JLL ARRANGES $27.5M LOAN FOR HOTEL MONACO IN CHICAGO
CHICAGO — Jones Lang LaSalle’s (JLL) has arranged a $27.5 million floating-rate, balance sheet loan that was provided by a money center bank for The Hotel Monaco in Chicago. JLL arranged the loan for Inland American Lodging Advisor, which purchased the hotel in November 2013. Mathew Comfort, managing director, and Mike Huth, senior vice president, along with Keith Largay, executive vice presidents, led the JLL in the transaction. The Hotel Monaco Chicago is located at 225 N. Wabash Ave., in close proximity to the city’s central business district, cultural attractions and entertainment venues. The 191-key hotel features 4,100 square feet of meeting space, South Water Kitchen restaurant, a fitness center and spa services.
M&M ARRANGES $11.3M SALE OF 204-UNIT APARTMENT COMPLEX
TROY, OHIO — Marcus & Millichap has arranged the $11.3 million sale of Towne Park Apartments, a 204-unit Class A community in Troy, located about twenty minutes north of Dayton, Ohio. Built in 2004, the multifamily
property spans 201,528 square feet. Michael Barron, Daniel Burkons, and Joshua Wintermute of the Barron, Burkons, Wintermute Group in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller.
QUANTUM ARRANGES $3.1M SALE OF METRO CHICAGO RETAIL CENTER
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has arranged the $3.1 million sale of a 24,300-square-foot, multi-tenant retail center located at 2012-2032 N. Prospect Ave. in Champaign, a suburb of Chicago. A private trust based in the western suburbs of Chicago sold the property. A Chicago-based private group purchased the retail center. Chad Firsel, president of Quantum Real Estate Advisors Inc., represented the buyer and the seller in the transaction.
BERNARD ARRANGES $1.6M LOAN FOR PINE RIDGE SHOPPING CENTER
NOVI, MICH. — Bernard Financial Group has arranged a $1.6 million loan for Pine Ridge Shopping Center, a 37,810-square-foot retail property in Novi, about 30 miles northwest of Detroit. Kevin Kovachevich of Bernard
Financial originated the loan for Pine Ridge Associates LP. Bank of Ann Arbor provided the loan.