STERLING AND DOWNERS GROVE, ILL., AND MISSION, KAN. — Arbor Commercial Funding has funded three loans totaling $8.51 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae Multifamily Affordable Housing Low-Income Housing Tax Credit Loan product lines for three properties in Illinois and Kansas. The 160-unit Northland Park Apartments in Sterling received a 10-year loan, which amortizes on a 30-year schedule, in the amount of $4.13 million; the 26-unit Curtiss Apartments in Downers Grove received a $1.87 million loan, which carries a 10-year term and a 30-year amortization schedule; and the 84-unit Lamar Place in Mission received a $2.5 million loan, which carries a 10-year term and a 30-year amortization schedule. Patrick McNutley of Arbor's Chicago office originated the loans.
Midwest
CHICAGO — Oxford Capital Group and Langham Hotels and Resorts are relaunching the development of Langham Chicago Hotel at 330 North Wabash in Chicago. Expected to open in 2012, the hotel will occupy approximately 375,000 square feet at 330 Wabash, including floors two through 13 and a portion of the first floor and riverfront plaza. The hotel will offer 330 guestrooms and suites ranging from 525 to more than 2,000 square feet. Additionally, the hotel will feature 20,000 square feet of meeting and event space, including a 5,000-square-foot ballroom with urban and river views. The hotel will also house a 9,000-square-foot chef-driven restaurant, as well as a wine room, a fitness center, an indoor pool and Langham's signature Palm Court and award-winning Chuan Spa. Oxford OG Hospitality Chicago is developing the project.
OLATHE, KAN. — Steve Ruff of Q10 | Daisley Ruff Financial has arranged a $1.57 million loan for an undisclosed borrower for the acquisition of a retail center in Olathe. The center offers 31,140 square feet of retail space. The non-recourse 10-year loan features a fixed rate.
SPRING GROVE, ILL. — Agree Realty Corp. has acquired a retail property, which is ground leased on a long-term basis to JPMorgan Chase Bank. The property is located on Route 12 near Spring Grove Road in Spring Grove. Agree purchased the building for $2.9 million from an undisclosed seller. Chase Bank has approximately 27 years remaining on the base term of the lease.
SALEM, OHIO — The Luttner Retail Group has brokered the sale of a freestanding Advance Auto Parts store in Salem. An undisclosed West Coast investment group acquired the property for $1.27 million, which represents an 8.25 percent capitalization rate. The property, which was built in 2008, is leased to Advance Auto Parts for an initial 15-year term. Matt Luttner of The Luttner Retail Group brokered the transaction. The seller was a private developer.
WOODBRIDGE, ILL. — Cohen Financial has assisted Bristol Group in securing a $23 million loan for the refinancing of an industrial portfolio in Bristol's recently developed Wood Hill Crossings Business Park in Woodbridge. The five-building portfolio totals approximately 950,000 square feet and is 88 percent leased as of year-end 2010. Don Trossman of Cohen Financial assisted Bristol Group in securing the fixed-rate, interest-only loan at 45 percent loan-to-value with a 5-year term and a 3.58 percent fixed rate. The lender is Cornerstone Real Estate Advisers, an advisor to Mass Mutual.
CHICAGO — Martinez Produce & Seafood has selected Summit Design + Build as general contractor for the company's new freezer/cooler/dry storage facility in Chicago. Located at 340 N. Sacramento, the 22,000-square-foot storage facility includes a 5,000 square-foot freezer, 5,900 square feet of cooler space, 2,500 square feet of dry storage and a 2,267-square-foot mezzanine office space. Cornerstone Architects is provided architectural services for the project, which is slated for completion in spring 2011.
WAUKEGAN, ILL. — Woodland Foods has leased a 131,000-square-foot industrial building located in Waukegan. Located at 3751 Sunset, the facility offers 24-foot clear ceiling heights, five docks and heavy power. Whit Heitman, Samuel Badger and Brad Weiner of Paine/Wetzel•ONCOR International represented Woodland Foods; Jack Rosenberg, Fred Regnery and Ned Frank of Colliers International represented the landlord, ING, in the transaction. Terms of the lease were not disclosed.
WICHITA, KAN. — Walker & Dunlop has provided a $15.42 million permanent finance loan for Reflection Ridge in Wichita. The 119-unit independent living community features a resort-style dining, a fitness center, a whirlpool/spa, a communications center, a library, a 150-seat theater, a lounge, a bank, a pharmacy, a gift shop and garage/storage options. The 10-year term loan carries a 30-year using Freddie Mac's CME product. The borrower was Resort Lifestyles Communities. Midwest Commercial Mortgage originated the loan. Vic Clark and Doug Bath led the Walker & Dunlop team in the transaction.
MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.