MOUNT PROSPECT, ILL. — Cohen Financial has secured a $12 million loan for a multifamily property in Mount Pleasant. The borrower is using the loan to refinance the 222-unit property. Dan Rosenberg of Cohen's Chicago office arranged the 35-year, fixed-rate loan with an 85 percent loan-to-value through Oak Grove Capital, a national multifamily lender. The borrower is a Chicago-based multifamily property investor and manager.
OAK CREEK, WIS. — CenterPoint Properties is developing an 82,950-square-foot, build-to-suit industrial facility for Crothall Laundry Services, a division of Crothall Healthcare. Located on a 5.64-acre site in the Creekside Corporate Park in Oak Creek, the property will be used as a laundry facility for the Wayne, Penn.-based healthcare laundry provider. Terms of build-to-suit lease were not released.
GRAYSLAKE, ILL. — Marcus & Millichap brokers $1.25 million sale of Swanson Corners Retail Center, a multi-tenant retail center, located at 1276 N. Illinois Route 83 in Grayslake. Built in 1995, the 5,500-square-foot property is fully leased to 7-Eleven, Papa John's Pizza and Village II Cleaners. Demetrie Livaditis of Marcus & Millichap's Chicago office represented the undisclosed seller. The property traded at a cap rate of 8.34 percent. The buyer was not released.
NOBLESVILLE, IND. — Aspire Indiana, a newly formed organization created by the merger of Carmel, Ind.-based BehaviorCorp and Anderson, Ind.-based The Center for Mental Health, has purchased a 26,600-square-foot office property in Noblesville. In the fall, the organization is expected to relocate its headquarters to the new property in Noblesville Business Park. John Demaree of Summit Realty Group represented the buyer; Philo Lange of NAI Olympia represented the seller, NBP One LLC, in the transaction. The acquisition price was not disclosed.
ST. LOUIS — The City of St. Louis has selected Kwame Building Group as project manager for the $23 million O'Fallon Park Recreation Complex project, which is currently under way in St. Louis. Located on 13 acres at Interstate 70 and West Florissant Avenue, the two-story, 79,000-square-foot complex will feature an indoor aquatic center with a splash pool, lazy river, vortex pool, children's pools and a rock climbing wall; an outdoor lap pool; a sauna; a steam room; and a spa. Additionally, the project will feature a double gymnasium with lockers, a fitness center, an indoor running track, and a community center with a senior center, a teen lounge and multi-purpose community rooms. Scheduled for completion at the end of 2011, the complex is designed to achieve LEED Silver certification. S.M. Wilson is serving as general contractor and KAI is providing architectural services for the project.
FITCHBURG, WIS. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $13.6 million loan for a multifamily property in Fitchburg. The 369-unit property is known as Fairways Apartments. The 10-year loan, which was funded under the Fannie Mae DUS product line, carried a 30-year amortization schedule and a note rate of 5.96 percent. Patrick McNulty of Arbor's Chicago office originated the loan.
CHICAGO — Daily Meat Supply Co. has selected Summit Design + Build as general contractor for a renovation of the company's recently acquired 25,600-square-foot industrial facility in Chicago. Located at 2323 W. Fulton Market in Chicago's West Loop, the project will include the addition of a 10,000-square-foot freezer, 13,000 square feet of refrigerated cooler space, a processing and loading dock area, and 1,800 square feet of office space with a mezzanine level. Additionally, the property will receive new HVAC units, refrigeration units and incoming electrical service. Completion is slated for this fall. Daily Meat Supply Co. is relocating from its current location at 1000 W. Fulton Ave. in Chicago. Cornerstone Architects is providing architectural services for the project. Michael Nelson and Mark Nelson of Paine/Wetzel • ONCOR International represented the seller, Image 23, in the sales transaction. Greg Block of Millennium Real Estate represented Daily Meat Supply Co. in the transaction. Terms of the transaction were not released.
WOODBURY, MINN. — CB Richard Ellis' Chicago Capital Markets Debt & Equity Finance group has secured $26.8 million in financing for the acquisition of Valley Creek Apartments. The 402-unit multifamily property is located at 1707 Century Circle in Woodbury. Chicago-based Trilogy Real Estate Group acquired the property from LaSalle Investment Management. The 7-year loan, which features 2 years interest-only followed by a 30-year amortization schedule, was arranged through Freddie Mac. CBRE's Pete Marino, Jesse Karasik, John Clifford and Doug Seylar represented the buyer in the transaction. Additional terms of the transaction were not disclosed.
OAKBROOK TERRACE, ILL. — Two private physicians have acquired 1 S 210 Summit Avenue, an office property in Oakbrook Terrace, for an undisclosed price. The two-story, 17,000-square-foot property features an 8,500-square-foot basement, an exterior truck dock and elevator access on all three levels. The buyers plan to convert the building to medical use. Vincent Cannon of the Law Offices of Vincent M. Cannon represented the buyers; Paul Montes and Eric Spiess of Inland Real Estate Brokerage represented both the buyers and the seller, the North American Baptist Conference, in the transaction.
INDIANAPOLIS — Carmel, Ind.-based Platinum Group has acquired Aspen Village Apartments, a 220-unit multifamily property is located on the west side of Indianapolis. The REO property was listed for $1.9 million. Silver Property Management, which is owned by the principles of Platinum Group, is managing the property. The owner plans to renovate the community. Tikijian Associates represented the seller, Washington, D.C.-based CW Capital. The acquisition price was not disclosed.