DOWNERS GROVE AND MOKENA, ILL. — Northmarq has arranged two loans totaling $15.7 million for the refinancing of two industrial properties in suburban Chicago. The buildings total 275,254 square feet and are located in Downers Grove and Mokena. Jeff Frankel of Northmarq arranged the loans through a life insurance company. Both loans feature five-year terms, 30-year amortization schedules and fixed interest rates.
ORLAND HILLS, ILL. — Northmarq has arranged the sale of Orland Towne Center in Orland Hills, a southern suburb of Chicago. The 138,000-square-foot retail center is home to Aldi, Edge Fitness, Five Below, PetSmart and Duly Health and Care. In addition to brokering the sale, Northmarq’s Jeff Frankel also arranged a $14.6 million first mortgage loan on behalf of the buyer, Sperry Equities. A life insurance company provided the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.
SAN ANTONIO — Northmarq has arranged the sale of The Reserve at Lone Oak, a 200-unit multifamily property in southeast San Antonio that was built in 2014. Units are furnished with granite countertops and walk-in closets. Amenities include a pool, fitness center, playground, grilling areas and a clubhouse. Moses Siller of Northmarq represented the seller, Encore Residential LLC, in the transaction. Siller also procured the buyer, GV&A Real Estate Investments.
GARLAND, TEXAS — Northmarq has arranged an $11.5 million acquisition loan for North Garland Crossing, a 75,811-square-foot shopping center in the northeastern Dallas suburb of Garland. Shadow-anchored by a Super Target, the center was built in 2004 and houses tenants such as Michaels, PetSmart, AT&T and Starbucks. David Garfinkel and Ron Reese of Northmarq arranged the debt on behalf of the buyer, St. Louis-based Bianco Properties. Mutual of Omaha provided the loan.
SPRINGDALE, OHIO — Northmarq has arranged a $6.3 million loan for the acquisition of Executive Plaza III in Springdale, a northern suburb of Cincinnati. The 89,327-square-foot office building is located at 135 Merchant St. Christina Grimme of Northmarq arranged the 25-year loan, which is fully amortized and features a loan-to-value ratio of 80 percent. A local bank provided the loan. The borrower was not disclosed.
KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment company.
HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.
TACOMA, WASH. — Northmarq has arranged a $28.1 million construction loan for the development of Tacoma Central Logistics at 1950 S. State St. in Tacoma. Scott Moline and Bob Spiro of Northmarq secured the three-year, interest-only loan through the firm’s relationship with a national bank for the undisclosed borrower. Totaling 248,000 square feet, the speculative building will feature 36-foot clear heights, 183 auto stalls, four grade-level doors, 56 dock doors and 50 trailer parking stalls. The Tacoma News Tribune previously occupied the site, but the former building was demolished.
SAN ANTONIO — Northmarq has arranged a $12.3 million loan for the refinancing of Teralta Corporate Park, a two-building, 58,389-square-foot office property in San Antonio. The single-story property was built in 2017 and fronts Loop 1604 near the junction of Interstate 10. Aetna provided the three-year, interest-only loan to the borrower, San Antonio-based Sirell Properties. Bryan Leonard of Northmarq arranged the debt.
ALLENDALE, MICH. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.
