CHICAGO — Behringer Harvard has formed a joint venture with Equity Group Investments and Transwestern Investment Company to recapitalize the 754,750-square-foot 200 S. Wacker Drive, a 40-story office building in the West Loop of Chicago's central business district. The building includes amenities such as a fitness center and conference facilities. Behringer Harvard will retain management and a 10 percent ownership interest of the property. Equity Group invested through the Zell Credit Opportunities Fund. J.F. McKinney & Associates will serve as the leasing agent.
CHICAGO — Beech Street Capital has provided $6.53 million in Fannie Mae loans to refinance two portfolios in Chicago's Rogers Park neighborhood. The transaction was financed through Meridian Capital Group. The first portfolio, Tamid 2, contains 57 units in three properties, while the second, Tamid 3, consists of 84 units in five properties. The fixed-rate loans have a 7-year term and a 30-year amortization schedule. Amy Sodeinde and Joel Goodman were underwriters for Beech Street and Lisa Pierotti was the closer.
ALGONQUIN, ILL. — Marcus & Millichap has sold Harlem Furniture, a 34,950-square-foot, single-tenant, net-leased property, located at 2471 Randall Rd. in Algonquin, for $3.55 million. The buyer, a private investor, secured insurance debt on the property with 60 percent LTV and a 6 percent interest rate.
DETROIT — St. Louis-based Love Funding has secured a $6.32 million loan for the acquisition of three apartment complexes in Westland, Mich. The properties, Country Court, Country Village and Westland Woods Apartments, will become Wildwood Apartment Homes with a combined total of 229 units. Bruce Gerhart and Mickey Rist arranged the 40-year, self-amortizing loan through the Federal Housing Administration's 221(d)(a) loan insurance program. The property qualified for FHA financing and was awarded low-income housing tax credits through the Michigan State Housing Development Authority. Love Funding arranged with HUD's Michigan office to allow the tax credit payments to take place in installments, which helped maximize the investors' level of contributions while minimizing their risk.
BLOOMINGTON, MINN. — Welsh Companies and The Ramkota Companies will hold the ribbon cutting ceremony this week for the new Best Western Plus Bloomington Hotel at the Mall of America. The two companies, through affiliates, acquired the hotel, formerly a Days Inn, in 2008 and launched a renovation, which was completed by Genesis Architecture and Welsh Construction. The new hotel features 211 guest rooms and suites, meeting space for up to 280 people, a fitness center, and a family-friendly water play land.
BRISTOL, IND. — FM Stone Commercial has brokered the sale of a 108,768-square-foot industrial property located within Earthway Industrial Park in Bristol. Kem Krest Corp. purchased the facility, formerly occupied by Gunite Corp., for more than $2 million and plans to use it for the company's auto kitting and packaging operations. Peter Letherman of FM Stone represented Kem Krest in the deal. The seller's name was not released.
NORTON, KAN. — Choice Hotels International has opened a new Sleep Inn hotel in Norton. The hotel is the first to open with the brand's new prototype design. Features of the Sleep Inn include a stone façade with a signature tower, a modern lobby design, and guestrooms with media boards and spa-like bathrooms.
ELMHURST, ILL. — The Chicago office of Alliant Capital has arranged a $22.2 million loan to refinance Elmhurst Terrace Apartments, a 315-unit multifamily community located in Elmhurst. The proceeds from the loan, which was provided through the Fannie Mae DUS program, will be used to refinance a maturing Freddie Mac loan. Alliant also assisted the undisclosed borrower in securing a master lease with a local college for more than 20 percent of the units.
NEBRASKA — NorthMarq Capital has arranged $7.85 million in Fannie Mae DUS financing for a five-property multifamily portfolio in Nebraska. The portfolio contains a total of 270 units; the properties are located in Fremont, Omaha, Plattsmouth and Wahoo. The first-mortgage loan carries a 10-year term and a 30-year amortization schedule. James DuMars of NorthMarq's Phoenix office arranged the loan on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance.
CHICAGO — The University of Chicago is developing the new William Eckhardt Research Center, a $215 million project located on campus on the site of the current Research Institutes Building. The structure, along with the Low Temp Building and the Astronomy and Astrophysics Center, will be demolished to make way for the 265,000-square-foot Eckhardt Center. The new building will contain five stories above grade and two below grade. It will feature laboratories, offices and conference rooms for the Division of Physical Sciences. A bridge will connect the new building to the existing Accelerator Building. In addition, the new Institute of Molecular Engineering will be housed within the Eckhardt Center. Thornton Tomasetti is serving as structural engineer of record.