CHAMPAIGN, ILL. — Arbor Commercial Funding has secured a $33.62 million Fannie Mae DUS loan for the refinancing of 309 East Green, a 416-unit student housing property located near the campus of the University of Illinois in Champaign. The loan carries a 10-year term and a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office arranged the loan on behalf of the undisclosed borrower.
BATAVIA, ILL. — Chicago-based @properties Commercial has brokered the sale of an 11,000-square-foot, freestanding retail building located in Illinois. The property is leased to Advance Auto Parts. Esther Berman of @properties represented the seller, an undisclosed Midwest developer. David Berkson of Northbrook, Ill.-based Berkson & Sons represented the buyer, a local investor. @properties also brokered the recent sale of an Advance Auto in Des Plaines, Illinois.
NEW HOPE, MINN. — Minneapolis-based Towle Financial Services has arranged $4.2 million in permanent financing for Chardon Court Apartments, a 129-unit multifamily community located in New Hope. The funds will be used by the undisclosed borrower to pay off the bond-financed first mortgage as well as make capital improvements. The non-recourse loan carries a 10-year term and a 5.6 percent fixed interest rate. Peter Austin of Towle originated the financing.
ST. LOUIS — Creve Coeur, Mo.-based The Komen Group has completed its foreclosure acquisition of the historic Cupples 9 building in downtown St. Louis and will soon begin a $30 million renovation of the property. The project will include 147,000 square feet of office and ground-floor retail space within the building, which is located at 900 Spruce Street. Upon completion, which is expected in 2013, agricultural communications company Osborn & Barr will lease 66,000 square feet of anchor space within the building. Koman will lease and manage the building following its completion.
LIBERTYVILLE, ILL. — A joint venture between Inland Real Estate Corp. and PGGM has purchased Red Top Plaza, a 151,840-square-foot neighborhood shopping center located in Libertyville for $19.8 million in an all-cash deal. The center is anchored by grocer Jewel-Osco. Other tenants include Fifth Third Bank, Tuesday Morning, Edward Jones, L.A. Tan, Subway, Lou Malnati's Pizzeria and Hertz. The seller's name was not released.
CLEVELAND — Grubb & Ellis has completed the sale of 55 Erieview Plaza, an 88,000-square-foot office building located in Cleveland's Financial District. An entity of the buyer, 2105 Ontario LLC, will occupy approximately 24,000 square feet of the building. Alex Jelepis and Susan Licciardi of Grubb & Ellis represented the seller, Boxer Property, in the deal. The buyer utilized in-house representation.
NORTHBROOK, ILL. — Crossroads Development Partners has acquired a vacant office building located at 4201 Lake Cook Road in Northbrook at a sheriff's sale. The Class B property was constructed in 1989 and contains 66,000 square feet of space over three stories. CDP has already commenced an extensive renovation and repositioning of the building. CB Richard Ellis is providing leasing services.
MT. VERNON, ILL. — Hoar Construction has broken ground for a new addition to Crossroads Community Hospital in Mt. Vernon. The project will include a three-story, 48,000-square-foot addition containing 40 beds as well as radiology and lab departments. In addition, the existing emergency room and waiting area will be renovated. The hospital will remain open during construction, which will be complete by August 2012. Hart Freeland Roberts is the project architect. Franklin, Tenn.-based Community Health Systems owns the hospital.
IOWA AND NEBRASKA — Mission Viejo, Calif.-based The Ensign Group has signed a purchase agreement to acquire a nine-property senior housing portfolio from Sioux City, Iowa-based Careage Management for an undisclosed amount. The facilities are located in the Iowa cities of Cherokee, Clarion, Fort Dodge, Hawarden, and West Bend as well as the Nebraska cities of Beatrice, Falls City, Randolph, and Wayne. The portfolio comprises 549 skilled nursing beds and 72 assisted living units. The deal also includes Ensign's acquisition of Careage Home Care, a home health agency located in Cherokee. The deal is expected to close in July. Ensign primarily owns healthcare properties in the West; this deal marks its expansion into Iowa and Nebraska.
LAKE BLUFF, ILL. — Northbrook, Ill.-based Prime Property Investors has purchased Deer Valley Apartments, a 224-unit multifamily community located in Northbrook, from San Francisco-based Stockbridge Capital group for an undisclosed amount. Situated on 13.5 acres, the Class A, garden-style community consists of 13 buildings, 52 enclosed parking garages, and a recently renovated clubhouse containing a fitness center and a swimming pool with a sun deck. The unit mix is 120 one-bedroom units and 104 two-bedroom units. Occupancy was 98 percent at the time of closing. The acquisition price was not released.