ST. PAUL, MINN. ¬— The Minneapolis/St. Paul office of Colliers Turley Martin Tucker has completed the sale of the Riverview at Upper Landing apartment community to Boston-based Intercontinental Real Estate Corp. Intercontinental acquired the property for $43.5 million on behalf of U.S. Real Estate Investment Fund LLC. Riverview at Upper Landing is a two-building, Class A community located at 400 Sprint St. in St. Paul that features 344 apartment units and 482 below-grade parking spots. Gina Dingman, James McCaffrey and Julie Lux of Colliers represented the seller, Prudential Real Estate Investors, in the transaction.
UNION CITY, N.J. — Construction is nearing completion for Altessa, a 15-story residential condominium building located in Union City. The project is owned and is being developed by locally based Rocha Construction & Development. It features 100 units; a rooftop recreation space with an elevated pool and a running track; a residents-only gym; and a lounge with a flat-screen television. The one-, two- and three-bedroom homes range in size from 812 to more than 1,400 square feet and prices start at $310,000. Construction of a model unit on the top floor is expected to be completed in May. Initial occupancies are slated for this fall. Patina Realty is the marketing and sales agent for the project.
ALAMEDA, SAN FRANCISCO AND NOVATO, CALIF. — Cohen Financial has secured four DUS loans totaling $28.4 million for a 261-unit multifamily portfolio in Northern California. The portfolio consists of two properties totaling 103 units in Alameda, a 100-unit property in San Francisco and a 58-unit property in Novato. Kenneth Fox of Cohen’s San Francisco office originated the transactions and secured the competitively priced, fixed-rate financing. The lender was Greystone Financial Group. The borrower was an undisclosed San Francisco-based apartment investor.
DENVER — NorthMarq’s Denver office has arranged $19.5 million in permanent financing for South Fork Apartments. The newly constructed property consists of 15 three-story buildings, which offer a total of 336 units. Located in Denver, the property also features an outdoor swimming pool, a heated spa, detached garages, a clubhouse, a business center and a fitness center. Dave Link and Jim DiRienzo of NorthMarq secured the financing on behalf of the undisclosed borrower.
OKEMOS, MICH. — The Detroit office of Hendricks & Partners (H&P) has brokered the sale of Cedar Creek, a 256-unit apartment community located at 4394 Okemos Rd. in Okemos. H&P’s Kevin Dillon and Andrew Bayster represented the seller, Farmington Hills, Mich.-based Cedar Creek Associates LP. The buyer, Orchard Lake, Mich.-based Cedar Creek MS LLC, plans to undertake significant capital improvements to the property. The acquisition price was not disclosed.
CARMEL, N.Y. — The grand opening has been held for the first building at The Retreat at Carmel, a 215-unit residential condominium project currently under construction in Carmel. Developed by Bloomfield, Mich.-based Pulte Homes, the community comprises eight buildings with two levels of single-story residences over a garage. The community is being targeted to seniors. Prices range from $319,990 to $449,990. Community amenities include a 7,100-square-foot clubhouse that contains an outdoor heated pool and sundeck, a putting green, a ballroom with a catering kitchen, a fitness center, an arts and crafts room, a game room with billiards tables, a lounge with a fireplace, and locker rooms. The Retreat at Carmel also includes single-family residences priced from the mid $400,000s.
MATTAPAN, MASS. — Arbor Commercial Funding has arranged a $7.22 million loan for Tennis Road Apartments, a 55-unit community located in Mattapan. The loan carries a 10-year term with a 30-year amortization schedule and a 6.12 percent interest rate. John Kelly of Arbor’s Boston office originated the financing through the Fannie Mae DUS product line. The borrower was not disclosed.
OKLAHOMA CITY — New York City-based Avant Capital Partners recently closed an approximately $4.58 million bridge loan for the acquisition and renovation of a 209-unit apartment complex in Oklahoma City. Avant secured the interest-only loan through its relationship with a community bank at 5.25 percent. The loan, which was based upon 70 percent loan-to-cost, is convertible to permanent financing upon completion of the renovation and lease-up. The undisclosed sponsors are multifamily investors with a strong operational presence in the Oklahoma City market.
SEATTLE — Timothy McKay of Marcus & Millichap’ Seattle office represented the private seller in the disposition of a four-unit apartment property, which is located at 2331 Minor Ave. E. in Seattle. The property sold for approximately $1 million. The asset currently features two two-bedroom/one-bath units, which are approximately 950 square feet, and two one-bedroom/one-bath units, which are approximately 780 square feet. Additionally, the property offers four garages and three additional off-street parking stalls.
CARY, N.C. — Ocala, Fla.-based Edwards Construction Services has nearly finished work on the 61,956-square-foot Sunrise Senior Living facility in Cary. Features of the property include a full-service kitchen, laundry and hair-care areas, an entertainment center, a library and a crafts area. The $11 million project was originally slated to deliver in December.