CHAPEL HILL, N.C. — Capital Advisors has arranged $40 million in refinancing for East 54, a mixed-use development located on Highway 54 in Chapel Hill. The property contains 114,476 square feet of office space, 55,585 square feet of retail space, residential condos and a new W Aloft hotel, which is separately owned. The hotel and condos were not part of the collateral for the loan. Clark Jenkins of Capital Advisors arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, East West Partners, through JP Morgan.
CINCINNATI AND DAYTON, OHIO —LTC Properties has purchased two skilled nursing facilities in Ohio for $54 million. The first property, located in Cincinnati, was built in 2009. The second property, located in Dayton, Ohio, was built in 2010. The two facilities have a total of 288 licensed beds. Simultaneous with the acquisition, the REIT entered into a master lease with affiliates of Carespring Health Care Management. The lease has an initial 15-year term with two 5-year renewal options. LTC funded the purchase from the company's unsecured revolving line of credit and cash on hand.
BOLINGBROOK, ILL. — The LaSalle Group has announced plans to build a $10.2 million memory care assisted living community at 351 Lily Cache Lane in Bolingbrook. The 26,000-square-foot Autumn Leaves of Bolingbrook will serve residents living with Alzheimer's and dementia. The LaSalle Group is partnering with RT Partners and local lender, BMO Harris Bank, on the project. The community is expected to open in the third quarter of 2013.
ELK GROVE VILLAGE, ILL.— Duke Realty has broken ground on a 229,841-square-foot distribution center for Yusen Logisitics (Americas) Inc. in Elk Grove Village, immediately west of O'Hare International Airport. The facility will be located on a 10-acre site on Busse Road and will feature 30 exterior dock doors and 28,000 square feet of office space. The building is scheduled to open in April 2013. John Suerth of CBRE Group represented Yusen Logistics in the transaction. David Bercu of Colliers International represented Duke Realty.
CHICAGO — St. Anthony Ministries has proposed to build a new hospital, retail outlets and elements that include wellness, education, arts and recreation on an 11-acre site at 31st Street and Kedzie Avenue in Chicago. The 1 million-square-foot complex would reportedly cost $400 million. St. Anthony Ministries, the parent company of St. Anthony Hospital, submitted an application to the city Wednesday. The new hospital would replace a century-old facility at West 19th Street and California Avenue. To maintain the programs and services provided by the campus — such as wellness classes and a recreation center — the company plans to generate revenues from a parking garage and collect rent from tenants such as retail stores, schools and a day care. The company is also seeking government funding.
NOBLESVILLE, IND. — Meritex has sold a 51-acre land site at 146th Street and Howe Road in Noblesville to SMC Corporation of America. Meritex acquired the property in 2008 with the intent of developing a light industrial park totaling more than 500,000 square feet. However, the recession caused a significant drop in demand for new space, says Dan Williams, chief investment officer of Meritex. SMC plans to use the land as an adjunct to its campus. Jeremy Woods of Summit Realty Group represented Meritex in the transaction.
PHILADELPHIA — Campus Apartments has completed its first hotel development: the $50 million Homewood Suites by Hilton – University City. The property is located at 4109 Walnut St. in Philadelphia's University City District. The upscale, extended-stay hotel is aimed at attracting professionals, patients and families who require long-term accommodations in close proximity to the academic and medical facilities. The 110,000-square-foot hotel features 136 suits averaging 500 square feet each, a fitness center and indoor swimming pool. The project team included Alesker & Dundon Architects; L.F. Driscoll Co., the general contractor; and Floss Barber, the interior designer.
NEW YORK CITY — A portfolio of six multifamily buildings in Brooklyn has sold for $7.3 million. The buildings, which are all in or within close proximity to the Stuyvesant Heights Historic District, are located at 654 Putnam Ave.; 419-21 Marcus Garvey Blvd.; 319 Malcolm X Blvd.; and 804 and 814 Macon St. The portfolio consists of 47 apartments, 38 of which have been fully renovated with new kitchens and bathrooms. The properties total 37,950 square feet. Michael Amirkhanian of Massey Knakal represented both parties in the transaction.
BOSTON — Suffolk Construction has broken ground on the $77 million Boston Wharf Tower, a 20-story mixed-use development. The project, located at 319 A. St., will feature 202 rental units and a four-level parking garage with 96 spaces. Construction is scheduled for completion in January 2014. Oregon-based Gerding Edlen is developing the project and ADD Inc. is providing architectural services.
NEW YORK CITY — Crocs, the casual footwear retailer, has signed a lease for 13,600 square feet at 152 West 34th St. in New York City. The store marks Crocs fourth location in Manhattan. Since its inception in 2002, Crocs has sold more than 200 million pairs of shoes in more than 90 countries. The new store is expected to open in the summer of 2013. Mark Stempel of CityVest Realty Corp. represented the landlord, The Riese Organization, in the transaction. Steven Greenberg of The Greenberg Group Inc. represented the tenant.