GRAND ISLAND, NEB. — Berkeley Point Capital has provided a $3.5 million refinancing loan for Cherry Park Apartments in Grand Island. The 124-unit, affordable workforce housing community is comprised of 20 buildings and one 2,700-square-foot retail space. The complex offers two- and three-bedroom units and was constructed in two phases between 1997 and 1999. The Fannie Mae loan features a 10-year term.
COTTAGE GROVE, MINN. — Marcus & Millichap has brokered the sale of a 10,291-square-foot office building for $3.2 million. A developer sold 80th Street Commons, which is located at 7500 80th St. S. in Cottage Grove, approximately 25 miles southeast of Minneapolis. An individual personal trust was the buyer. Sean Doyle, Adam Prins, Matthew Hazelton and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller.
IOWA CITY, IOWA — CA Ventures LLC, through its student housing arm CA Student Living LLC, has broken ground on RISE at Riverfront Crossings, a 575,000-square-foot, mixed-use development located near the University of Iowa in downtown Iowa City. The development will include a 15-story residential component with 332 market-rate apartments, 6,000 square feet of ground-floor retail and a 14-story, 151-room Hyatt Place Hotel featuring 25,000 square feet of Class A office space. When complete, the residential component will offer studio, one-, two- and three-bedroom fully furnished units. Community amenities will include a fitness center and yoga studio; a smart fitness kiosk that will provide virtual fitness programming; a club lounge with billiards and poker tables; a “Gameday Room” and theater; a business center with a study lounge; a 10,000-square-foot rooftop deck with an outdoor spa, Jumbotron and viewing area; and grilling stations with communal tables. The Hyatt Place Hotel will offer studio suites, each with separate living and sleeping areas, a large desk, an oversized sleeper sofa and a 42-inch television. Chicago-based Hartshorne Plunkard Architecture is the lead architect on the project, while Des Moines-based Beal | Derkenne Construction has been retained as general contractor. The development is scheduled for …
Cohen Financial Arranges $29M Acquisition Loan for 352-Unit Apartment Community in Metro Kansas City
OVERLAND PARK, KAN. — Cohen Financial has arranged a $29 million acquisition loan for a 352-unit apartment property in Overland Park, approximately 15 miles southwest of Kansas City. A San Francisco-based owner and investor was the borrower. The Ridge Apartments offers one-, two- and three-bedroom units and includes amenities such as three swimming pools, a basketball court, fitness center, cyber café, clubhouse, clothes care center, resident lounge, shuffle board and tennis court. Kenneth Fox of Cohen Financial placed the loan with Wells Fargo.
CINCINNATI — Development firm City Club Apartments LLC has broken ground on a luxury apartment project in Cincinnati. City Club Apartments will consist of 294 units and 45,000 square feet of retail, restaurant and office space. Construction on the building is slated for completion by the end of next year. The historic 11-story, 300,000-square-foot building was originally built in 1928 as an annex to the PNC Tower. Amenities at City Club Apartments will include a rooftop dog park, concierge, demonstration kitchen, indoor/outdoor pool with hot tub, grilling stations, a Zen garden, fire pit, fitness center, conference and business center, bike storage and 330 valet parking spaces. Unit amenities will include granite countertops, island kitchens, custom closets, hardwood and ceramic floors, and 10- to 18-foot ceilings. The building will offer over 50 distinct floor plans with units ranging from 400 to 1,500 square feet. Unit configurations include studio, one-bedroom, two-bedroom, three-bedroom, two-level and penthouse apartments. Brinkmann Constructors is the general contractor for the project, and Village Green will manage the property. US Bank provided financing for the development.
OAK CREEK, WIS. — HALL Structured Finance has provided a $10.9 million first lien loan for the construction of a four-story, 112-room hotel in Oak Creek, 13 miles south of Milwaukee. Albuquerque, N.M.-based Gustin Property Group LLC is the developer of the TownePlace Suites by Marriott. The hotel will be located within the Drexel Town Square master-planned development, which includes a new city hall, public library, retail stores, restaurants, office space, apartments and 18 acres of green space. The total estimated project cost for the hotel is $14.6 million, and the development will take approximately a year to complete.
SOUTH ELGIN, JONESBORO AND MACOMB, ILL. — Pillar has originated $9.9 million in loans to refinance three skilled nursing facilities in Illinois. The three loans consist of $5.4 million for an 80-unit property in South Elgin, $2.3 million for a 76-unit property in Jonesboro and $2.2 million for a 56-unit property in Macomb. Petersen Health Care, one of the largest seniors housing owner-operators in the state, was the borrower. The names of the specific facilities were not disclosed. All three HUD-insured loans feature a fixed rate, 30-year term and 30-year amortization schedule. Evan Hom of Pillar’s New York office originated the loans.
TINLEY PARK, ILL. — Anthem Memory Care has opened its ninth community, Porter Place, in Tinley Park, approximately 30 miles southwest of Chicago. Development costs were estimated at $12.5 million for the 82-bed memory care community. LTC Properties Inc., a real estate investment trust that primarily invests in seniors housing and healthcare properties, financed the development and construction. CB Two Architects designed the community. Adair Group and Pickus Construction served as general contractors. Woolpert Inc. handled civil engineering services.
HOLLAND, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 2.5-acre plot of land in Holland, approximately 30 miles southwest of Grand Rapids, which will be home to a new hotel. The Home 2 Suites by Hilton will be located on West Shore Drive. The extended-stay hotel will be pet friendly and feature full kitchens. Doug Taatjes of NAI Wisinski of West Michigan represented the seller, West Shore Investors LLC. Berkshire Hathaway’s Cheri Renfeld represented the buyer, IMDC Acquisitions LLC.
DES MOINES, IOWA — Hubbell Realty Co. will break ground July 28 on Edencrest at Beaverdale, an assisted living and memory care community in Des Moines. The community will feature 30 units each of assisted living and memory care. Development costs are estimated at $12 million. When completed, Senior Housing Management will operate the community. Edencrest at Beaverdale will be Hubbell’s third community, all located within the greater Des Moines area. The company is also planning to build two more Edencrest communities in the region.