LITTLE CANADA, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $20 million loan for the refinancing of Montreal Courts Apartments in metro Minneapolis. The market-rate apartment community includes 444 units and is located in Little Canada. Patrick Minea, senior vice president and managing director of NorthMarq, arranged the loan for the borrower through Freddie Mac.
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MIDDLETON, WIS. — George Smith Partners has arranged an $18.9 million loan on behalf of its client, Pheasant West LLC, for the refinancing of its 200,000-square-foot office building in suburban Madison. The University of Wisconsin Medical Foundation leases the four-story office property. The building, which features 160,000 square feet of office and 40,000 square feet of storage, is located on 10 acres at 7974 UW Health Court in Middleton. A Florida-based lender with a national single-tenant, net-lease platform provided the loan to Pheasant West LLC. The 10-year loan includes an eight-year, fixed interest rate of 4.65 percent and a 20-year amortization schedule.
CHICAGO — MB Real Estate has completed the 37,000-square-foot office build-out for Heartland Alliance’s new space at 208 S. LaSalle St. in Chicago. The build-out features the addition of private offices, large openwork areas, conference rooms and breakout spaces. David Graff, senior vice president, and Brian Toenjes, project manager at MB Real Estate, led the firm’s project services division, which oversaw the construction process. ICG provided the construction services for the project and Baumann Studios was the architect. Heartland Alliance is a human rights and services organization helping people living in poverty or danger improve their lives and realize their human rights.
ROMULUS, MICH. — Signature Associates has arranged the lease of 33,440 square feet of industrial space located at 29149-29165 Airport Drive in Romulus, a southwest suburb of Detroit. Brad Viergever and Mark Hamway of Signature Associates represented the landlord, First Industrial Realty Trust. Viergever also represented the tenant, Guardian Industries Corp., a manufacturer of automotive and building glass products.
REVERE, MASS. — Real Estate Capital Partners (RECAP) is teaming up with Covington Realty Partners LLC to develop The Vanguard at Waterfront Square, a 194-unit apartment community in Revere, a northeast suburb of Boston. The $41.7 million master-planned development includes 900 residences in addition to offices, hotels and retail, as well as access to the Revere Beach oceanfront. The Vanguard will span 144,443 square feet and feature a mix of one-, two- and three-bedroom units. Chicago-based Covington expects to break ground on the property this month. Covington and New York City-based RECAP,through its RECAP Metropolitan Opportunity Fund III LP, acquired the 1.6-acre site at 800 Ocean Ave. from Eurovest Development for $4.8 million.
PITTSBURGH, PA. — Pennrose has completed construction of The Gateway at Summerset, a 131-unit apartment community in Pittsburgh’s Squirrel Hill neighborhood. The apartments include open-floor plans featuring gourmet kitchens with granite countertops, stainless-steel appliances and breakfastbars. Rents for one- and two-bedroom apartments range from $1,375 to $2,025 a month. Two-bedroom units include a laundry room and more than 1,000 square feet of living space. One-bedroom apartments span nearly 800 square feet. Amenities at the community include a private, furnished clubhouse with full-service kitchen, fireplace, floor-to-ceiling windows and a 24-hour fitness center. The Gateway, which was built and is managed by Pennrose, follows Phase I of thecommunity called The Reserve at Summerset.
DOVER, N.J. — Gebroe-Hammer Associates has arranged the $4 million sale of Lion Gate at Granny Brook, a 27-unit luxury, garden-style apartment complex in Dover. Located at 91 Park Heights Ave., the apartment community opened in 2012 in the restored Carson & Gebel Co. Ribbon factory building. The three-story brick complex features a mix of studio, one- and two-bedroom apartment units, on-site parking and two centralized laundry rooms. The apartments include 12-foot ceilings, ceramic-tile bathroom flooring, granite vanity tops, wall-to-wall carpeting, cherry-tone kitchen cabinets and faux granite countertops. Stephen Tragash, vice president at Gebroe-Hammer Associates, represented both the seller and the buyer in the transaction.
CAMBRIDGE, MASS. — Biomeasure Inc., a wholly owned subsidiary of Ipsen, is relocating to 650 East Kendall Street in Cambridge. Ipsen signed an 11-year, 63,000-square-foot lease at a 282,000-square-foot Class A building, where it will occupy the entire second floor and a portion of the fourth floor. The move-in date is slated for mid-2014. Ipsen, a global specialty care pharmaceutical company, is moving its U.S. research and development operations from Milford to be closer to leading hospitals, universities, and biotech companies. The company currently has operations at 27 Maple St. in Milford. Jack Burns, Adam Subber, Dan Sullivan and Paul Delaney of Cresa Boston represented Ispen in the lease transaction. Steven Purpura and Eric Smith of Richards Barry Joyce & Partners represented the landlord, BioMed Realty Trust Inc.
CARROLLTON, TEXAS — Myers Commercial has brokered the sale of a 54,494-square-foot industrial building in Carrollton, approximately 10 miles from DFW International Airport. Located at 1840 Hutton Drive, the facility is in close proximity to Interstate 35 and the Bush Turnpike. Colormark fully occupies the space, which features bay depths of 70 and 80 feet, grade-level rear doors and 20-foot clear height ceilings. Bob Myers of Myers Commercial represented the buyer, while seller First Industrial Property Trust was internally represented by Royal Pratt III.
COPPELL, TEXAS — Marcus & Millichap has arranged the sale of a net-leased Chase Bank location in Coppell, a suburb located approximately 20 miles northwest of downtown Dallas. At the time of sale, 15 years remained on the tenant’s 20-year ground lease, which includes 5 percent rent increases every five years. The property totals 30,778 square feet at 134 N. MacArthur Blvd., adjacent to CVS and Kroger. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor, and also secured the buyer, a New York City-based limited liability company.