BUFFALO GROVE, ILL. —Grandbridge Real Estate Capital and Mesirow Financial Institutional Real Estate have arranged a $22.2 million first mortgage loan for Windbrooke Crossing, a 236-unit apartment community in Buffalo Grove. Jim Cope and Justin Nelson of Grandbridge Real Estate arranged the loan through Freddie Mac. The 7-year loan carries a 4 percent interest rate.
NEW MILFORD, CONN. — Harold Fischel, owner of the Bleachery at the end of West Street in New Milford, plans to redevelop the 130,000-square-foot property into a three-story apartment building this spring. The Bleachery mill building — named for its rich history of bleaching fabrics — is situated directly on Lake Lillinonah. The developer, Trust Realty, will create 99 one- and two-bedroom apartments. The city zoning commission also approved an expansion of the marina, allowing for 100 boat slips.
SADSBURY, TOWNSHIP, P.A. —New York City-based Area Property Partners has purchased a 314,521-square-foot bulk distribution center in Sadsbury Township for $16.2 million. The Class A facility is located at 200 W. Stewart Huston Dr. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, BPG Properties, in the deal.
PORTLAND, MAINE — New England hotel company Portland C.I. LLC has purchased a 127-room Comfort Inn Airport in Portland for an undisclosed amount. The company plans to retain the Comfort Inn brand affiliation and renovate the hotel later this year. NEHR represented the seller, Hotel Holdings of Maine, in the transaction.
NEW YORK CITY — A mixed-use building at 37 Crosby St. in Manhattan has sold for $4.3 million. The seven-story building includes ground-floor retail space and 12 apartment units. Due to a fire on the top floor apartment, the entire building is currently vacant and in need of renovation. Two tenants plan to return to the building when construction is complete. Robert Burton of Massey Knakal Realty Services represented the buyers, Todd Cohen and Terrence Lowenberg of Icon Realty Management. They also represented the seller, Bob Kahn.
CLINTON, N.J. — Woodmont Industrial Partners and AEW Capital Management have jointly acquired the I-78 Logistics Center in Clinton for an undisclosed sum. The venture plans to convert the property, located at 111 Cokesbury Rd., into a regional distribution center. This is the first of what the venture anticipates will be a number of strategic acquisitions of industrial properties in seaport markets in the eastern U.S. Woodmont and AEW plan to acquire $250 million of assets under this investment program.
GREGORY — Corpus Christi-based Ewing Construction Co. has been selected for the $30 million, Phase I contract of the 200,000-square-foot TPCO Pipe Finishing Facility, an industrial property located at the intersection of State Highways 35 and 361 in Gregory. The design-build team includes architect KE Group, civil and structural engineer CSF Engineers and MEP engineer Dawson Van Orden Engineering. Construction on the 200-acre site is slated to begin this month and finish January 2013. The owner of the property is Tianjin, China-based Tianjin Pipe Corp., which is reportedly investing $1 billion in the Coastal Bend Region of the U.S. The new facility is the first project of the investment, which is projected to be the largest single investment ever by a Chinese corporation in the U.S.
DENTON — Dallas-based Fountain Residential Partners, in association with Crosswind Development Partners, has plans to break ground on the 139-unit 33 North, a student housing facility located adjacent to the University of North Texas in Denton. The five-story facility will be fully furnished and include all utilities. It will also feature a clubhouse, a study room, a cardio theater/fitness center, an infinity pool and an outdoor deck. Fountain is expecting a fall 2013 completion for the facility.
HOUSTON — Cadence McShane Construction Co. has completed the construction of the 110,161-square-foot Edgewood Elementary School, located at Hollister Road and Kempwood Drive in Houston. The school belongs to the Spring Branch Independent School District. The new school features 38 classrooms, a science laboratory, a library, a full-service cafeteria, administrative areas, a music and choir room, instructional space and performing arts areas. The school also has a clock tower placed above the entryway. PBK Architects designed the new school.
HOUSTON — Marwell Properties has acquired a 15,300-square-foot warehouse, located at 11680 Brittmoore Park Dr. in Houston. John Ferruzzo of NAI Houston represented the buyer in the transaction. Jacob Carr of Transwestern's Houston office represented the seller, Sata Re.
