COLUMBUS, HILLIARD AND VERMILLION, OHIO — Red Mortgage Capital, along with RED CAPITAL GROUP, has arranged and funded four multifamily loans totaling more than $73 million in Ohio. In the first transaction, RED provided $13.22 million for Prescott Place, a 244-unit complex that will be located in Columbus. The project is owned by Prescott Place LLC and will be managed by Ardent Property Management. In the second transaction, Edwards Communities Management Co. received $23.67 million for the development of Arlington Park, a 282-unit property in Columbus. Additionally, RED funded a $31.8 million loan for Hilliard Grand Apartments, a 314-unit property that will be located in Hilliard. The property is owned and will be managed by Schottenstein Real Estate Group. In the final transaction, Baywoods Villa Apartments received $4.54 million in financing. Located in Vermillion, the 54-unit property will be owned by Vermillion One LLC and managed by Redwood Management Co.
WARREN, MICH. — Mercurio Management Services has acquired an 8,580-square-foot building, which is located at 24920 Gibson in Warren. The buyer plans to use the property as a headquarters for its concession business. Michael Grammatico of L. Mason Capitani CORFAC International represented the buyer; Joe DePonio and Jason Capitani, also of L. Mason Capitani, represented the undisclosed seller in the transaction.
SHOREWOOD, ILL. — Cambridge Realty Capital Cos. has closed a $13.6 million FHA-insured HUD Lean loan for the construction of Alden Estates of Shorewood. The 100-bed, skilled-care nursing home facility is located in Shorewood. The HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. The borrower was an undisclosed Illinois limited liability company. The interest rate was not released.
ALSIP, ILL. — FutureMark Paper Co. has renewed its lease at 13040 S. Pulaski in Alsip. The environmentally-friendly paper manufacturer leases 81,468 square feet of industrial space at the property. Ryan Hanley and Chris Gary of Darwin Realty & Development Corp. represented the tenant in the transaction. The landlord is Australia-based Mirvac Property Trust. Terms of the transaction were not released.
ST. LOUIS — McCormack Baron Salazar has broken ground for the development of Arlington Grove, a residential redevelopment project located on the corner of Dr. Martin Luther King Drive and Burd Avenue in St. Louis. The $41 million project will include 112 mixed-finance, mixed-income rental units in a mix of garden apartments, townhomes, and semi-detached housing floorplans; a new mixed-use building; and rehabilitation of the historic Arlington Elementary School. The completed project will offer 162,000 square feet of residential space and 5,000 square feet of commercial and retail space. The renovated school will house 21 apartments with the surrounding area featuring 91 townhomes and garden-style apartments. The residential units are designed to meet mandatory Enterprise Green Communities criteria, which is committed to the Missouri Housing Development Commission and required by the Capital Fund Recovery Competition grant, a stimulus-related grant awarded by the Department of Housing and Urban Development. The project will offer market-rate units, Low Income Housing Tax Credit units at 60 percent of the area median income, HOME units and public-housing units. St. Louis-based KAI Design & Build is serving as architect, M/E/P engineer, general contractor and building information model coordinator for the project, which is scheduled for completion …
EDWARDSVILLE AND CASEYVILLE, ILL. — BARBERMurphy Group has negotiated the sales of two properties in Southern Illinois. In the first transaction, Scott Credit Union purchased a 13.77-acre office development site at Illinois Route 143 and Staunton Road in Edwardsville. Florists' Mutual Insurance Co. dba Hortica sold the property for $1.39 million. The buyer plans to use the site for its 51,000-square-foot corporate headquarters building. Collin Fischer and Wayne Barber Jr. of BARBERMurphy represented the buyer. In the second transaction, UMB Bank N.A. sold an industrial property for $870,000 to John Reece LLC. The 27,946-square-foot property is located on 10 acres at 8118 Bunkum Road in Caseyville. Barber, Steve Zuber and Tara Lorenz-Keller of BARBERMurphy represented the seller in the transaction.
CHICAGO — Locally based KTC Properties has partnered with Golub & Co. to acquire 225 Washington Street in downtown Chicago. The 28-story building offers 483,497 square feet of Class A office space. Designed by Skidmore, Owings & Merrill and completed in 1987, the property features architectural bay windows, marble floors and accents, a fitness center, a conference facility and a sundry shop. The property is 85 percent occupied by a variety of tenants, including Allianz and DeVry University. Nick Thomson and Ethan Meers of KTC led the acquisition team for the transaction. Golub will continue to manage and lease the building. Additional terms of the transaction were not released.
CHICAGO — Instituto del Progreso Latino has selected McShane Construction Co. to construct Instituto Health Science Career Academy, which will be located on a 1-acre site at 2520 S. Western Ave. in Chicago's Pilsen neighborhood. Designed to achieve LEED Silver certification, the three-story, 100,890-square-foot high school will offer students comprehensive science curriculum. The project includes the demolition of a free-standing building and the partial demolition of a existing 77,280-square-foot former warehouse and manufacturing facility. The completed project will incorporate part of the existing building with 23,610 square feet of new construction. The school will offer nine science labs, individual classrooms, group learning environments, a library, a cafeteria, office space and common areas. Sustainable features include natural day lighting and ventilation, low VOC materials, energy-efficient heating and cooling systems, ENERGY STAR appliances, low-E glass and low-flow plumbing finishes. Ghafari Associates is providing architectural services for the project, which is scheduled for completion in August 2011. The Resurrection Project, a community-based nonprofit organization, is providing representation for the owner.
DEERFIELD, ILL. — CB Richard Ellis Realty Trust has purchased Ten Parkway North, a 99,566-square-foot Class A office property in Deerfield. The three-story property is fully leased to a creditworthy international insurance holding company through January 2020. Ten Parkway North is one of six office buildings that comprise Parkway North Office Park, a more than 1 million-square-foot office park. Amenities for the office park include a fitness center, a daycare facility and walking trails. Ten Parkway North is CBRE Realty Trust's first office building acquisition in the Chicago area. The CBRE Realty Trust team worked with Gary Jaye and his CBRE Investors team to acquire the property. Terms of the acquisition were not released.
ST. LOUIS — Birmingham, Mich.-based BHI-SEI St. Louis LLC has acquired Le Coeur du Monde, an apartment community located at 2035 Clermont Crossing in St. Louis. Locally based Mills Le Coeur du Monde LLC sold the 192-unit property for an undisclosed price. Built in 1988, the garden-style property offers 81 one-bedroom, 94 two-bedroom and 17 three-bedroom units. Ken Aston and Andrea Kendrick of Hendricks & Partners' St. Louis office represented both parties in the transaction.