ST. LOUIS — Tremont Mortgage Trust has provided a $29.5 million bridge loan for the acquisition of a three-building office portfolio in St. Louis. The portfolio includes West Park I, West Park II and Pine View Point. The buildings span a total of 299,000 square feet. The three-year, floating-rate loan includes a future funding allowance of $3.1 million for property improvements and leasing capital. The loan-to-value ratio is 71 percent. The borrower was not disclosed.
ROMEOVILLE, ILL. — IDI Logistics has acquired 57 acres of industrial land in Romeoville with plans to deliver a 351,870-square-foot speculative facility. The building will feature a clear height of 36 feet, 40 docks and 65 trailer spaces. Joshua Hearne and Daniel Cawley of Cawley Chicago will represent IDI Logistics in lease-up of the building. The project, known as Romeoville Gateway, is slated for completion in 2019.
PORTAGE, MICH. — KeyBank has secured a total of $17.4 million in low-income housing tax credit financing for the construction of Selinon Park Apartments in Portage, just south of Kalamazoo. The development will include 75 affordable housing units serving households that earn 30 to 60 percent of area median income. Full Circle Communities was the borrower. Stephen Sparks and Jeff Rodman of KeyBank originated the financing, which included a $13.5 million construction loan and a $3.9 million Freddie Mac taxable permanent loan with a 15-year term and 35-year amortization schedule.
LAFAYETTE, IND. — Baum Realty Group LLC has arranged the sale of a 2,321-square-foot building occupied by Starbucks in Lafayette for $1.8 million. The single-tenant property is located near the Purdue University. Patrick Forkin of Baum represented the seller. A West Coast-based buyer purchased the asset in a tax-deferred 1031 exchange.
MAPLE GROVE, MINN. — The Opus Group has broken ground on a 204,000-square-foot industrial building in Maple Grove. The project, known as Arbor Lakes Corporate Center, is a collaboration between Opus and Inland Development Partners. The 13-acre site will first undergo environmental remediation to fully remove existing landfill and environmental pollutants from the former disposal and waste transfer site. The building will feature a clear height of 28 feet, 32 docks and two drive-in doors. Construction is slated for completion in late 2019. Chris Hickok and Dan Larew of JLL will market the property for lease.
ROCHESTER, MINN. — Monarch Investment & Management LLC has acquired The Gates of Rochester, a 413-unit apartment property in Rochester. The purchase price was not disclosed. Built in 1973 and situated on 22 acres, the property features 42 buildings. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Rochester Village Investors LLC.
OCONOMOWOC, WIS. — Mag Mile Capital has originated a $9.9 million CMBS loan for the acquisition of a Staybridge Suites hotel in Oconomowoc. The 128-room property is located at 1141 Bule Ribbon Drive. Mac Dobson and Prabhat Jayara of Mag Mile Capital originated the loan on behalf of the borrower, KGNMP Hotels LLC. The 10-year, fixed-rate loan features a 5.75 percent interest rate and a 25-year amortization.
DETROIT — Money360 has provided a $2.8 million bridge loan for the acquisition of a 54-unit multifamily portfolio in Detroit. The two properties comprise a mix of one- and two-bedroom units as well as two commercial units. The nonrecourse loan features a two-year term and a rate of 7.75 percent.
INDIANA, MINNESOTA AND NORTH DAKOTA — Four Corners Property Trust (NYSE: FCPT) has purchased six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. All six properties are under one triple-net master lease, which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The master lease has approximately 21 years remaining.
WARRENVILLE, ILL. — Fairbridge Properties has acquired Cornerstone I at Cantera, a 152,520-square-foot office building in Warrenville, about 30 miles west of Chicago, for $20.7 million. The Class A building is part of the 650-acre mixed-use development known as Cantera. The seller, Northwestern Mutual, invested $540,000 in fitness center and conference room renovations. The building is currently 79.6 percent leased. Jim Postweiler, Peter Harwood and Derek Fohl of JLL represented Northwestern Mutual in the sale.