Multifamily

MINNEAPOLIS — The Opus Group has teamed up with Harrison Street Real Estate Capital LLC to develop and construct three apartment complexes near university campuses in Madison, Wis., Milwaukee and Minneapolis. Under the agreement, Harrison will own the projects in Minneapolis and Milwaukee, while the project in Madison is a joint venture between the two companies. The 162-bed, six-story Varsity Quarters, will be located adjacent to the University of Wisconsin – Madison campus and will include 7,000 square feet of ground-floor retail. IVY on Fourteenth, a 165-bed student-housing complex, will be located adjacent to the Marquette University campus in Milwaukee. The six-story, mixed-use development will include 7,000 square feet of ground-floor retail. The six-story, 247-bed student housing project in Minneapolis will include 9,500 square feet of ground-floor retail. Construction is scheduled to begin on all three projects later this month with completion slated for August 2014. Opus Development Co. LLC will be the developer and Opus Design Build LLC will be the contractor for all three projects. Eppstein Uhen Architects will design the Madison project, and Korb Tredo Architects will serve as the architect for the Milwaukee project. Opus AE Group in partnership with Minneapolis-based Elness Swenson Graham Architects Inc. …

INDIANAPOLIS — Marcus & Millichap has arranged the sale of The Lodge at Trails Edge, a 268-unit multifamily community in northern Indianapolis. The $18.4 million sales price equates to $68,657 per unit. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, a Kansas City, Mo.-based partnership. The buyer was Irvine, Calif.-based Steadfast Cos. The Lodge at Trails Edge is located at 9535 Benchmark Drive near I-465, and is near the business district of Keystone at the Crossing, downtown Indianapolis and the city of Carmel. The 202,608-square-foot Lodge at Trails Edge includes 13 two-story buildings.

FORT WAYNE, IND. — Johnson Capital has arranged a $10.8 million loan secured by Willow Creek Crossing, a 582-unit multifamily property in Ft. Wayne. The property is located on Lakeridge Drive and was built in three phases between 1971 and 1987. A local operator owns the garden-style apartment complex, which is situated on more than 43 acres. Huntoon Hastings, a Johnson Capital subsidiary, provided the nonrecourse, Section 223(f) FHA financing. The 35-year loan is self-amortizing and includes a fixed interest rate below 3 percent. Proceeds from the loan will be used for renovations on the apartment community.

BERKLEY, MICH. — Alliant Capital LLC has closed a $9.6 million loan for the refinancing of Oxford Park Towers, a 214-unit multifamily property in Berkley, about 15 miles north of Detroit. Built in 1974, Oxford Park Towers includes one- and two-bedroom units. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule.