February 24, 2010
TWO-BUILDING MUNICIPAL COMPLEX UNDER WAY IN MISSOURI
The City of Berkeley, Mo., is developing the new Berkeley Municipal Complex, a two-building project featuring a city hall (above) and a fire station. BERKELEY, MO. — The City of Berkeley has selected St. Louis-based Kwame Building Group to construct the new Berkeley Municipal Complex in Berkeley. The company is overseeing the design and construction of a two-story, 29,500-square-foot city hall and a 17,200-square-foot fire station, as well as the renovation of an existing police station. The first phase of the project is scheduled for completion in spring 2011. St. Louis-based ArchImage is providing architectural services for the project.
ALLIANT CAPITAL COMPLETES $52.4 MILLION IN LOANS FOR NINE PROPERTIES
CHICAGO AND APPLETON, WIS. — Alliant Capital has arranged $52.4 million in Fannie Mae DUS loans for seven multifamily properties in Chicago and two multifamily properties in Appleton. The company secured six loans, totaling more than $37.5 million, on behalf of Horizon Realty Group for properties in Chicago. The 500-unit portfolio includes Buena Terrace, Oakdale Terrace, Sheridan Glen, Barry Court, Wolcott Terrace and The Covington. Additionally, Mickelson Brothers III received a $1.42 million loan for the refinancing of the 23-unit 4840 South Indiana Street property in Chicago. Additionally, a private investor received more than $13.5 million for the refinancing of the 292-unit Lynndale Apartments and the 56-unit Fox Shore Apartments in Appleton. Aaron Abelson of Alliant Capital’s Chicago office closed the transactions.
NEW K-12 SCHOOL PLANNED FOR OKAWVILLE, ILL.
OKAWVILLE, ILL. — West Washington County Community Unit District #10 has selected Swansea, Ill.-based Holland Construction Services to construct its new $29 million kindergarten through 12th grade school in Okawville. The 166,000-square-foot project will be completed in two phases, with first phase move-in expected in December 2011. The first phase includes the upper-grade wing, a cafeteria, a multi-purpose area, offices and a new gymnasium for the upper grades. The high school area features 12 classrooms, a band room, a computer lab and a stand-alone agricultural building for shop classes. The junior high area features five classrooms, art and music rooms and a computer lab. The second phase includes the demolition of the existing school and construction of the kindergarten through sixth wing. The second phase will feature 18 classrooms, art and music rooms, a computer lab and a new library. Construction of the second phase is expected to begin in January 2012.
EDGE PRINCIPAL ADVISORS LAUNCHES MULTIFAMILY INVESTMENT PLATFORM
NEW YORK CITY — New York City-based Edge Principal Advisors has launched a dedicated investment program in multifamily properties. Initially targeting Chicago and Atlanta, the firm plans to invest in quality apartment communities located in select markets. Edge expects to benefit from out-sized rental demand during the next several years. As part of the program, Edge recently acquired a 295-unit Class A apartment community in Wheaton, Ill. The property, which is currently 95 percent occupied, will be upgraded, re-named and re-launched into the marketplace this spring.