INDIANAPOLIS — North Carolina-based Greystone Bank has completed the disposition of Presidential Estates Apartments, a 255-unit multifamily property located in Indianapolis. Greenwood, Ind.-based EMK Property Investors acquired the property, which was listed for $6.75 million, for an undisclosed price. Tikijian Associates represented the buyer and the seller in the transaction.
ROCHESTER, MINN. — Daniel Trebil of NorthMarq Capital's Minneapolis Regional office has arranged a $17.2 million first mortgage loan for Bouquet Apartment Portfolio. The 392-unit portfolio is comprised of four multifamily properties located in Rochester. Financing was provided by PPM Finance.
OMAHA, NEB. — NuStyle Development Co. has acquired the Farm Credit Building and Douglas Street Garage in downtown Omaha. The buyer plans to convert the 157,000-square-foot office building, which is located at the corner of 19th and Douglas streets, into a 106-unit apartment building with ground-level retail space. While the 583-stall parking garage will be used by future apartment residents and local businesses. Jon Pesce and Kevin Rhodes of Seldin Co. represented the buyer and the seller, Security National Properties, in the transaction. Terms of the deal were not disclosed.
VALPARAISO, IND. — Valparaiso University has selected McShane Construction Co. to complete a 51,500-square-foot design/build project on the school's campus in Valparaiso. The project will include a classroom and office facility offering lobby space, offices, a teacher's lounge, and flexible office and classroom area for the College of Arts and Sciences. The classrooms will incorporate high-tech audio visual equipment and contemporary finishes. Designed to meet LEED certification, the project will feature an energy-efficient HVAC system, recycled and low-VOC materials, and certified wood products. EHDD Architecture is providing architectural services for the project, which is scheduled for completion in December 2011. KJWW Engineering is providing structural engineering and MEP consulting services for the project.
CLEVELAND — The former Lincoln-Mercury Dealership, located at 6700 Rockside Road in Cleveland, is being redeveloped into a retail center named Liberty Commons. The 24,792-square-foot center will be occupied by Panera Bread, Dibellas Old Fashioned Submarines and Key Bank. The center is expected to open in spring 2011. The 4.6-acre property was sold to an undisclosed local developer. Armand Aghajanian of CRESCO Real Estate represented the seller, Liberty Investment Group, in the transaction. The sales price was not released.
MT. PLEASANT, MICH. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded two loans under the Fannie Mae DUS Dedicated Student Housing Loan product line. The loans, totaling $11.5 million, are for two student housing properties in Mt. Pleasant. The assets include the 457-unit Jamestown Apartments, which received a 10-year, $9.4 million loan, and the 42-unit West Campus Village, which received a 10-year, $2.1 million loan. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loans.
ROMULUS, MICH. — A local investment group has acquired Lexington Hotel, a 135-room hotel located at the entrance to the Detroit Metropolitan Airport in Romulus. Monty Levy and Ted Anka of HREC Investment Advisors, along with GF Management, assisted with the transaction. The seller and acquisition price were not disclosed.
KANSAS CITY, MO. — NorthMarq Capital's Denver office has arranged $7.25 million in financing for North Oak Marketplace, which is located at 4820-4914 North Oak Trafficway in Kansas City. Built in 1970 and remodeled in 2004, the property offers 154,651 square feet of retail space. Current tenants include Price Chopper, Goodwill Industries, Big Lots, Cici's Pizza, Jackson Hewitt and Quiznos. John Stewart and Brock Yaffe of NorthMarq arranged the financing for the undisclosed borrower.
INDIANAPOLIS — Indy-East Asset Development and Riley Area Development are developing St. Clair Senior Apartments in Indianapolis. Located at East 10th Street and North Keystone Avenue, the $7.6 million project will feature 33 apartment units and 3,600 square feet of retail and office space. Keystone Construction is serving as general contractor for the project, which is scheduled for completion in 2011.
INDEPENDENCE, MO. — Phillips Edison Group LLC has acquired a 241,682-square-foot retail strip center, located at 14330 East 42nd St. in Independence. Centro Properties Group sold the property for $10 million. Ingrid Long of Grubb & Ellis|Gundaker Commercial and Drew Quinn of Grubb & Ellis|Winbury Group represented the seller in the transaction.
