DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Casa Azul, a 16-unit apartment property located in Arlington. Nick Fluellen, Bard Hoover and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Ogilvie also procured the buyer, an individual/personal trust. Casa Azul is located at 902 N. Oak St. Constructed in 1976, Casa Azul consists of 16 two-bedroom/one-bath units spanning 650 square feet. Select unit interiors were recently upgraded to include faux wood plank flooring, two-tone paint and updated bathroom vanities. The property is located within one mile of AT&T Stadium, the University of Texas at Arlington and the 417-bed Arlington Memorial Hospital.
CHICAGO — Ryan Cos. and Lincoln Property Co. have topped out a 368-unit, luxury apartment building in Chicago’s Gold Coast neighborhood. Aurélien is a 31-story, $100 million project that will be located at 833 N. Clark St. Construction on the project began in July 2015 and is slated to be completed by early 2017. Daiwa House Texas Inc. is the primary equity investor in Aurélien. When completed, the building will offer 78 studios and convertibles, 209 one-bedroom units, 75 two-bedroom units and six penthouse apartments. The majority of unit sizes will range from 563 square feet to 1,252 square feet, while penthouse apartments will range from 1,179 square feet to 3,250 square feet.
TOPEKA, KAN. — McPherson Contractors Inc. has broken ground on a $30 million, 96,000-square-foot headquarters building for Federal Home Loan Bank in Topeka. The three-story building will feature 265 parking spaces, walking trails, outdoor terraces, a café and 3,400 square feet of amenity space. The LEED Gold design is expected to reduce energy use by 65 percent compared with a conventional design. HOK and Schwerdt Design Group are the architects of record. Construction is slated for completion in December 2017.
CHICAGO — Capital One has provided a $33.6 million loan for the acquisition of four medical office buildings near Chicago. A joint venture between Harrison Street Real Estate Capital and MedProperties Group purchased the assets. The seller in the transaction was undisclosed. The portfolio of properties includes the 51,632-square-foot Lockport Crossing in Lockport; the 22,467-square-foot Dryer Medical Clinic in Batavia; the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights; and the 17,374-square-foot Batavia Medical Campus II in Batavia.
OAKBROOK TERRACE, ILL. — Cushman & Wakefield has arranged an 18,044-square-foot office lease in Oakbrook Terrace, approximately 20 miles west of Chicago. Hyundai Motor America is relocating the office portion of its central regional offices to the top floor of TransAm Plaza Two. Hyundai’s service training center and parts distribution subsidiary, Mobis, will remain at an industrial facility located at 1705 Sequoia Ave. in Aurora, Ill. JBS Commercial represented the landlord, American Landmark Properties, in the transaction.
CHICAGO —TSP Value and Income Fund, a subset of Transwestern Investment Group, has purchased a five-property, industrial portfolio in the Chicago area for an undisclosed price. The portfolio, which is fully occupied, totals 1.4 million square feet. The properties include 3800 Sunset Ave. in Waukegan; 301-363 N. Third Ave. in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview; and 5100 W. 123rd St. in Alsip. The properties have clear heights ranging from 21 feet to 30 feet and all have some percentage of office finish. The portfolio features eight tenants including Dulin Metals Co., Permasteelisa North America, Midland Paper Co., Keystone Automotive Industries and Cornfields Inc. Christopher Carroll and Brian Carlton of HFF placed a five-year, fixed-rate acquisition loan for the portfolio with a life company.
ATLANTA — Brand Properties plans to develop Northside Midtown Medical, a 12-story, 170,000-square-foot medical office building in Midtown Atlanta. Located at 1130 W. Peachtree St. near 13th Street, the Class A building will be anchored by Northside Hospital, which will operate the Northside Imaging Center, primary care offices, cardiology services and an urgent care outfit at the property. Brand Properties plans to deliver Northside Midtown Medical in mid-2018. Northside is a healthcare delivery system with three not-for-profit hospitals in Atlanta, Cherokee County and Forsyth County and more than 150 outpatient services across Georgia.
ROCKLEDGE, FLA. — Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Built in 2008, Polo Glen is situated near cities such as Cocoa Beach, Melbourne and Viera and features units averaging 1,200 square feet. Unit interiors feature nine-foot ceilings, screened patios/balconies, cherry cabinetry and full-sized washers and dryers. More than 70 percent of the residences will feature ground-level entries. Community amenities include an interior lake with a lakeside walking path; clubhouse with a swimming pool and fitness center; car wash facility; outdoor barbecue area and fireplace; playground and tennis courts. Patrick Dufour, Scott Ramey, Kevin Judd and Ryan Crowley of ARA represented Pollack Shores in the transaction.