates. Financing is being provided by an affiliate of The Housing Authority of St. Louis County with a loan from the Missouri Housing Development Commission as well as federal and state low-income housing tax credits.