CHICAGO — Sue Blumberg of NorthMarq Capital’s Chicago Regional office has arranged $28.87 million in fixed-rate financing for Pensacola Place, which is located at 4334 N. Hazel in Chicago. The property consists of 79,000 square feet of commercial space and 264 renovated multifamily units. Commercial tenants include Jewel-Osco grocery store and World Gym. Financing was based on a 7-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Pensacola Place, through NorthMarq’s seller-servicer relationship with Freddie Mac.
FITCHBURG, WIS. — Locally owned Oak Bank has completed the disposition of Country Inn & Suites, a 69-room hotel located at 6275 Nesbitt Road in Fitchburg. Fitchburg Lodging acquired the three-story property, which opened in 2005, for an undisclosed price. Freeport, Ill.-based Swift Hospitality Group, an investor of Fitchburg Lodging, will manage the hotel and complete a renovation of the property. Brian Silberman of CBRE|Hotels represented the buyer in the transaction.
PETERSBURG AND OAK FOREST, ILL. — Waukesha, Wis.-based The Redmond Company has been selected to complete two bank branch locations in Illinois. Athens State Bank selected Redmond to design and construct its new 4,300-square-foot branch in Petersburg. Located at the corner of State Highway 97 and Boy Scout Trail, the prairie-style building will feature three drive-up lanes and a drive-thru ATM, along with interior amenities. Completion is scheduled for February 2011. Additionally, Redmond recently completed the design and construction of a 3,800-square-foot branch for Oak Forest Banking Center – A Facility of Carlinville National Bank in Oak Forest. The project involved an interior renovation and the addition of drive-thru lanes.
ANN ARBOR, MICH. — New York City-based Vesper Holdings has acquired Harbor House at Ann Arbor, a 208-unit, off-campus student housing community that serves students of the University of Michigan in Ann Arbor. The property has 17 two-story buildings containing 84 one-bedroom units and 124 two-bedroom units. Amenities include a swimming pool, a fitness center, a business center, a game room, tennis courts and a volleyball court. Campus Apartments will be managing the new community.
MINNEAPOLIS — Minneapolis-based NorthMarq Capital has arranged a $27.05 million loan for a four-property, cross-collateralized portfolio of industrial properties. Totaling 517,240 square feet the properties include 9600 and 9700 West 76th Street in Eden Prairie, Minn.; 1908-2000 Innerbelt in Overland, Mo.; 2325 – 2375 Camino Vida Roble in Carlsbad, Calif.; and 20700 Denker in Torrance, Calif. Major tenants in the properties include Digital River, Build-A-Bear, Sanko Electronics America and Hanna Water Holdings. Financing terms were based on a 10-year term with a 25-year amortization schedule. NorthMarq arranged the financing for the borrowers, affiliates of First Industrial Realty Trust, through its correspondent relationship with National Life Insurance Co. NorthMarq’s Jeff Frankel, Jim Hoopes, Eric Flyckt, Jeff Chaney, David Garfinkel and Rob Hervey brokered the transaction.
ELDON, MO. — Summit Housing Development has partnered with Boston Capital for the rehabilitation of Willow Creek Apartments, an affordable senior-housing community in Eldon. The project will include the rehabbing of 16 one-story buildings, which feature a total of 64 one-bedroom units. Additional upgrades include on-site management, an expanded community room with kitchen, central laundry and an outdoor lounge and social area. Unit renovation will include upgrades to the kitchens, appliances, bath fixtures and the installation of energy-efficient windows, a central air conditioning system, patios, ceiling fans and porches. The renovation project is expected to cost $51,000 per unit. Boston Capital provided the tax credit equity for the development of the project.
FLORISSANT AND ST. LOUIS, MO. — Hendricks & Partners’ St. Louis office has brokered two multifamily sales in Missouri. In the first transaction, Hathaway Partners purchased Hathaway Village, a 128-unit apartment complex located at 11466 La Tonka Dr. in Florissant. Built in 1971, the property features 56 one-bedroom and 72 two-bedroom units. Blue Valley Apartments sold the property for an undisclosed price. In the second transaction, St. Louis-based 5622 Delmar LLC acquired Del Monte, a 70-unit apartment community located at 5622 Delmar in St. Louis. Built in 1922 and rehabbed in the 1980s, the property features 50 one-bedroom and 20 two-bedroom units, as well as four commercial spaces. MIRP/DeBaliviere II sold the property for an undisclosed price. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners represented all parties in each transaction.
CINCINNATI — Santa Ana, Calif.-headquartered Grubb & Ellis has opened an office in Cincinnati with the addition of Vollmer Realty Inc. Christopher Vollmer Sr. and Christopher Vollmer Jr. are joining Grubb & Ellis and will lead the company’s new Cincinnati office. Additionally, Vollmer Realty will be folded into Grubb & Ellis. As a senior vice president, Vollmer Sr. will report to Bob Nosal, executive vice president and managing director for Grubb & Ellis’ Ohio division. Grubb & Ellis currently manages approximately 1.2 million square feet of property throughout the Cincinnati area. The new office is located at the former Vollmer Realty office at 2324 Madison Road.
GLENDALE, WIS. — General Plastics Inc. has signed a lease for 7,200 square feet of industrial space in Glendale. The property is located at 6631 and 6633 N. Sidney Place. Brian Parrish, Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company brokered the transaction. The landlord is Glendale Business Center LLC. Terms of the lease were not disclosed.
WEST ALLIS, WIS. — Kim Ellis, owner of Milwaukee-based ANS Home Health Services, has purchased the Roman Building, which is located at 1551 S. 108th St. in West Allis. Acquired for $1.02 million, the property offers 26,000 square feet on a 1.18-acre lot. The buyer plans to use the property to expand its business. Patrick Gallagher of Siegel-Gallagher represented the seller, Harris Bank, in the transaction.