MINNEAPOLIS — CEDARst Cos. has completed the acquisition of two adjoining historic properties and a land site in the North Loop of Minneapolis. The acquisition includes an eight-story, 275,000-square-foot warehouse, a five-story, 108,000-square-foot warehouse and an adjacent 32,000-square-foot surface lot. The company plans to develop the site into a 345-unit multifamily complex known as 6th and 3rd after its location at 6th Avenue and 3rd Street. The project will resemble the developer’s plans at The Duffey Lofts, also in the North Loop area. The development will feature 42,000 square feet of retail space in addition to the apartment units. A 20,000-square-foot amenity space will include a rooftop ice skating rink. The rink will be converted to a soccer field or other uses in the summer. Other amenities will include a bowling alley, swimming pool and coworking center. CEDARst expects to break ground in the fourth quarter of this year, with completion slated for summer 2022. A consortium led by the Martin Falk Paper Co. sold the site for $21.1 million. Pat Minea and Dan Trebil of NorthMarq arranged acquisition financing through First Western Bank & Trust. Lamar Newburn of Lee & Associates represented CEDARst in the transaction.
OAKLAND TOWNSHIP, MICH. — RHP Properties has acquired Woodlands Estates, a 375-site manufactured home community in Oakland Township, about 30 miles north of Detroit. The purchase price was undisclosed. The pet-friendly community features a clubhouse, pool, fitness center, resident garden and playground. RHP plans to upgrade the amenities and add a business center. This is RHP’s 18th property in Michigan. The company now owns and operates 260 manufactured home communities nationwide.
PORTLAND, ORE. — JLL Capital Markets has secured construction financing on behalf of Alamo Manhattan for the development of Block 40, a multifamily property in Portland’s South Waterfront neighborhood. Situated on a 1.6-acre site at 3838 S.W. Macadam Ave., Block 40 will consist of a seven- and eight-story, podium-style building offering 232 apartments. Units will be a mix of studio, one- and two-bedroom layouts averaging 724 square feet. The property will also feature 6,500 square feet of ground-floor retail space and 174 parking spaces. Community amenities will include a rooftop terrace with firepit, seating areas and televisions; courtyard with water fountain, fire pit, grilling area and seating areas; fitness center with Technogym; and a dog wash and dog park. Completion is slated for late 2021. Matt Benson and Charlie Watson of JLL Capital Markets arranged the financing for the developer, Alamo Manhattan. The financing amount was not released.
LACEY, WASH. — Seattle-based Thayer Manca Residential (TMR) has closed on a $26.8 million Fannie Mae refinancing for Callen Apartments in Lacey. The 10-year loan includes full-term, interest-only debt service and a fixed rate of 2.99 percent. Through a sponsored partnership, TMR acquired the 189-unit Callen Apartments in February 2018 and has since implemented the majority of a comprehensive, $3.7 million, value-add renovation. Designed to reposition the property, the upgrades include a renovated clubhouse, modern 24-hour fitness center, various amenity additions and apartment interior renovations.
DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 1325 Madison St. in Denver. An undisclosed buyer acquired the property for $2.6 million, or $216,250 per unit. The 12-unit property features 11 one-bedroom/one-bath and one studio apartment. Matt Lewallen and Kevin Calame of AQYRE represented the buyer and undisclosed seller in the transaction.
NEW YORK CITY — Rivington Co. plans to develop 21 Garden Street, a 50-unit multifamily property in the Bushwick neighborhood of Brooklyn. Rivington will redevelop an existing structure, formerly the home of a woodworking company that made custom furniture pieces and cabinetry, to construct the eight-story building. The property will include both affordable and market rate residences. DXA Studio will serve as the architect of the project. Construction is slated to complete in 2022.
NAPLES, FLA. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-reserved. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. Phase II of the project has just opened for preleasing, and includes a clubhouse scheduled to open in late 2021.
FLORENCE, KY. — Cushman & Wakefield has negotiated the $28.2 million sale of Paddock Club, a 200-unit multifamily community in Florence. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, indoor basketball court, fitness center and a dog park. The community was originally built in 1995 and was renovated in 2019. Paddock Club is situated at 8000 Preakness Drive, 13 miles southwest of downtown Cincinnati. Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.
Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina
LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.
SAN ANTONIO — Houston-based Sun Holdings Group has acquired Tradehouse at Bulverde Marketplace, a 330-unit apartment community located within the 104-acre Bulverde Marketplace mixed-use development in north central San Antonio. Built in 2018, the property features one- and two-bedroom units with dark wood cabinetry, stainless steel appliances and quartz countertops. Amenities include a pool with outdoor kitchens, a fitness center, billiards room and a social lounge. David Roth of Matthews Real Estate Investment Services represented the seller, The NRP Group, an Ohio-based development and investment firm, in the transaction. Cutt Abelson of Berkadia arranged an undisclosed amount of Freddie Mac acquisition financing for the transaction.