CHICAGO — Marquette Bank has provided a $5.5 million loan to Belmont-Clark Partners for a 77-unit multi-use property in Chicago. The 77-unit property is located at 3154-85 N. Clark St., 842-46 W. Fletcher St. and 841-45 W. Belmont Ave. Patrick Tuohy of Marquette Bank’s multifamily lending division oversaw the transaction.
FREDERICK, MD. — Sinclair Real Estate has received site plan approval of its Sinclair Way mixed-use project in Frederick's Historic Preservation District. The project will include 26,000 square feet of office space, 12 townhouse units and retail space. Zavos Architects is designing the space.
SEATTLE — Gramor Development Washington has purchased Tyee at Green Lake, the stalled, partially completed, 4-story mixed-use project that will consist of 24 residential apartment units and 3,900 square feet of commercial space. The site at 7201 Aurora Ave. North once held Seattle’s landmark Twin Teepees restaurant. Contractor RedHawk Group will complete the project; the residential component is scheduled to be available for lease in June.
HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of two mixed-use buildings located on Boulevard in Hasbrouck Heights. The two buildings contain a total of six apartments, four office spaces and four retail spaces. One of the buildings is fully occupied, and the other is 25 percent occupied. David Thurston and Brian Schifilliti of Marcus & Millichap's New Jersey office represented the seller, a local private investor. Thurston also secured the buyer, an undisclosed national investor.
CHICAGO — Essex Realty Group has completed the disposition of a two-story, eight-unit mixed-use building in Chicago. Located at 2309-2311 W. Howard, the property offers six two-bedroom apartment units and 6,200 square feet of commercial space. Matt Welke and Jim Barcelona of Essex brokered the transaction. The sales price was approximately $750,000. The seller and buyer were not disclosed.
PATERSON, N.J. — The New Jersey office of Marcus & Millichap has completed the sale of a 7,400-square-foot multi-use building located in Paterson. The building contains six residential and commercial units, and the property also contains a three-bedroom house. Kevin McCrann and Thomas McConnell of Marcus & Millichap represented the local seller and procured the buyer, a New Jersey-based private investor. The property traded for $725,000.
BOSTON — Construction is advancing for Liberty Wharf, a $43 million mixed-use project located on the South Boston Waterfront. The project consists of three buildings totaling approximately 74,000 square feet of space. Tenants already signed on to occupy the restaurant component of the project include Legal Sea Foods and a steakhouse operated by Tavistock Group. The project will also include a 570-foot extension of the HarborWalk and will be LEED certifiable. The project is nearing shell completion, and restaurant build-out will commence in the second quarter. Bill Motley and Katherine Small of Jones Lang LaSalle will be leasing the project on behalf of Cresset Development. Elkus Manfredi Architects is designing it and John Moriarty & Associates is building it.
SEATTLE — Hendricks & Partners has brokered the sale of Rianna I and Rianna II located at 810 and 728 12th Ave. in Seattle. Built in 2000 and 2002, respectively, the mixed-use buildings total 156 apartment units and include retailers Starbucks Coffee and Subway. The seller was 12th and Columbia LLC, which includes local investor Laurel Spelman, and the buyer was Equity Residential. Hendricks & Partners’ Kenny Dudunakis represented both parties in the transaction.
SPRINGFIELD, ILL. — McCormick Mortgage Co. has arranged development financing for the first phase of Legacy Pointe Town Center, a 277-acre mixed-use development in Springfield. The $34 million loan includes loans for the infrastructure of the first phase and construction loans for Scheels Superstore. The center will be anchored by a 203,000-square-foot Scheels Superstore, which is slated to open in July 2011. The two-story store will feature a 16,000-gallon aquarium, a 65-foot Eli Bridge Ferris Wheel, a three-car NASCAR simulator, a shooting gallery, four larger than life-size bronze sculptures, four life-size bronze statues, a Walk of Presidents with life-size statues of former Presidents. Additional details of the loans, which were provided by a consortium of banks, were not disclosed.
SUGAR LAND, TEXAS — Sugar Land-based Curtice Commercial Real Estate is nearing completion for Mody Plaza, a three-story, 25,000-square-foot commercial project located within Sugar Land's Lake Pointe Development. Initial plans for the building call for retail space on the ground floor, with restaurants or professional office space on the second and third floors. The building will also feature an attached two-story parking garage. Johnson Atala & Associates is serving as project architect.