WICHITA, KAN. — Newport Beach, Calif.-based Huntington Park Holding has purchased the 188-unit Huntington Park Apartments, located at 1313 N. Maize Rd. in Wichita, from Wichita-based Huntington Park Apartments LLC, for $10.7 million. Aaron Hargrove of Hendricks & Partners' Tulsa, Okla., office represented the seller.
CINCINNATI AND INDIANAPOLIS — Cincinatti-based Q10 | Triad Capital Advisors has secured three multifamily loans totaling $48.8 million. PPM Finance provided $17.6 million for Union Station Apartments in Cincinnati. Triad closed two loans with Allstate including $19.2 million for Villages of Wildwood Apartments in Cincinnati and a $12 million loan on Deercross Apartments in Indianapolis.
ST. PAUL, MINN. — Oak Grove Capital has arranged an $11.5 million HUD 223(f) loan for the acquisition of the 108-unit Montcalm Apartments in St. Paul. Amenities of the property include a rooftop clubhouse, heated garage, pool and exercise room. Scott Streiff of Oak Grove's St. Paul office secured the financing.
BURNSVILLE, MINN. — Walker & Dunlop has provided $4.2 million in acquisition financing for the 50-unit Wyngate Townhomes in Burnsville. The property was 92 percent leased at closing. Jason Rice with Grandbridge Real Estate Capital originated the loan, and Andrew Tapley led the Walker & Dunlop team.
LOVES PARK, ILL. — Meridian Design Build has started construction on a 100,000-square-foot build-to-suit warehouse/distribution facility at Loves Park Corporate Center in Loves Park for developer Venture One Real Estate. The building will be leased to Danfoss Drives. Meridian is coordinating the project on a design/bulid basis with Heitman Architects, and Jacob & Hefner Associates is providing architectural and civil engineering services.
LINDENHURST, ILL. — Irgens Health Care Facilities Group has broken ground for the 43,500-square-foot Vista Health System medical office building, located at 1025 Red Oak Lane in Lindenhurst. 26,500 square feet of the building is pre-leased to Advanced Radiation Oncology, Illinois Bone & Joint Institute, Vista Health System and Vista Cancer Center. Completion is anticipated for January 2012.
LINCON, NEB. — Pace Financial Group has arranged $1.7 million in permanent financing for a CVS/pharmacy ground lease, located at 4800 O St. in Lincoln. The 25-year loan was funded through a life insurance company. Jamison Whiston of Pace's Lincoln office arranged the financing.
RAPID CITY, S.D. — Construction has started for a 111-room Cambria Suites, located along Interstate 90 in Rapid City. Appleton, Wis.-based Consolidated Construction Co. is developing the $12.5 million, 74,000-square-foot building, which is anticipated for completion in the spring of 2012.
HINSDALE, ILL. — Wheaton, Ill.-based Next Generation Development (NGD) has restarted construction on the 122-unit The Hamptons of Hinsdale located in Hinsdale. A fund controlled by Oak Brook, Ill.-based Inland Group of companies purchased the property from Citizen's Financial Bank. NGD is in charge of construction, sales and marketing for the development, and Britain-based Grosvenor Residential Partners I is financing the project. Upon completion the property will feature 26 townhomes, 93 condominiums and three custom single-family lots.
CHAMPAIGN, ILL. — Grubb & Ellis Co. has secured $38 million in refinancing for the 16-story, 725-unit Illini Tower, a student housing property located at 409 E. Chalmers St., near the University of Illinois. Jim Adams of the firm's Houston office arranged the 10-year loan on behalf of the owner, Campus Living Villages, through a CMBS lender.
