CHICAGO — U.S. Equities Realty has secured a $25 million construction loan for MetraMarket, a 100,000-square-foot retail development located in Chicago’s West Loop. Situated within the Ogilvie Transportation Center complex, MetraMarket will include restaurants, shops, open space for dining and socializing, and covered ground-level parking. Tenants secured for the first phase of development include a 15,000-square-foot French Market; a 14,000-square-foot CVS/pharmacy; and a 2,900-square-foot Caffe RoM. The loan was arranged by U.S. Equities through Eurohypo AG. U.S. Equities also secured tax increment financing from the city of Chicago. Jim Whittington of U.S. Equities negotiated the deal on behalf of the firm. Construction on the project is scheduled to begin within the next several weeks.
NORTH HAVEN, CONN. — New York City-based Meridian Capital Group has arranged $39.5 million in development financing for North Haven Commons, a retail project located at the intersection of Interstate 91 and Universal Drive North in North Haven. Terms of the financing include interest-only payments, a LIBOR-based rate and a 24-month term during the construction period. Once the project is completed and stabilized, the borrower, Irvine, Calif.-based Eclipse Development Group, has the option to convert the loan into a 3-year mini-permanent loan. Allan Lieberman and Tal Savariego of Meridian’s New York office originated the financing. Eclipse has selected Connecticut-based Konover Construction Corp. to build the project, which is within Greater New Haven’s regional power center.
DALLAS — The Houston office of Aries Capital has arranged a $3.2 million loan secured by Kendall Plaza, a 15,734-square-foot retail center located at 2731 W. Northwest Highway in Dallas. Situated on 2.6 acres, the property contains nine retail spaces and is anchored by HSBC. The loan carries a 30-year amortization schedule and a 75 percent loan-to-value ratio. Leonard Smith of Aries originated the transaction. The borrower plans to use the proceeds to acquire an office building, as well as a tract of land for future retail development.
ROSCOE, ILL. — Wisconsin-based White Cap Real Estate has purchased Second Street Plaza, a 37,950-square-foot strip center located at 11447 Second St. in Roscoe. White Cap Real Estate has acquired the property from Oakfield Development Corp. for an undisclosed amount. Tenants at the center, which is 95 percent leased, include Berner Foods, Anytime Fitness, Life Church, Oakfield Development Corp., Rockford Title Co., Kids SPOT, Jan Sullivan Insurance and American Bell Custom Creations.
NIAGARA FALLS, N.Y. — Wien & Malkin Strategic Capital V has participated in a $28 million, preferred-equity investment that recapitalizes Fashion Outlets of Niagara Falls, a 530,000-square-foot shopping center located in Niagara Falls. The property is anchored by Marshall’s and Saks; additional tenants include Polo Ralph Lauren, Brooks Brothers, Nike, Ann Taylor, Tommy Hilfiger, Coach, Old Navy, Burberry, Geoffrey Beene and Revlon. The investment, of which Wien & Malkin contributed $14 million, is for a 2-year term with a 1-year extension option. The funds, combined with new senior financing, are being used to retire a senior loan balance and to complete tenant improvements. The property is owned and operated by Talisman Cos., which purchased it out of receivership 3 years ago and has re-tenanted and renovated it during that time.
REDLANDS, CALIF. — Ory Schwartz in the Los Angeles office of NorthMarq Capital has arranged $45 million in first mortgage financing for Palm Grove Center located in Redlands. The retail property currently measures 245,052 square feet in size, and upon completion of the last phase, the project will total 251,052 square feet. Financing was based on a 3-year interest-only term, with two 1-year extensions. The loan was arranged for the borrowers, Orange County, Calif.-based private investors, through NorthMarq’s relationship with a undisclosed regional bank. Tenants at the center include JC Penney and Babies/Toys “R” Us.
COOPER CITY, FLA. — Apollo Lakis Plaza LLC has purchased a 17,492-square-foot shopping center in Cooper City from AF of Griffin Road LLC for $7.5 million. Tenants at the center include SunTrust, Advanced Auto Parts and Dunkin Donuts. Barry Wolfe and Michael Zimmerman of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, and Ron Okolichany of Ron Okolichany Inc. represented the buyer.
GENEVA, ILL. — NAI Hiffman’s Retail Services Group has brokered the sale of an 18,000-square-foot retail building located at 501 W. State St. in downtown Geneva. Hermosa Beach, Calif.-based American Investment Exchange has acquired from property from St. Charles, Ill.-based SRB Properties for $4.45 million. Tenants at the two-story building include Private Bank and Trust, ERA Consulting, and Prana Yoga. Anne Callard of NAI Hiffman represented the seller in the transaction.
PALMDALE, CALIF. — Palmdale 2006 Co. recently sold an 11,646-square-foot retail building, located at 40008 10th St. W. in Palmdale, to a private buyer for $6.26 million. Faris Lee’s Jeff Conover represented the seller, and Steve Crockett and George Thomas of Lee & Associates-North San Diego County in Carlsbad, Calif., represented the buyer.
PLANTATION, MARGATE AND BOCA RATON, FLA. — In a joint venture with an affiliate of DRA Advisors, Miami-based Equity One has acquired three properties from private sellers for $53 million. The properties include the 230,330-square-foot Plantation Marketplace in Plantation, the 155,628-square-foot Penn Dutch Plaza in Margate and a four-story, 116,777-square-foot office building in Boca Raton. The properties are subject to a 5.6 percent mortgage with a $38.9 million outstanding balance that matures in November 2014.