CRYSTAL LAKE, ILL. — Cambridge Realty Capital has closed a $6.03 million HUD Lean loan to refinance Crystal Pines, a 114-bed skilled nursing home in Crystal Lake. The fully-amortizated, 30-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans. The lender used the HUD Section 232 pursuant to HUD Section 232(a)(7) funding product, which is used to refinance properties with existing HUD loans. The borrower was the property's owner, a Missouri limited liability company.
SHELBY TOWNSHIP, MICH. — Close Quarters Tactical LLC has signed a lease for a 26,660-square-foot industrial building, which is located at 50485 Utica Road in Shelby Township. The tenant will offer a state-of-the-art tactical gun range within the facility. The new location will serve as a training center of choice for police, SWAT, FBI and corporate security teams across the Midwest. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International represented the tenant and the undisclosed landlord in the deal. Terms of the lease were not released.
CHICAGO — Magellan Development Group and Carlson have begin construction for Radission Blu Aqua Hotel at Aqua tower in Chicago's Lakeshore East community. The hotel will occupy the first 18 floors of the mixed-use tower, Aqua. The $125 million project will offer 334 guest rooms and suites on floors 4 through 18, a 12,500-square-foot ballroom with 20-foot ceilings, 27,000 square feet of meeting space and a 150-seat restaurant and bar. Swedish hospitality designer, Christian Lundwall, provided interior design services for the project. Hotel amenities include fitness facilities, an indoor lap pool, a spa featuring hot tubs and a sauna, steam and massage room, a private-party suite with a catering kitchen, a media room, a billiards and game area, a business center and a skygarden. The hotel is scheduled for completion in fall 2011.
MINNEAPOLIS — The law firm Oppenheimer Wolff & Donnelly has signed a lease for 100,000 square feet of office space at Campbell Mithun Tower in Minneapolis. Oppenheimer plans to take occupancy in late 2011 or early 2012 and will begin improvements to the space in summer 2011. RJM Construction will complete the tenant improvements on behalf of Oppenheimer. With the law firm's deal, the 730,000-square-foot, LEED-Gold office tower is now 88 percent leased. Chris Rohrer of Jones Lang Lasalle represented the tenant; Brent Robertson of NorthMarq represented the landlord, Principal Financial Group. NorthMarq has managed and leased the property since 2005.
MEDINA, OHIO; AND ALTOONA, IOWA — Best Western International has added two Midwest hotels to its worldwide chain. The company added the Best Western Medina Inn, a 77-room hotel at 2850 Medina Road in Medina. Owned by Hari OM Associates, the property offers 10 suites and three themed whirlpool suites, an indoor swimming pool, a dry sauna, a fitness center, guest laundry facilities, a business center and a complimentary hot continental breakfast buffet. Additionally the brand added the Best Western Altoona Inn, which is located at 300 34th Ave. in Altoona. Owned by Kalpesh Patel, the 85-room hotel offers an indoor heated pool, a fitness center, guest laundry facilities, complimentary high-speed Internet access, a business center and a complimentary hot continental breakfast buffet.
SHERMAN, ILL. — Cambridge Realty Capital Corp. has closed on a $1.62 million FHA-insured HUD first mortgage loan for Villa Vianney Apartments. Located in Sherman, the age-restricted senior housing property offers 54 units. According to Cambridge, the fully-amortized, 30-year loan refinanced 18 buildings at the property. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites insured loans, used HUD's Section 207 pursuant to HUD Section 223(f) program. The borrower was the property owner, an Illinois-based not-for-profit corporation.
WHITE BEAR LAKE, MINN. — Daniel Trebil and Patrick Minea of NorthMarq Capital's Minneapolis regional office has arranged a first mortgage loan for Thomasville Apartments. Located at 1692-1740 Fourth St. in White Bear Lake, the 84-unit multifamily property received a $2.8 million loan. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
OMAHA, NEB. — Los Angeles-based Westwood Financial has purchased Applewood Centre in Omaha for $9.25 million. The Hy-Vee grocery-anchored center offers 101,130 square feet of retail space. Other tenants include America Cash Advance, Alegent Health, Great Clips, Hair By Stewarts (Regis), H&R Block, Papa John's Pizza and State Farm Insurance. Ben Wineman of Mid-America Real Estate Corp. represented the seller, Phillips Edison Co., in the transaction.
EAGAN, MINN. — Hanco Corp. has acquired an office-warehouse facility in Eagan for an undisclosed price. Situated on 5.11 acres at 2855 Eagandale Blvd., the 73,405-square-foot property will serve as the headquarters for the buyer. The property was previously occupied by the seller, Factory Motor Parts. Zach Anderson and Phil Simonet of Bloomington, Minn.-based Paramount Real Estate Corp./TCN Worldwide represented the buyer in the transaction.
OMAHA, NEB. — Steve Ruff of Q10|Daisley Ruff Financial has arranged a $7 million loan for a retail center in Omaha. The property is anchored by a grocery store. Terms of the loan include a 15-year, fixed-rate mortgage.