KETTERING, OHIO — Orchard Lake, Mich.-based Princeton Enterprises has acquired The Chimney's of Oak Creek Apartments in Kettering for $9.7 million. Situated on 27 acres, the 338-unit property features one-, two- and three-bedroom floor plans, two wildlife ponds, a nature trail/bike path, two swimming pools, a tennis court, a volleyball court, a 24-hour fitness center and a pet play pen. The property was acquired from Wells Fargo Bank as trustee for the note holders who took control of the asset through the foreclosure process and the court-appointed receiver, Finsilver Friedman Management Corp. The special servicer, Torchlight Investors (formerly ING Clarion Capital), negotiated the sale on behalf of the seller.
Midwest
DUBLIN, OHIO; DEKALB, ILL.; AND MISSION, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed three loans totaling $30.2 million for multifamily properties in Ohio, Illinois and Kansas. Grandbridge's Ted Schmidt originated an $18.3 million loan, which was provided by Freddie Mac, for Orchard Apartments in Dublin. The 292-unit multifamily property features a swimming pool, a Jacuzzi, detached garages, laundry facilities, storage units, lakes, a putting green, a fitness center and a clubhouse. In the second transaction, Matt Rocco of Grandbridge's Atlanta office originated a $9.4 million first mortgage loan, which was secured by the 254-unit Lincolnshire West Apartments in DeKalb. The 10-year, fixed-rate loan, which carries a 30-year amortization schedule, was provided by Fannie Mae under its DUS loan program. Finally, Grandbridge's Tom Vrabac in the company's Kansas City office originated a $2.5 million loan, which was secured by Lamar Place Apartments in Mission. The property offers 108 affordable housing units. Funding was provided by Fannie Mae under its DUS loan program. The 10-year term loan carries an interest rate in the mid-5 percent range and a 30-year amortization schedule.
MILWAUKEE — Stephen Provancher and Vytau Barcas of NAI MLG Commercial have brokered the lease of an industrial space in Milwaukee. FM Industries has leased 16,362 square feet of industrial space at 4837 W. Woolworth Ave. from Burns-Woolworth LLC. The water pump distributor will use the new space to expand its company. Terms of the lease were not released.
OMAHA, NEB. — NorthMarq Capital has arranged $2.28 million in financing for the Fort Street Walgreens n Omaha. The 15,120-square-foot retail property is located at 10725 Fort St. Financing was based on a 10-year fixed term with a 20-year amortization schedule. The loan was arranged for the borrower, BDRE – FORT LLC, by NorthMarq through its relationship with American National Bank. Gary Rifkin of NorthMarq's Omaha regional office arranged the financing.
PITTSBURG, ILL. — Johnston City Community Unit School District #1 has selected Swansea, Ill.-based Holland Construction Services to construct a $1.5 million addition and renovation project at Lincoln Elementary School in Pittsburg. The project includes a 5,333-square-foot expansion, including three classrooms, a media center/library and computer lab, and additional restroom facilities. Renovations include electrical upgrades, a new walk-out freezer with a canopy, office remodeling and upgrading the exterior drive-up bus lane. Construction is slated for completion in summer 2011. O'Fallon, Ill.-based FGM Architects is providing architectural services for the project.
JOLIET, ILL. — Beacon Realty Capital Services has arranged a $20 million mortgage loan on Central Grocers headquarters and distribution facility in Joliet. The 940,000-square-foot facility features state-of-the-art temperature-controlled storage and 38-foot warehouse clear heights. Beacon's Jim Ablan sourced the 10-year loan, which carries a 25-year amortization schedule. The loan was placed with RBS Citizens, N.A. (Charter One).
CLARKSTON, MICH. — New Oakland Child – Adolescent & Family Center has acquired a 10,000-square-foot, build-to-suit building in Clarkston. The property is located within Village Town Center at 6548 Town Center Dr. Todd Hawley of Friedman Real Estate represented the buyer and the seller, Village Town Center LL, in the transaction. The acquisition price was not released.
FORT WAYNE, IND. — Grandbridge Real Estate Capital has closed a $21 million loan, which was secured by two multifamily properties in Fort Wayne. The garden-style communities offer a total of 696 units. David Aaronson and Seth Barrett of Grandbridge's Houston office originated and arranged the financing, which was provided by CIBC Investment Bank.
CHICAGO — Howard Kruse of Capstone Property Management has purchased 1555-1557 W. Diversity Parkway in Chicago. The 17,484-square-foot mixed-use property sold for $1.52 million. The building, which is 100 percent occupied, offers four commercial units and nine apartments. Brad Thompson of Millennium Properties R/E Inc. represented the seller, Joe Yoon of 1557 W. Diversity LLC, in the transaction.
NAPERVILLE, ILL. — The Midwest Division of Ryan Companies US has relocated its offices to a four-story, 85,000-square-foot office building in Naperville. Located at 111 Shuman Blvd., the property was originally designed and built by Ryan for Delta Dental of Illinois. Ryan has leased and will occupy the entire fourth floor of the building. Delta Dental, which moved into its new space in the spring, continues to occupy the remaining 65,000 square feet of space. Ryan's space features three conference rooms, including a board room, a teleconference room and a general conference room. The property is currently seeking LEED Silver certification.