CEDAR FALLS, IOWA — Arbor Realty Trust Inc. has provided a $10.4 million Fannie Mae loan for the refinancing of Thunder Ridge, a 180-unit multifamily community in Cedar Falls near Waterloo. Built in 1975, the property features one- and two-bedroom floor plans. Thunder Ridge includes a basketball court, putting green and fitness center. Joseph Charneski of Arbor originated the loan, which features interest-only payments for the full term.
IOWA — Iowa Gov. Kim Reynolds has signed a new proclamation permitting the reopening of outdoor performance venues, casinos, bowling alleys, amusement parks, skating rinks, skate parks and outdoor playgrounds starting June 1. The proclamation enables bars, wineries, breweries, distilleries and social and fraternal clubs to reopen starting May 28 with the same public health measures that restaurants have put in place. Under the order, social or sports gatherings of more than 10 people are permitted if public health measures are implemented, including limiting attendance to 50 percent of capacity and maintaining six feet of distance between participants. The state has also extended the public health disaster emergency until June 25, extending regulatory relief to those affected by the pandemic.
WATERLOO, IOWA — Affordable Housing Investment Brokerage Inc. has negotiated the sale of two adjacent multifamily communities in Waterloo for $2.8 million. Mt. Carmel is a 13-building property totaling 50 units. It was originally built in 1980. Mt. Village is an eight-building property totaling 30 units that was built in 1992. Kyle Shoemaker and Dan Piatkowski of Affordable Housing Investment Brokerage represented both parties in the sale. A nonprofit organization purchased the communities from a private investor.
ANKENY, IOWA — Ankeny Community School District has hired Stahl to build additions to Ankeny High School and Ankeny Centennial High School. Combined costs for the two projects are $24 million. Stahl will begin construction this summer with completion scheduled in time for the 2021-2022 school year. The additions will increase capacity at each school from 1,400 to 1,860 students. Last year, Ankeny ranked as the 10th-fastest growing city in the country, according to the U.S. Census Bureau.
PLEASANT HILL, IOWA — Dougherty Mortgage LLC has provided a $3.7 million Fannie Mae loan for the refinancing of The Cottages of Pleasant Hill, a 60-unit multifamily property located just east of Des Moines. Constructed in 1995, the community consists of five buildings. The age-restricted property is for persons age 55 and older. The 12-year loan features a 30-year amortization schedule. The Cottages of Pleasant Hill LLC was the borrower.
WATERLOO, IOWA — Arbor Realty Trust Inc. has provided a $15 million Fannie Mae loan for the refinancing of The Grand Crossing in Waterloo in northeastern Iowa. Recently built in two phases, the 104-unit apartment complex includes a community workout facility and an underground parking garage. It is also home to retailers Jimmy John’s and Sidecar Coffee. Marcus & Millichap Capital Corp. arranged the 15-year, fixed-rate loan. The borrower was undisclosed.
WATERLOO, IOWA — Marcus & Millichap has arranged a $3.4 million nonrecourse loan for the refinancing of Summerland Townhomes in Waterloo, about 55 miles northwest of Cedar Rapids. The property includes rental 22 units. Robert Bhat of Marcus & Millichap arranged the 12-year loan, which features a 30-year amortization schedule and a fixed rate of 3.9 percent.
CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. has arranged a $14.5 million nonrecourse loan for the refinancing of Willow Falls in Cedar Falls. Built in 2017, the 108-unit multifamily property is located at 1003 Bluegrass Circle. Marcus & Millichap arranged the loan at a fixed rate of 4.1 percent on behalf of the undisclosed developer.
WATERLOO, IOWA — Fourmidable has been awarded the management contract for three apartment communities in Waterloo, about 55 miles northwest of Cedar Rapids. This marks Fourmidable’s first properties in the state of Iowa. The assets include Camelot Apartments, an 82-unit affordable seniors housing community; Crossroads Square, an 81-unit affordable seniors housing property; and Hotel President Apartments, an 84-unit affordable housing property.
FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support construction.