Midwest

MERRILLVILLE, IND. — Chicago-based RMK Management Corp. has added Prairie Point Apartments to its property management portfolio. Located at Cleveland Street and West 91st Drive in Merrillville, the complex features 300 units, a clubhouse with a fireplace and a kitchen, an Olympic-sized outdoor swimming pool, a sundeck, volleyball courts, a playground and a business center. The apartment units range from 753 to 1,184 square feet and feature private entrances, washers and dryers, walk-in closets, central air conditioning, and private patios or balconies. Merrillville-based SJBZ Development developed and currently owns the property. RMK will oversee all aspects of leasing, maintenance and resident relations for the property.

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BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.

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CEDAR RAPIDS, IOWA — Opus Design Build and Opus Northwest have broken ground for the construction of a 170,355-square-foot Armed Forces Readiness Center (ARFC) and Field Maintenance Shop (FMS), which will be located at 1500 Wright Brothers Blvd. in Cedar Rapids. The more than 113,506-square-foot ARFC will contain a 9,000-square-foot assembly hall, a full kitchen, multi-purpose classrooms, a weapons simulation facility, storage and administrative space, road access to additional developments and parking for 560 vehicles. The 56,749-square-foot FMS will feature 10 work bays, one wash bay, an electronic communications bay, electronics repair facilities, a multi-purpose classroom/training facility, a small arms repair facility and parking for 67 vehicles. Designed by Opus Architects & Engineers, the $38 million project is seeking LEED Gold certification. Completion is scheduled for September 2011. The project is 100 percent federally funded, with support from the State of Iowa for Iowa Communications Network connectivity.

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JANESVILLE, WIS. — Beloit, Wis.-based Hendricks Commercial Properties has purchased a 40,000-square-foot commercial property in Janesville. Located at 120 Burbank Ave., the former SSI Technologies property sold for $1 million. Barry Badertscher of Coldwell Banker Commercial McGuire Mears & Associates represented the buyer and the seller, Helgesen Properties, in the transaction.

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SAVOY, ILL. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $3.77 million loan for Winfield Village Cooperative in Savoy. The multifamily property offers 348 affordable housing units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.48 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was financed under the Fannie Mae DUS Multifamily Affordable Housing product line.

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WEST DES MOINES, IOWA — Continental Properties has selected McShane Construction Co.’s Southeast Region to construct a multi-phase multifamily complex at 8655 Bridgewood Blvd. in West Des Moines. The seven-building, 169,700-square-foot complex will feature 168 multifamily units. Residential units will feature hardwood floors, a washer/dryer and modern finishes, and upgraded units will feature granite counters and vaulted ceilings. The complex will feature a swimming pool, a clubhouse with a fitness center and Internet café, and attached and detached garage structures. The first phase of construction includes five apartment buildings, the clubhouse, the swimming pool and three covered garages, totaling 122,600 square feet. The second phase will add 47,100 square feet to the property, including two apartment buildings and two covered garages. Charlan, Brock and Associates is providing architectural services for the project, which is slated for completion in April 2011.

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ALLEN PARK, MICH. — West Bloomfield, Mich.-based Lormax Stern Development has partnered with Deerfield Beach, Fla.-based Konover South, an affiliate of The Simon Konover Company, to acquire Fairlane Green, a regional shopping center in Allen Park. The 275,891-square-foot, LEED Gold property is occupied by Barnes & Noble, Bed Bath & Beyond, Michaels, Old Navy and TJ Maxx. Archon Group, a subsidiary of Goldman Sachs, sold the property for an undisclosed price.

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CHICAGO — Bickerdike Redevelopment Corp. has completed the development of Rosa Parks Apartments, which is located within the Humbolt Park neighborhood of Chicago. The property consists of 94 affordable rental units in eight buildings, which were constructed on lots that were formerly vacant. Designed to earn LEED Silver certification, the project features green elements including solar panels, geothermal heating and cooling systems, a vegetated roof and a variety of other green and sustainable elements. Pioneer Engineering & Environmental Services served as the environmental and geotechnical engineering consultant on the project.

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