PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $17.3 million Fannie Mae loan for the refinance of Green Oaks Apartments, a 384-unit affordable housing property located in Palos Hills. Community amenities include laundry facilities, community room, playground and heated outdoor pool. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin, Texas office arranged the loan for the borrower Green Oaks at Palos Hills LP.
DEERFIELD AND WESTCHESTER, ILL. — Reed Construction has completed two build-outs for Arden Realty in the metro Chicago area. In the first project, Reed Construction completed a 2,500-square-foot renovation to the Star Lite Café within the Deerfield office property located at 520 Lake Cook Road. Construction featured the installation of a new ceiling and lighting as well as millwork cabinetry, point-of-sale stations and walk-in coolers. In the second project, Reed completed an interior build-out at Lifestart Fitness Center located at 2 Westbrook Corporate Center in Westchester. The project included a 1,100 square foot build-out of the existing space, which included the addition of a new locker room area with tile showers, solider surface vanities as well as new lockers. Reed’s Jason Gunderson was the principal and Jon Zawiski was the project manager for both Arden projects. Legat Architects provided architectural services for the projects.
COLUMBUS, OHIO — Aries Capital has arranged an $11.5 million, non-recourse, CMBS loan for a portfolio of three limited-service hotels in the Columbus, Ohio area. Borrower, Andy Vasani, CEO of Ohio-based Innvite Hospitality Group, used the proceeds to refinance two hotels with a total of 188-rooms, and to acquire a 79-room Hampton Inn. Rushi Shah of Aries Capital’s Chicago office arranged the loan for the borrower. The loan features a 10-year fixed rate and a 25-year amortization schedule.
DEERFIELD, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the lease of 14,500 square feet at 500 Lake Cook Road in Deerfield. Market6, a provider of web-based retail collaboration applications, will occupy space within Corporate 500, a four-building office complex that includes more than 700,000 square feet of Class A office space. Market6 relocated to this space from a property at 9 Parkway North Blvd. in Deerfield. The firm also maintains an office in Cincinnati, Ohio. NGKF’s Brian Reaney and Paul Buckingham represented Market6 in the lease.
TERRELL, TEXAS — Oakridge Investments has completed infrastructure work for the Terrell Market Center development, located at the intersection of I-20 and U.S. Highway 80 in Terrell. This includes the expansion of FM 148 to four lanes and a new frontage road and off-ramp for westbound I-20. The completed infrastructure makes way for a 62,000-square-foot Buc-ee’s that will have 84 gas pumps on 19.5 acres. The store is expected to open in summer 2015. Along with Buc-ee’s, 52.5 acres are slated for future use by Baylor Scott & White, along with Starbucks, Dairy Queen and Whataburger.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), a member of the Cushman & Wakefield Alliance, has arranged the sale of Timber Plaza, a 21,940-square-foot shopping center located at 6025 Tezel Road in San Antonio. Bradley Suttle of SACA represented the seller, a California-based partnership, in the transaction. A locally based private investor was the buyer. Built in 1985, Timber Plaza serves residents and visitors on the far west side of San Antonio at the corner of Tezel and Timber Path.
TULSA, OKLA. — Dougherty Mortgage has arranged a $2.6 million Fannie Mae loan for the acquisition of Country Club Villa Apartments, a 68-unit multifamily property located in Tulsa. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was originated by Dougherty’s Dallas office for the borrower, Stone Ranch Apartments LLC.
DALLAS, HOUSTON, MIDLAND and ODESSA, TEXAS — BB&T Corp. has completed the acquisition of 41 branches in Texas from Citibank. The branches will officially open as BB&T branches, making BB&T the 14th largest bank in Texas with 121 branches and $5.1 billion in deposits. The acquisition, which was announced in September 2014, includes retail branches in the Dallas, Houston, Midland and Odessa markets, including $2.2 billion in deposits and $81 million in loans based on Feb. 28, 2015, balances. BB&T received regulatory approval for the acquisition from the FDIC and the North Carolina Office of the Commissioner of Banks in February 2015. The $1.2 billion in deposits and $122 million in loans acquired previously are primarily in the fast-growing Austin, Bryan-College Station and San Antonio markets.
LINDON, UTAH – Colmena Capital has acquired the Vivint Industrial Complex, a 366,710-square-foot complex in Lindon, for an undisclosed sum. The complex is located at 500 South 500 West. It is home to Vivint, Aquatherm, Cornerstone and Emergency Essentials. The seller is Stag Industrial. The transaction was executed by Bryce Blanchard of Newmark Grubb ACRES.
CITY OF INDUSTRY, CALIF. – GELS Logistics has leased 250,000 square feet of industrial space in the City of Industry. The space is located at 20275 Business Parkway. The global logistics company will be relocating from its nearby facility in Baldwin Park. GELS was represented by Kevin Ching, Jeff Bethel and Henry Hong of Lee & Associates Industry. The landlord, Majestic, was represented by Terry Baker.
