RICHFIELD, MINN. — Oak Grove Capital has originated an $11.1 million FHA 223(f) loan for Lyndale Plaza Apartments, a 94-unit affordable housing community in Richfield. The 35-year, fully amortizing loan was used to repay existing debt. Lyndale Plaza Apartments is a Class A property with 20 percent of its units set aside for low-income tenants. The original financing package included 4 percent tax credits, tax increment financing through the city of Richfield and a floating-rate, tax exempt bond issuance from the state of Minnesota. Oak Grove was able to obtain a waiver to HUD’s “three-year rule” and structure a long-term, fixed-rate FHA loan that locked in financing costs over the entire life of the property and allowed the borrower to pay for cost overruns that occurred during construction.
Multifamily
NAPERVILLE, ILL. — CBRE has arranged the lease of a 25,000-square-foot anchor retail space in Naperville to Fresh Thyme Farmers Market, a full-service grocer. The space is in the Cress Creek Square shopping center, which is located at 790-796 Royal St. George Drive. Current tenant Office Max will vacate the space, and the grocer plans to open in 2015.Lynne Brackett and Marisa Roussel of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Al Rodenbostel of ARCORE Real Estate Group represented Fresh Thyme.
GRAND RAPIDS, MICH. — Cohen Financial has secured more than $3.8 million in loans for two Michigan properties. Cathy Bronkema of Cohen Financial secured a $1.6 million acquisition loan for a single-tenant industrial building located in the Detroit area. Bronkema arranged the loan on behalf of the buyer, a Chicago-based investor, through a bank. Bronkema also secured a $2.2 million refinance loan for The Abbey Apartments, a 56-unit multifamily property located between Lansing and Grand Rapids. Bronkema arranged the loan on behalf of the buyer, a Michigan-based developer, through a life insurance company.
MOUNTAIN VIEW, CALIF. – The 373-unit Park Place Apartments and the 116,205-square-foot Mountain View City Center office building in Silicon Valley have received $173 million in senior debt refinancing. The properties are owned by Prometheus Real Estate Group. Park Place is located at 851 Church Street in Mountain View. The Class A community received $118 million in refinancing. The adjacent Mountain View City Center is located at 650 Castro Street. It received $55 in refinancing. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Jeff Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with Allianz Real Estate of America. Allianz worked on behalf of Allianz Life Insurance Company of North America.
TACOMA, WASH. — The Henry Apartments, a 161-unit, mixed-use building in Tacoma, has received a $25-million construction loan. The $32-million project will be located along the Thea Foss Waterway near the Museum of Glass. It will include 10,500 square feet of ground-floor retail/commercial space. The Henry is being developed by Henry Foss Group LLC, built by Sierra Construction Company and designed by BCRA. It will be managed by Carino and Associates. The loan was arranged by Carmen Esteban of HomeStreet Bank.
ALEXANDRIA, VA. — Walker & Dunlop Inc. has arranged $75 million in construction financing for the development of Park Meridian at Eisenhower Station in Alexandria. The 25-story, Class A apartment community will total more than 505 multifamily units. The amenity package includes concierge services, a swimming pool, state-of-the-art fitness facility and top-floor clubroom. Tyler Blue and Paul Wallace of Walker & Dunlop arranged the 12-year, fixed-rate loan through Quadrant Real Estate Advisors LLC on behalf of the buyer, Paradigm Development Co.
CHARLESTON, S.C. — The Flournoy Cos. has begun construction on 35 Folly, a 300-unit multifamily development located alongside the Ashley River in Charleston. The property will be located at the intersection of Folly and Albemarle roads. Flournoy Cos. has developed more than 2,000 units in 10 projects in South Carolina. The property will feature studio, one- and two-unit bedrooms averaging a little under 900 square feet. Ryan Foster and Blake Breimann of Flournoy are handling the project’s construction. Paterson Real Estate Advisory Group helped procure construction financing and is collaborating on the overall capital structure of the project.
TAMPA, FLA. — Hendricks-Berkadia has brokered the sale of the 164-unit Newport Riverside and the 128-unit Newport Pointe in Tampa. Combined, the assets sold for approximately $10.2 million. Newport Riverside was built in 1968 and is located at 4111 N. Poplar Ave. Newport Pointe was built in 1974 and is located at 4900 N. MacDill Ave. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, Monument Real Estate Services LLC, in the transaction. The buyer, Wisco 7 LLC, plans to renovate the two apartment communities.
CARY, N.C. — ARA has arranged the sale of Courtney Reserve at Cary Park, a 240-unit multifamily community in Cary. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the undisclosed seller. DPR Cary LLC, a private investor, purchased the property. The property was built in 2007 and offers pedestrian-friendly retail access to the adjacent Cary Park Town Center, a Harris Teeter-anchored retail center.
MOUNDS VIEW, MINN. — Construction has begun on a new three-story seniors housing community in Mounds View approximately 13 miles north of Minneapolis. The Bel Rae will be a 97-unit apartment building located at 2330 County Highway 10. The 105,000-square-foot senior community designed by Minneapolis-based Kaas Wilson Architects is scheduled for completion in March 2015. Nottingham Construction of Stillwater, Minn. is building the $14 million project. Mounds View Properties is the project developer. The new development will include independent living, assisted living and memory care apartments. The property will feature state-of-the-art monitoring and reporting technology, overnight guest rooms, underground parking, a community room, and a high-end, restaurant-quality dining room with meals prepared on-site for the residents. In addition, the senior community will provide an activities director and a full-time nurse who is on call 24 hours a day. Ebenezer Management Services will manage the property.