NEW LONDON, WIS. — Associated Bank has arranged $10 million in financing for the construction of Beacon Avenue Cottages, an affordable housing project in New London, about 25 miles northeast of Appleton. The property will consist of 40 apartment units in five cottage-style buildings at 580 Freemont St. The property will include a mix of two- and three-bedroom units, each with its own entrance and garage. Amenities will include a clubhouse, fitness center and laundry room. Completion is slated for spring 2018. Commonwealth Development Corp. is developing the project. Associated Bank provided a $4.7 million construction loan. In addition to the loan, $4.9 million was obtained in low-income housing tax credit equity and $510,000 was funded through an Affordable Housing Program grant. Bryan Schreiter of Associated Bank originated the loan, while Michael McGovern of Associated Bank managed the equity investment through a National Equity Fund Inc. proprietary fund.
EAGAN, MINN. — Monument Capital Management has acquired Lexington Hills Apartments in Eagan. The seven-building community consists of 168 units and is located at 4116 Lexington Ave. South. Amenities include a clubhouse, fitness center, swimming pool and detached garages. The community recently underwent $1.8 million in renovations, and upgrades will continue under the new ownership.
BROWNSVILLE, WESLACO, HARLINGEN AND EDINBURG, TEXAS — KeyBank Real Estate Capital has provided a total of $84.7 million in HUD financing for a six-property seniors housing portfolio located across Texas. Totaling 722 units, the portfolio includes Brownsville Nursing and Rehabilitation and Ebony Lake Nursing and Rehabilitation in Brownsville; Weslaco Nursing and Rehabilitation in Weslaco; Harlingen Nursing and Rehabilitation in Harlingen; and Edinburg Nursing and Rehabilitation and Windsor Arbor View in Edinburg. John Randolph of Key’s Commercial Mortgage Group arranged the financing through the HUD 232/223(f) mortgage insurance program for the undisclosed borrower. Loan proceeds were used to refinance existing debt.
DALLAS — Marcus & Millichap has arranged the sale of Reiger Place, an apartment building located at 4515 Reiger Ave. in Dallas. An undisclosed partnership acquired the 16-unit property for an undisclosed price. Constructed in 1955, the property offers one-bedroom/one-bath, 725-square-foot units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, while Fluellen, Hoover and Sean Scott, also of Marcus & Millichap, procured the buyer in the deal.
PROVIDENCE, R.I. — CBRE/New England has arranged the sale of Grant Mill, an apartment building located in Providence. Brady Sullivan Rhode Island Properties sold the 85-unit building to an affiliate of Heritage Properties for an undisclosed price. Converted from a mill building into an apartment property in 2009, Grant Mill features 85 units in a mix of one-, two- and three-bedroom units, a community room with billiards, fitness center, media room, resident storage, 111 surface parking spaces and 28 garage parking spaces. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.
BOULDER, COLO. — Pathfinder Partners has purchased two adjacent multifamily communities in Boulder for $24 million. The communities included in the transaction are the 50-unit Villa Del Prado and the 32-unit Chateau at Villa Del Prado. Villa Del Prado has a parking garage, indoor pool, spa, sauna and clubhouse, while Chateau has parking and a covered pool. Pathfinder plans to renovate the interiors, upgrade the amenities and incorporate green features. The Colorado office of ARA Newmark brokered the transaction.
PORTLAND, ORE. — A Santa Clara, Calif.-based private investment group has purchased the 58-unit Muse apartment complex in Portland for $20.1 million. The community is located at 1313 N.W. 19th Ave. The Muse was built in late 2016. Jordan Carter, Clay Newton, Tyler Linn and Joe DeJager of Kidder Mathews executed the sale. The seller was Gerding Edlen.
OGDEN, UTAH — A California-based buyer has acquired The Gate at Canyon Ridge, a 167-unit multifamily property in Ogden, for an undisclosed sum. The community is located at 1455 Valley Drive. The property is located near the mouth of Ogden Canyon and features an overlook of Ogden Valley and the Great Salt Lake. James Wadsworth and Greg Barratt of Berkadia executed the transaction. The seller is also based in California.
FRIDLEY, MINN. — Marcus & Millichap has arranged the sale of Crown Commons in Fridley, north of Minneapolis, for $2.4 million. The 21-unit apartment property is located at 1461 73rd Ave. NE. The building includes a mix of one-, two- and three-bedroom units, and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Abe Roberts led the team in securing and representing the buyer, a private investor.
MIAMI — Berkadia has secured the $25 million refinancing of Carib Villas, a 365-unit apartment community located at 11105 S.W. 200th St. in Miami. Built in 1972, the property features onsite laundry facilities, barbecue areas and a swimming pool with a sundeck. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged the 10-year loan on behalf of the borrower, The Cornfield Group. The Freddie Mac loan features interest-only payments for the full term and an adjustable interest rate.