Midwest

CEDAR RAPIDS, IOWA —CBRE/Hubbell Commercial has arranged the $33 million sale of Windsor on the River, a 424-unit apartment community located at 2415 Oxford Lane in Cedar Rapids. Windsor on the River was built in 1982 and remodeled in 2008. It includes one-, two- and three-bedroom apartments. Linda Gibbs and Timothy Sharpe of the Des Moines office of CBRE/Hubbell Commercial represented the seller in the transaction. They also procured the undisclosed buyer.

OHIO — UMH Properties has received an $11.4 million mortgage loan from Bank of America to refinance two manufactured home communities in Ohio and Tennessee. The loan includes a fixed interest rate of 4.4 percent with monthly principal payments of about $26,000. The maturity date is Feb. 1, 2017, but may be extended for an additional two years at an interest rate of LIBOR plus 3.3 percent.

MINNEAPOLIS — Centra Homes has closed on the purchase of 350 properties from Assured Funding Trust of Little Canada, Minn. The properties are located throughout the greater Twin Cities area and consist of homes in the process of construction, developed lots ready for sale and undeveloped land. Though most of the properties will be for single-family homes, some of the undeveloped land is appropriate for apartment or multifamily development. The properties are located in the cities of Woodbury, Blaine, Apple Valley, Andover, Inver Grove Heights and Cottage Grove.

DES MOINES — Riverpoint Lofts, an urban apartment community in downtown Des Moines, opened Feb. 2. Developer Hubbell Construction Services broke ground on the $10 million project in early 2011. The former Sealy's Mattress Building was converted into 91 loft apartments, which range in size from 526 square feet to more than 1,400 square feet. Riverpoint includes a community garden, video game room, a business center and a fitness center. About 70 of the 91 units have been leased.