CREST HILL, ILL. — Gershon Friedman of Meridian Capital Group secured a $1.3 million loan to refinance Cedar Green Apartments in Crest Hill. The multifamily property features 36 units. The 10-year loan has a 30-year amortization schedule and carries a 6.06 percent rate. Centerline Capital Group financed the loan.
NORTHFIELD, MINN. — Dominium Development and Acquisition has acquired Jefferson Square Townhomes in Northfield. The 50-unit affordable housing complex sold for an undisclosed price. Dominium has a $3.2 million renovation planned for the project, including new roofing, siding, apartment upgrades, parking lot improvements, site landscaping and the construction of a new community building. Jefferson Square is the 94th property acquired in Minnesota by Dominium since its founding in 1972. Additional terms of transaction were not released.
ST. LOUIS — Gary Parker, Dan Merlo and Dan Dokovic have formed Principal Commercial Real Estate. The client-focused, full service real estate company is located in St. Louis. The firm will offer customizable comprehensive real estate consulting. Parker is responsible for overseeing all leasing, sales, investment and brokerage activities. Dokovic is responsible for daily operations of marketing, information technology, communications and research. Merlo oversees the company’s business units and supports the corporation’s service and principal activities.
SCHAUMBURG, ILL. — An undisclosed buyer has purchased Willow Lake Tech Center, a multi-unit flex office/industrial property located in Schaumburg. Situated on 6.75 acres at 400 E. State Parkway, the 104,191-square-foot property sold for $6.6 million. John Abuja and Nicholas Kinney of Marcus & Millichap secured and represented the buyer; Abuja also represented the seller, a limited liability company. The buyer obtained 5-year financing on the asset.
LANCASTER, OHIO — Dallas-based Realty Capital Partners (RCP), on behalf of its RCP River View MOB Ltd. entity, has acquired River View Medical Center, a medical office building located at 2405 N. Columbus St. in Lancaster. The 75,000-square-foot property is currently 100 percent occupied. RCP partnered with affiliates of Equity Inc. to acquire the property in a $2.2 million off-market transaction. Additional terms of the transaction were not released.
GREENWOOD, IND. — Tikijian Associates has completed the sale of Friendly Village, a more than 500 lot mobile home community in Greenwood. Illinois-based Indy Mobile acquired the property for an undisclosed price. The buyer has numerous capital improvement projects planned for the property, which is its first acquisition in the Indianapolis market. Tikijian represented the court-appointed receiver, McKinley, and special servicer, LNR Partners, in the transaction.
CHICAGO — Law firm Olgetree, Deakins, Nash, Smoak & Stewart P.C. has selected McShane Construction Co. to complete its 15,300-square-foot, tenant improvement project in Chicago. The Chicago-based law firm is relocating to 155 North Wacker Drive from 20 South Clark Street. The project includes the construction of 36 private offices, 12 soft offices, three conference rooms, an extensive law library and a kitchen/breakroom. McShane is using high-end finishes, including millwork, fabric paneling and motorized sunshades, for the project. ASD Architects is providing architectural services for the project, which is scheduled for completion in September.
MERRILLVILLE, IND. — Chicago-based RMK Management Corp. has added Prairie Point Apartments to its property management portfolio. Located at Cleveland Street and West 91st Drive in Merrillville, the complex features 300 units, a clubhouse with a fireplace and a kitchen, an Olympic-sized outdoor swimming pool, a sundeck, volleyball courts, a playground and a business center. The apartment units range from 753 to 1,184 square feet and feature private entrances, washers and dryers, walk-in closets, central air conditioning, and private patios or balconies. Merrillville-based SJBZ Development developed and currently owns the property. RMK will oversee all aspects of leasing, maintenance and resident relations for the property.
BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.
CEDAR RAPIDS, IOWA — Opus Design Build and Opus Northwest have broken ground for the construction of a 170,355-square-foot Armed Forces Readiness Center (ARFC) and Field Maintenance Shop (FMS), which will be located at 1500 Wright Brothers Blvd. in Cedar Rapids. The more than 113,506-square-foot ARFC will contain a 9,000-square-foot assembly hall, a full kitchen, multi-purpose classrooms, a weapons simulation facility, storage and administrative space, road access to additional developments and parking for 560 vehicles. The 56,749-square-foot FMS will feature 10 work bays, one wash bay, an electronic communications bay, electronics repair facilities, a multi-purpose classroom/training facility, a small arms repair facility and parking for 67 vehicles. Designed by Opus Architects & Engineers, the $38 million project is seeking LEED Gold certification. Completion is scheduled for September 2011. The project is 100 percent federally funded, with support from the State of Iowa for Iowa Communications Network connectivity.