EAST LANSING, MICH. — Homestead on Lake Lansing LLC has purchased Homestead, a multifamily community located at 426 W. Lake Lansing Road in East Lansing. The 168-unit property sold for $7 million. The community features 48 one-bedroom units and 120 two-bedroom units. Community amenities include a 24-hour fitness facility, a volleyball court, a resident lounge and access to the East Lansing nature trail. Hendricks & Partners’ Kevin Dillon, Rick Vidrio, Rick Brace and Cary Scott Belovicz represented the seller, Angeles Income Properties Ltd.6, in the transaction.
MINNEAPOLIS — Norwalk, Conn.-based HEI Hotels & Resorts has formed a joint venture with Minneapolis-based Hempel Properties to acquired and convert The Hotel Minneapolis, which is located at 215 Fourth Street in Minneapolis. The joint venture acquired a majority equity interest in the property for an undisclosed price. The 10-story, 222-room hotel will be converted to Marriott’s new Autograph Collection brand. The hotel features the 250-seat Max restaurant, 6,000 square feet of function space, a business center, a boutique convenience store and a fitness center. HEI will operate the hotel property, while Hempel will serve as asset manager and will manage the office and retail portions of the building. CB Richard Ellis|Finance, along with the debt and equity finance team of CB Richard Ellis Capital Markets, served as the financial advisor to Hempel in the restructuring and recapitalization of the property with HEI.
GREENFIELD, IND. — Browning Investments has completed the development of the global headquarters for Elanco Animal Health, a division of Eli Lilly and Co. Located within Progress Park at Interstate 70 and State Route 9 in Greenfield, the three-building campus totals 129,000 square feet, including 14,000 square feet of lab space, a credit union and a cafeteria. Progress Park is a 52-acre business and life sciences park being developed by Browning. Jeff Luebker of CB Richard Ellis represented Elanco in the real estate transaction; Terry Busch, also of CB Richard Ellis, represented Browning.
CHICAGO — American Hospital Association (AHA) recently moved into its new 180,000-square-foot headquarters at 155 North Wacker Drive in Chicago. Seeking LEED-Silver certification, the newly finished space was designed by Partners by DESIGN. Leopardo Cos. served as general contractor for the property. The property features state-of-the-art mechanical, electrical and plumbing systems and a data center.
ALTON, ILL. — Swansea, Ill.-based Holland Construction Services is currently renovating a six-story, 70,000-square-foot office building for the law offices of Simmons Browder Gianaris Angelides & Barnerd in Alton. The renovation of the 39-year-old former Smurfit-Stone Container Corp., which is located at One Court Street, includes complete removal of the existing single-pane glass walls, the creation of additional employee and visitor parking and the construction of an open cubicle area, 75 to 80 offices, a deposition room and a server room. Simmons will consolidate seven separate office locations into the new facility. Glen Carbon, Ill.-based Hurford Architects designed the project, which is seeking LEED certification.
FAIRVIEW HEIGHTS, ILL. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $17.88 million loan for Longacre Ponds, a 252-unit apartment complex located in Fairview Heights. The 10-year, Fannie Mae DUS loan has a 30-year amortization schedule and carries note rate of 5.68 percent. Patrick McNulty of Arbor's Chicago office originated the loan for the undisclosed borrower.
SHERMAN, ILL. — Cambridge Realty Capital Cos. has closed on a $10.02 million FHA-insured HUD LEAN mortgage for Villa Health Care, a 212-bed skilled nursing and assisted-living facility in Sherman. The property has 99 skilled-nursing beds and 113 assisted-living beds. The loan was financed using HUD's 232(a)7-LEAN program. Cambridge Realty Capital Ltd. of Illinois arranged the fully-amortized, 30-year loan loan for the borrower, an Illinois not-for–profit corporation.
JACKSON, MICH. — Royal Oak, Mich.-based Alpine Lake LLC has acquired Alpine Lake, a 268-unit multifamily community in Jackson. Located at 665 N. Alpine Lake Drive, the property sold for $4.6 million. Constructed in 1988, the 34-building complex surrounds a central lake. The seller was Wells Fargo Bank N.A. Successor by Merger to Wells Fargo Bank MN N.A. (FKA Norwest Bank MN, National Association) as Trustee for the Registered Holders of GMAC Commercial Mortgage Securities Inc., Mortgage Pass-Through Cert, series 1999-C1 of Dallas. Kevin Dillon and Cary Scott Belovicz of Hendricks & Partners' Michigan office represented the buyer.
MONCLOVA TOWNSHIP, OHIO — Willis Day Properties has completed the disposition of an industrial property in Monclova Township. Situated on 15.41 acres at 6515 Maumee Western Road, the property offers 107,660 square feet of space. The buyer and acquisition price were not released. Robert Mack of Signature Associates represented the seller in the transaction.
DULUTH, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.6 million loan for the 107-unit Summit Breckenridge Apartments in Duluth. The financing was arranged under the Fannie Mae DUS Small Loan product line. The 10-year loan has a 30-year amortization schedule and carries a note rate of 5.75 percent. Ted Nasca of Arbor's Chicago office originated the loan.