Walker & Dunlop arranged the refinancing of Marine Terrace Apartments, a former condo building at 4180 N. Marine Drive that consists of 190 multifamily units in Uptown, which Rany Management purchased for $29.5M last year.
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The W&D Milwaukee capital markets team led by Dean Huber and Brien Martin arranged the deal on behalf of client Rany Management and lender Prime Finance.
“The property was refinanced because [Rany Management] wanted to have full control over the building,” Huber told the Chicago Business Journal.
About $2M of the financing will be used for upgrades to the property, including a rooftop deck and a ground-floor fitness room. There is no set date for construction to begin.
SALES
DarwinPW Realty/CORFAC International Principal Matt Lewandowski led a group of investors in their purchase of about 27 acres and three buildings totaling 68K SF at 29870 N. Skokie Highway in Lake Bluff. The space is home to functional industrial buildings, trailer parking and industrial outdoor storage. The land’s three industrial buildings are fully leased to 11 tenants.
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Brown Commercial Group sold a building in the O’Hare submarket that was originally marketed for lease but received multiple offers from potential buyers. An end user looking to expand its operations in the submarket ultimately purchased the 24K SF building at 160 Scott St. in Elk Grove Village. Brown Commercial Group Broker Candace Scurto represented the seller, a private investor, while Vice President of Sales Mason Hezner represented the buyer, GP Glass Company.
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Interra Realty brokered the $3.25M sale of a 12-unit apartment building at 4016-18 N. Kenmore Ave. in Buena Park. Interra Senior Managing Partner Joe Smazal, Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, Drexel Properties. The trio also represented the seller, a private investor. The building was fully occupied at the time of sale.
CONSTRUCTION AND DEVELOPMENT
The Feil Organization announced an $8M capital improvement plan at North Riverside Park Mall, a 1.4M SF shopping center outside of Chicago. JP2 Architects will design the renovations, which include modernized flooring, updated ceilings and a revamped main entrance. AECom Hunt Construction Group is responsible for the construction, which is scheduled for completion by October.
THIS AND THAT
Proper Title, a title insurance agency primarily serving the Midwest, launched its national commercial services division. The company is promoting Charity Murow from senior underwriting counsel to director of underwriting and compliance, and adding Cullen Marshall as national commercial underwriting counsel and Dolores Saavedra as senior national construction escrow manager.
In addition to providing title insurance and underwriting for commercial real estate transactions nationally, Proper Title has an in-house construction escrow team that manages the distribution of funds on construction projects.
