CARY, N.C. — Northwood Ravin has started construction on the first phase of the $55 million Bradford, a mixed-use development located at David and High House roads in Cary. Phase I will include 370 multifamily units and 20 townhomes. Amenities will include a fitness center with an indoor lap resistance pool, sauna and steamroom, demonstration kitchens, business centers, doggie daycare and a pet spa. Completion is slated for fall 2013.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of 1801-1811 North Clybourn, an apartment and retail property in Chicago's Lincoln Park neighborhood. The property has been owned by a private trust since the 1930s. The building includes seven apartments and one retail unit with a full basement. The retail space previously housed the US Beer Company. Kyle Stengle of Marcus & Millichap represented the seller in the transaction. Stengle and Stephen Rachman, also of Marcus & Millichap, represented the buyer.
NEW YORK CITY — CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan's Upper West Side. Todd Trehubenko of CWCapital arranged the loan through Principal Real Estate Investors. The company did not provide details about the property, but stated that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.”
ENFIELD, CONN. — Baker Properties has purchased 1559 King St., a 184,000-square-foot office, warehouse and retail building in Enfield for $5.2 million. The building is situated on 17 acres at Exit 46 along I-91. Jay Morris and Colleen Sheridan of O,R&L Commercial represented both parties in the transaction.
CHAPEL HILL, N.C. — Capital Advisors has arranged $40 million in refinancing for East 54, a mixed-use development located on Highway 54 in Chapel Hill. The property contains 114,476 square feet of office space, 55,585 square feet of retail space, residential condos and a new W Aloft hotel, which is separately owned. The hotel and condos were not part of the collateral for the loan. Clark Jenkins of Capital Advisors arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, East West Partners, through JP Morgan.
CHICAGO — St. Anthony Ministries has proposed to build a new hospital, retail outlets and elements that include wellness, education, arts and recreation on an 11-acre site at 31st Street and Kedzie Avenue in Chicago. The 1 million-square-foot complex would reportedly cost $400 million. St. Anthony Ministries, the parent company of St. Anthony Hospital, submitted an application to the city Wednesday. The new hospital would replace a century-old facility at West 19th Street and California Avenue. To maintain the programs and services provided by the campus — such as wellness classes and a recreation center — the company plans to generate revenues from a parking garage and collect rent from tenants such as retail stores, schools and a day care. The company is also seeking government funding.
BOSTON — Suffolk Construction has broken ground on the $77 million Boston Wharf Tower, a 20-story mixed-use development. The project, located at 319 A. St., will feature 202 rental units and a four-level parking garage with 96 spaces. Construction is scheduled for completion in January 2014. Oregon-based Gerding Edlen is developing the project and ADD Inc. is providing architectural services.
MURRAY, UTAH — The former 154,000-square-foot Utah Fun Dome was purchased by Kimball Investments and ICO Construction for an undisclosed sum. The building is located at 4998 South Galleria Drive. The new owners plan to develop a mixed-use property on the site. The seller, First Citizens Bank and Trust Co., was represented by CBRE’s Doug Scheel and Marty Plunkett.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $3 million sale of the 16,721-square-foot Blackstone Building, an office and retail building located at 100 S. Dixie Highway in West Palm Beach. The property includes 5,791 square feet of retail space and 10,930 square feet of office space. Douglas Mandel and Brian Rosen of Marcus & Millichap represented the seller, a West Palm Beach-based owner and developer, in the transaction.
HOOVER, ALA. — The 320-unit Cedarbrook Apartments, located at 3627 Cedarbrook Drive in Hoover, has sold for $16.75 million. The complex was renovated in 2010 and 2011. David Oakley of Hendricks & Partners represented the seller, Birmingham, Ala.-based Cedarbrook Apartments LLC, in the transaction. Tom Hinton of Hinton Properties represented the buyer, Landmark at Deerfield Glen.