Property Type

Cronheim Mortgage Arranges $28.1M Financing for Eleven80 in Newark

by Amy Works February 26, 2015

NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.

February 26, 2015

Loans Multifamily New Jersey Northeast

MMCC Arranges $6.5M Acquisition Loan for New Jersey Multifamily Property

by Amy Works February 26, 2015

WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.

February 26, 2015

Healthcare Michigan Midwest

Beaumont Breaks Ground on $40M Proton Therapy Center in Royal Oak, Mich.

by Danielle Everson February 25, 2015

ROYAL OAK, MICH. — Construction has begun on a new Proton Therapy Center at Beaumont Hospital’s Cancer Institute in Royal Oak. Proton therapy is a newer, high-tech alternative to treating certain cancers. The $40 million project will be the first single-room proton treatment center of its kind in Michigan. Upon completion, the two-story Proton Therapy building will span 25,200-square-feet, including a basement. The first floor will house the Proton Therapy Center. The 10,000-square-foot space will include a cyclotron that produces the proton beams and a single-room treatment area. The first patients will undergo treatment at the Proton Therapy Center in the spring of 2017. The 8,000-square-foot second floor will house Beaumont Children’s Hospital’s Pediatric Oncology and Hematology program. Along with hundreds of construction jobs, the new Proton Therapy Center will create at least 30 clinical positions at Beaumont. Beaumont will develop the project in cooperation with Proton International, an Atlanta-based proton therapy development group with expertise in all phases of proton therapy development and operations.

February 25, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Interra Realty Arranges Sale of 23-unit Mixed-Use Property in Northwest Chicago

by Danielle Everson February 25, 2015

CHICAGO — Interra Realty has brokered the $1.1 million sale of a 23-unit mixed-use building located at 4712-20 W. Diversey Ave. in the Kelvyn Park neighborhood northwest of Chicago. The property includes five retail spaces, 10 studio apartments and eight one-bedroom apartments. Joe Smazal and James Clough of Interra represented the undisclosed seller.

February 25, 2015

Illinois Industrial Midwest

Paine/Wetzel TCN Worldwide Arranges 7,000 SF Industrial Lease in Bensenville, Ill.

by Danielle Everson February 25, 2015

BENSENVILLE, ILL. — Paine/Wetzel TCN Worldwide has arranged a 7,000-square-foot industrial lease in Bensenville. Ary Trucking LLC will occupy space within a 14,000-square-foot building located at 401 Frontier Way. The new lease represents an expansion and new location for the Northbrook-based general freight tucking company. Joe Karmin of Transwestern represented the building’s owner. Phil Reiff and Phil Reiff Jr. represented Ary Trucking LLC.

February 25, 2015

Loans Mixed-Use New Jersey Northeast Retail