Midwest

EVANSVILLE, IND. — NorthMarq Capital has arranged $2.4 million in financing for Bradford Pointe Apartments in Evansville. The 250-unit property was 85 percent occupied at the time of closing. Financing was based on a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged the loan for the borrower through NorthMarq's correspondent relationship with StanCorp Mortgage Investors.

OBERLIN, OHIO — Sustainable Community Associates, serving as developer, has completed the redevelopment of a vacant lot into East College Street, a residential, office and retail property located on East College Street in downtown Oberlin. The project features 32 residential units, including 11 affordable rental units and 19 for-sale units, and four for-sale commercial units offering more than 18,000 square feet of office or retail space. The project was financed by a $5 million New Markets Tax Credit (NMTC) allocation provided by Enterprise Community Investment and a $9.75 million NMTC allocation from MBS Urban Initiatives CDE. The Enterprise Community Loan Fund provided $675,000 in predevelopment and acquisition financing. Additional financing sources include a HUD Special Project Grant, funding from a local philanthropist, Oberlin College, local organizations and $1.4 million in tax increment financing.

CHICAGO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed two loans totaling $3.3 million in Chicago. The 51-unit Woodlawn Apartments received a $1.29 million loan, which was funded under the Fannie Mae DUS Small Loan product line. The 10-year loans carries a 26-year amortization schedule. Additionally, the 56-unit Drexel Apartments complex received $2.01 million in Fannie Mae DUS Small Loan financing. The 10-year loan amortizes on a 30-year schedule. Michael Jehle of Arbor's Bloomfield HIlls, Mich., office originated the loans.

CHICAGO — Pangea Equities has purchased a 31-unit multifamily property, which is located at 7263 S. Coles Ave. in Chicago's South Shore district. The 95-year-old, 9,698-square-foot building is a three-story plus basement walk-up style apartment building offering one-, two- and three-bedroom units. Chase Bank sold the property for $397,500. Brad Thompson of Millennium Properties R/E brokered the transaction.