Mixed-Use

CHICAGO — Maverick Commercial Mortgage Inc. has arranged $75.5 million in first mortgage debt and mezzanine financing for a mixed-use project located at 1400-1460 North Halsted in Chicago. A limited liability company sponsored by Structured Development was the borrower. In 2007, Structured Development developed the project, which encompasses an entire city block in the Clybourn Corridor. The project includes educational, retail, medical office and parking uses within the development. The project is 94 percent occupied with a variety of tenants including British Schools of Chicago, Advocate Health Centers, Northwestern Memorial Hospital, Diamond Headache Center, Town & Country Pediatrics, Pine Dental and REI. Deutsche Bank and Prime Finance provided the financing. The five-year, fixed-rate loan and additional capital allowed for Structured Development to refinance and recapitalize the project and buy out the former equity partner in the transaction. New York-based Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Attorneys from Kaye Scholer included Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O’Connell. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers. Mid-America Real Estate Corp handles the leasing and management for Structured Development.

CHICAGO — A limited liability company, sponsored by Structured Development, has secured a $75 million loan for a Chicago mixed-use property located at 1400-1460 N. Halsted St. Benjamin Kadish of Maverick Commercial Mortgage Inc. arranged the first mortgage debt and mezzanine financing through Deutsche Bank and Prime Finance. Structured Development completed the property in 2007, which includes educational, retail and medical office components. The property is 94 percent occupied and tenants include British Schools of Chicago, Advocate Health Centers and Diamond Headache Center. The five-year, fixed-rate loan and additional capital will allow the borrower to refinance and recapitalize the property, and buy out the former equity partner in the transaction.

INDIANAPOLIS — Construction is set to begin on the $26 million Chatham-Arch, a mixed-use development in Indianapolis this summer. Milhaus Development has received design approval and site rezoning from the Indianapolis Historic Preservation Commission to redevelop the former Mitchel & Scott Machine Co. site into the Chatham-Arch historic district. The development will include 236 studio, one-, two- and three-bedroom apartments in five buildings and office space. The apartments will include one parking space per unit and will rent between $900 and $2,000 per month. Apartments will become available in the spring of 2014. The project’s design was the result of a collaboration by Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Construction will be managed by Milhaus Construction LLC and leasing will be handled by The Gene B. Glick Co.

TERRE HAUTE, IND. — Indiana State University (ISU) has announced plans to expand student housing options and create new retail space in downtown Terre Haute. Thompson Thrift Development will construct a multi-story building at 500 Wabash Ave., which will include three floors of student housing and ground-floor retail, and retain ownership of it. According to the Tribune-Star, the project is estimated to cost $17.5 million. Diann McKee, vice president for business affairs and finance for ISU, will present a 30-year lease agreement to Indiana State's board of trustees on May 3 that will give the university control over the student housing portion of the building, which will include an estimated 228 beds. The project is expected to be complete in fall 2015.

LOMBARD, ILL. — Marcus & Millichap has arranged the sale of a 12,440-square-foot mixed-use property located in Lombard, about 20 miles west of Chicago, for $850,000. The buyer, a local property investor, was secured and represented by James Clough of Marcus & Millichap. Brian Kochendorfer of Sperry Van Ness represented the seller, a family partnership that developed the property. The asset is located at 145 S. Main St. and includes 23 units. The property consists of two buildings: the front building has four commercial units, eight studio apartments, and eight one-bedroom units; the rear building is a converted house with two one-bedroom units and one two-bedroom unit.