AURORA, ILL. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured the financing with a nine-month term, full-term interest-only payments and flexible prepayment options. The borrower plans to replace the loan with HUD financing before the end of the year. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement.
OAK PARK, ILL. — Kiser Group has brokered two condo deconversion sales in Oak Park for a total of $12.4 million. Regency Terrace Condominiums, a 56-unit property located at 922 North Blvd., sold for $8.8 million. Andy Friedman and Matt Halper of Kiser represented the seller, The Regency Terrace Condominium Association. Marco Cesario of Kiser represented the buyer, Goldman Investments. “Regency Terrace Condominiums is a prime example of how condo deconversions can be a win-win scenario for all parties involved,” says Friedman. “The property requires substantial and costly physical improvements. This deal saved residents from large special assessments.” Clarence Court, a 26-unit property located at 628 Harrison St., sold for $3.6 million. Friedman and Halper represented the buyer, Redpoint Capital Management, and seller, Clarence Court Condominium Association. “This property fits the most common mold for deconversions. Most of the owners purchased a starter condo in the mid-2000s,” says Friedman. “When the market crashed and was slow to recover, owners had two options instead of selling at depressed pricing. They either became accidental landlords and rented the unit out or were stuck living in the unit. These owners received 25 to 30 percent more in the deconversion than if they would have sold …
NORTHBROOK, ILL. — NAI Farbman Group, a full-service real estate company based in Southfield, Michigan, has launched FarbNET, a new metro Chicago-based division focused on selling net lease assets. National commercial real estate expert Mark Lewensohn leads the division, which focuses on the office, industrial, healthcare and retail sectors. The FarbNET office is located at 40 Skokie Blvd. in Northbrook. The decision to open a net lease division was based on “significant growth occurring in the net lease investment space,” says CEO Andrew Farbman.
LOMBARD, ILL. — Exeter Property Group has acquired a 193,000-square-foot industrial building located at 100 Progress Road in Lombard for an undisclosed price. The property is situated at the intersection of I-355 and North Avenue in the Central DuPage County submarket. The building offers clear heights ranging from 24 to 29 feet and is fully leased to Orora Packaging. David Bercu of Colliers International brokered the sale. A private investor sold the asset.
ADDISON, ILL. — CPG.IO has leased 144,614 square feet of industrial space at 1150 N. Swift Road in Addison. The company, which helps brands grow their e-commerce operations, previously subleased 100,000 square feet at the facility before entering into the direct lease agreement. Kelly Disser and Michael Freitag of NAI Hiffman represented CPG.IO in the seven-year lease, which commences in May. Cushman & Wakefield represented Lincoln Property Co., which manages the property on behalf of a domestic pension fund. Lincoln will upgrade the warehouse with new LED lighting and heating units and make improvements to the office space. Built in 1998 on 15 acres, the property features a clear height of 30 feet, more than 40 loading docks, four drive-in doors and 200 car parking spaces.
OAK CREEK, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 7,882-square-foot retail building on an outlot to Drexel Town Square in Oak Creek, about 12 miles south of Milwaukee. The sales price was undisclosed. The property is fully leased to five tenants, including Associated Bank, Sport Clips, Bentley’s Pet Stuff, Charles Schwab and Tropical Smoothie Café. Carly Gallagher Kelly and Andrew Prater of Mid-America represented the seller, a Wisconsin-based developer. A private investor purchased the asset.
CHICAGO — Moceri + Roszak has completed the development of a 20-story, loft-style office building in Chicago’s Loop. Firmspace, an Austin-based shared office provider, has leased the top three floors of the 210,000-square-foot property. Known as 145 South Wells, the building includes a 12,000-square-foot amenity center with conference rooms, a fitness center, golf simulator, martini and espresso bar and outdoor space. The project also features a 24-stall executive parking garage and 3,840 square feet of ground-floor retail space. Mason Taylor and Chris Cassata of JLL are handling leasing at the property. Corey Siegrist of JLL represented Firmspace in its lease. The tenant plans to take occupancy in mid-October. Thomas Roszak Architecture is the project architect. Bentall Kennedy provided project financing.
WEST DES MOINES, IOWA — Developer KDC has topped out the new corporate headquarters for Sammons Financial Group in West Des Moines. The six-story, 217,000-square-foot Class A office building will house 600 employees. Completion of the property is slated for this fall. The building will include a two-story amenity area. Sammons is a privately held company that provides life insurance, annuity and retirement planning products. The Weitz Co. is the general contractor. SVPA and HKS are project architects.
CARMEL, IND. — WB Development Partners and New Era Cos. have purchased five acres at 1260 City Center Drive in Carmel and plan to develop a 46,395-square-foot inpatient rehabilitation hospital. Bruce Gordon of JLL brokered the land sale on behalf of the buyers. Known as the Indianapolis Rehabilitation Hospital, the property is expected to open in the fourth quarter of this year. Nobis Rehabilitation Partners will manage the hospital, which will offer services for patients with complex medical, nursing and rehabilitative needs.
INDEPENDENCE, MO. — Block & Co. Inc. Realtors has arranged the sale of a 28.6-acre self-storage property in Independence for $10 million. The facility features 741 enclosed units and 450 parking stalls. William Glasgow of Block & Co. represented the seller, Lake City U-Store. The buyer, State Storage Group Kansas City LLC, plans to modernize the entire facility with computer-automated climate control and other technological systems.