AUBURN HILLS, EAST LANSING AND FLINT, MICH. — Aaron Klein of Commercial Mortgage Capital Inc. has arranged more than $25 million in loans for properties throughout Michigan. Klein has arranged $15.06 million in financing for a 104,000-square-foot industrial property located in Auburn Hills. The non-recourse financing was based on a 10-year term, with a fixed rate of 6.33 percent. In East Lansing, Klein has arranged a $7.25 million loan for a student housing facility. The 10-year non-recourse loan for the 215-unit property carries a fixed rate of 6.49 percent. Additionally, Klein has arranged $2.7 million in financing for a 130-unit multifamily community in Flint. The 4-year partial-recourse loan has a fixed rate of 5.07 percent.
RAVENNA, OHIO — Ohio-based Hoty Builders LLC has completed construction of an office building located at 444 Enterprise Parkway in Ravenna. The 5,800-square-foot building was completed for Ravenna S.S.A LLC, and will house the Social Security Administration. The estimated cost of completion was not disclosed.
CAMBRIDGE, MINN. — Minneapolis-based Opus Northwest has held a groundbreaking ceremony for its multi-phased Spirit River Crossings power center, which will be located in Cambridge. The 250,000-square-foot project is situated on a 30-acre site. Site work has commenced for the first phase of the development, which will include Kohl’s and Lowe’s Home Improvement Warehouse. Subsequent phases of the project will include junior box retailers, smaller shops, restaurants and banks. Construction is slated to begin next spring, with completion of Phase I expected in the fall of 2009.
MT. COMFORT, IND. — Indianapolis-based Browning Investments, in a joint venture with New York-based Real Estate Capital Partners, has plans to break ground on two industrial facilities within the Axcess70 industrial park in Mt. Comfort. Situated on a 153-acre site adjacent to Interstate 70, Axcess70 will house more than 2 million square feet of bulk distribution space. Browning Construction Inc. will begin building two facilities this month, with completion expected for March 2009. The first 423,000-square-foot building will include 32-foot clear-height ceilings and T5 Fluorescent Lighting; the second 250,000-square-foot facility will include 28-foot clear-height ceilings and an ESFR sprinkler system. Browning Construction Inc. will also complete construction of a third facility, which will be expandable to 1.3 million square feet. The estimated cost of construction was not disclosed.
CHICAGO — The Dallas office of PNC ARCS has arranged approximately $5.25 million in financing for the West Addison Apartments in Chicago. Financing was based on a 10-year term, with a 30-year amortization schedule. The loan for the 61-unit multifamily community included 5 years interest-only at a rate of 5.98 percent. Additionally, the mid-rise apartment complex houses 1,921-square-feet of first-floor retail product.
SOUTHFIELD, MICH. — Southfield-based Bernard Financial Group has arranged a $4.6 million loan for Stanford Townhouses located in Southfield. The borrower for the multifamily complex, which consists of 118 units within 16 buildings, was Stanford Townhouses LLC. The lender was KeyCorp Real Estate Capital Markets Inc. Terms of the financing were not disclosed.
WOODSTOCK, ILL. — Midland Equities LLC has sold Catalpa Commons, a 14,000-square-foot retail center located at 11605-11621 Catalpa Lane in Woodstock. Catalpa Commons Woodstock LLC has acquired the center. The single-story development is situated on a pad site adjacent to a Wal-Mart Supercenter. Tenants at the property include Cardinal Fitness and Great Clips. The acquisition price was not disclosed.
ALGONQUIN, ILL. — Deerfield, Ill.-based Alliance Equities LLC, in a joint venture with Orange County, Calif.-based Nelson Brothers, has acquired the 83,441-square-foot Algonquin Galleria retail center, which is located at 1515 Randall Rd. in Algonquin. Mid-America Development Partners has sold the property for $22.5 million. The center is anchored by Best Buy and La-Z-Boy, and is shadow-anchored by Dania and Ethan Allen.
WATERTOWN, WIS. — NAI MLG Commercial has brokered the acquisition of a 191,000-square-foot industrial facility located at 426 S. Montgomery St. in Watertown. Montgomery Properties LLC has acquired the building from MCF I LLC for an undisclosed amount. The new owner will reposition the single-tenant facility to house several smaller multi-tenanted units. Karen Johnson and MayBritt Lian of NAI MLG Commercial represented the buyer; Pete Slezak of Colliers Barry Inc. represented the seller in the transaction. Johnson and Lian will also serve as the exclusive leasing agents for the facility.
DE FOREST, WIS. — Stan Johnson Co. has arranged the sale of a 14,490-square-foot freestanding retail building located at 807 S. Main St. in De Forest. The property, which is 100 percent leased to Walgreens, was acquired by the buyer through a 1031 exchange. Vintage 76 Apartments LLC has acquired the property from Edward Hines Lumber Co. for approximately $3.89 million. Joey Odom on the Hughes Team of Stan Johnson Co. represented the seller; Benjamin Flinders of Investment Real Estate Associates represented the buyer in the transaction.