DES MOINES — Riverpoint Lofts, an urban apartment community in downtown Des Moines, opened Feb. 2. Developer Hubbell Construction Services broke ground on the $10 million project in early 2011. The former Sealy's Mattress Building was converted into 91 loft apartments, which range in size from 526 square feet to more than 1,400 square feet. Riverpoint includes a community garden, video game room, a business center and a fitness center. About 70 of the 91 units have been leased.
SIOUX FALLS, S.D. — John Reed of NorthMarq Capital's Omaha office arranged $11 million for the first mortgage refinancing of West Briar Commons, a 153-unit apartment complex in Sioux Falls. The 159,765-square-foot property is located at 2805 S. Hidden Place. Freddie Mac financed the 10-year loan, which has a 30-year amortization schedule. The borrower was West Briar Commons LLC.
NEW YORK CITY — Ed Graf of Houlihan-Parnes Realtors has arranged a $1.5 million loan for the first mortgage refinancing of a 42-unit apartment building, located at 3033 Godwin Terrace in the Bronx. The 7-year loan includes a fixed interest rate of 4 percent for the life of the loan and has a 30-year amortization schedule.
KINGWOOD — Love Funding has secured $6.64 million in refinancing for the Rosemont Assisted Living and Memory Care center in Kingwood. Brian Robertson of Love Funding's St. Louis office arranged the 35-year loan through HUD's 232/223(a)(7) LEAN program.
BRANDON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $24.5 million sale of the 300-unit Charleston Landings, located at 902 Delaney Cir. in Brandon. Amenities include a resort-style pool, a fitness center and a recently renovated two-story clubhouse with a business center and a theater. Jamie May of IPA's Tampa office represented the seller, Denver-based Apartment Investment and Management Co., in the transaction and procured the buyer, Minneapolis-based Dorvidor Management Co.
GREENVILLE, S.C. — NorthMarq Capital has arranged $24.8 million in first mortgage refinancing for the 562-unit The Plantations, located at 135 Haywood Crossing Dr. in Greenville. Marty Meagher of NorthMarq's San Diego office arranged the 3-year loan with a fixed dollar amount monthly amortization schedule through Prime Finance on behalf of the borrower, Plantations at Haywood O, LLC.
WEST MONROE, LA. — Love Funding has secured a $2.4 million loan for the 40-unit Rosemont Assisted Living Community, located at 110 Regency Pl. in West Monroe. Brian Robertson of Love Funding's St. Louis office arraned the 27-year loan with a low interest rate through HUD's 232/223(a)(7) LEAN loan program on behalf of the borrow, Barron Management.
COLUMBUS, OHIO — KeyBank Real Estate Capital closed on a $44 million loan to refinance three multifamily communities in the Columbus market. The properties include Kenyon Square, located at 9220 Worthington Rd.; Alexander Square, located at 747 Worthington Woods Blvd.; and Mercer Square, located at 7331 Skyline Dr. KeyBank originated the loan through Freddie Mac. The borrower was developer Preferred Living.
KANSAS CITY, M.O. —Pembrook Capital Management has closed on a $32 million tax-exempt bond for Antheus Capital's redevelopment of a 600-unit apartment portfolio in Kansas City. The portfolio includes 11 historic pre-war buildings located along Armour Boulevard in Kansas City. Antheus purchased the property, which is currently largely unoccupied, for $60.5 million. The developer is renovating the entire portfolio, which will return to the market as apartment rentals. The bond was partially financed by an undisclosed large financial institution.
LAWRENCEVILLE, N.J. —Beech Street Capital has provided a $27.7 million Freddie Mac loan to refinance Steward's Crossing Apartments, a 240-unit apartment complex in Lawrenceville. The property is owned by Merion Realty Partners. The seven-year loan has an initial three-year interest-only period, followed by a 30-year amortization schedule. Jim Bologno of the New York office of Meridian Capital Group originated the loan.