Property Type

Pillar Originates $11.7M Fannie Mae Loan for Multifamily Property in Columbus

by Danielle Everson November 11, 2014

COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.

November 11, 2014

Midwest Ohio Retail

Goodman Real Estate Services Group Brokers $10.5M Sale of Shoppes at Chapel Hill

by Danielle Everson November 11, 2014

CUYAHOGA FALLS, OHIO — Goodman Real Estate Services Group LLC has brokered the $10.5 million sale of the Shoppes at Chapel Hill, an 84,758-square-foot shopping center in Cuyahoga Falls. The property, built in 1992, is 98.5 percent leased to tenants such as Michaels, Staples, Panera Bread, Jimmy John’s, Aaron’s and Brick House Tavern + Tap. Target shadow-anchors the shopping center. Kyle Hartung of Goodman represented the undisclosed seller of the property and also procured the buyer, a Florida-based real estate investment and development company.

November 11, 2014

Iowa Loans Midwest Retail

Cronheim Mortgage Secures $9.7M Bridge Loan for Retail Center Acquisition

by Danielle Everson November 11, 2014

DAVENPORT, IOWA — Cronheim Mortgage has secured a $9.7 million bridge loan to fund the acquisition, renovation and lease-up of a 235,000-square-foot retail center in Davenport. JoAnn Fabric and Crafts Stores, Planet Fitness and Iowa Workforce Development anchor the center, which is 70 percent occupied. The property is located across the street from NorthPark Mall. The five-year bridge financing was structured to 80 percent of the project’s hard costs. David Turley and Janet Proscia of Cronheim Mortgage arranged the non-recourse loan. Cronheim’s private equity affiliate, Channel Funds, acquired the property in partnership with Madison, N.J.-based Capstone Group.

November 11, 2014

Healthcare Indiana Midwest Office

Millennium Properties Brokers $4.4M Sale of 30,000 SF Medical Office Complex

by Danielle Everson November 11, 2014

VALPARAISO, IND. — Millennium Properties R/E has brokered the $4.4 million sale of a 30,000-square-foot medical center in Valparaiso. The Glendale Medical Center is located between Valparaiso University and the Porter Regional Hospital, which was built in 2012. The medical center consists of two separate buildings: a 21,443-square-foot office, that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007. Much of the original building has been updated and the property was 85 percent occupied at the time of sale. Millennium Properties represented the seller, a Chicago-based investor group. Strawberry Fields, a national healthcare REIT with assets located throughout the Midwest, purchased the property.

November 11, 2014