MANKATO, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.86 million loan for Village Place Apartments in Mankato. The complex offers 70 apartment units. Funded under the Fannie Mae DUS Small Loan product line, the 10-year loan carries a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office originated the loan.
The Twin Cities area, a region of more than 3 million people, is still trying to extricate itself from the base of this pesky commercial real estate cycle. While the retail real estate deal volume is starting to pick up here, it remains more of a trickle than a flow, with value-priced merchants spurring much of the activity. In the first half of 2010, the Twin Cities retail vacancy rate stood at 10.4 percent, meaning nearly 7 million square feet of retail space remains vacant, according to Minneapolis-based NorthMarq, a commercial real estate services firm. On the national tenant side, several retailers are repositioning themselves, either by upgrading existing stores or relocating to more advantageous spaces as leases expire. There are also rumblings of several national tenants eyeing vacancies in the 10,000- to 25,000-square-foot range. Not surprisingly, value merchandisers such as Dollar General, Big Lots and Dollar Tree have increased their footprints in this environment as well. We are also seeing a slight resurgence in demand from mom-and-pop tenants. As in past downturns, there’s a growing roster of talented people who were displaced by corporate America that are opening their own retail businesses. At the commodities level, the grocery trade …
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.
DOWNERS GROVE, ILL. — CompTIA has selected Woodbridge, Ill.-based Morgan/Harbour Construction Co. to complete a build-out at the company's new office at 3500 Lacey Road in Downers Grove. The 32,289-square-foot build-out includes the construction of private offices, conference rooms, open work space areas and a break room. Perkins & Will is providing architectural services for the project, which is slated for completion in November.
MEQUON, WIS. — Ogden & Company Inc. has negotiated the acquisition of Park Plaza Shopping Center, which is located at 10000 N. Port Washington Rd. in Mequon. The 8,000-square-foot property was 100-percent occupied at the time of closing. Park Plaza of Mequon LLC acquired the property from Park Avenue Park LLC for $650,000. Marvin Hansen of Ogden & Co. represented the seller in the transaction.
GREENFIELD, IND. — Financial Equity Associates has acquired Washington Village, a multifamily property located at 4211 W. Potomac Dr. in Greenfield. Locally based Village Apartments of Sugar Creek sold the property for $14.4 million or $50,295 per unit. The 288-unit, 294,826-square-foot property is comprised of 18 two-story buildings offers a mix of 64 one-bedroom/one-bath units, 156 two-bedroom/two-bath units and 68 three-bedroom/two-bath units. Amenities include a 24-hour fitness center, a clubhouse with a billiards table, a swimming pool, a basketball court, a sand volleyball court and a playground. Michael Wernke of Marcus & Millichap represented the buyer and seller in the transaction.
INDIANAPOLIS — Buckingham Cos. is planning to develop North of South, a mixed-use community in downtown Indianapolis. Located between Delaware Street and Virginia Avenue, the $150 million project is slated to include a Dolce Hotels and Resorts hotel, 320 luxury apartments, 40,000 square feet of restaurant and retail space and a 75,000-square-foot YMCA facility. The project is a part of a public-private partnership that includes the City of Indianapolis, State of Indiana and Eli Lilly & Co. Pending final approval, delivery of the first building components is scheduled for late 2011.
INDIANAPOLIS — National Commercial Auctioneers is auctioning a 190-unit multifamily building, which is located on Meridian Street in Indianapolis. The nine-story, 125,502-square-foot building offers studio, one- and two-bedroom units ranging in size from 351 to 1,325 square feet. Additionally, the 60-percent-occupied property includes on-site laundry facilities, access-card entry, free parking, four elevators and security cameras. The property will be up for auction on October 14, 2010.
CARBONDALE, ILL. — Southern Illinois University Carbondale has completed the development of Saluki Stadium and athletic facilities in Carbondale. Located on Saluki Way, the project was constructed by Holland Construction Services and J.E. Dunn Construction Co. The $38 million stadium facility offers 15,000 seats with more than 1,000 seats with chair backs and 14 air-conditioned suites. Holland provided construction services for the stadium, which was designed by Carbondale-based Image Architects. The athletic building and arena upgrades were completed by J.E. Dunn, and designed by Kansas City, Mo.-based 360 Architecture. The new Boydston Center houses locker rooms, meeting rooms and staff offices. The overall construction costs for the first two phases is approximately $78 million.
CHICAGO — Meridian Capital Group has negotiated a $58 million loan for Burnham Center, a 22-story office building located at 111 W. Washington St. in Chicago. The 579,800-square-foot building is owned by the Harbor Group. Meridian arranged a $46 million first mortgage loan and a $12 million mezzanine loan to recapitalize the property's outstanding first mortgage note and preferred equity investment. Wells Fargo provided the senior loan, while Redwood Trust provided the mezzanine loan. Meridian's Ronnie Levine and Tal Savariego negotiated the transaction.