BROOKLYN PARK AND EDINA, MINN. — Welsh Capital has arranged two loans totaling $5.7 million for two properties in Minnesota. In the first transaction, the company secured $4.5 million in refinancing for Granite Ridge, a 91-unit apartment building in Brooklyn Park. The second transaction was a $1.2 million acquisition loan for a 45,072-square-foot, multi-tenant industrial building in Edina. Terms of the loans were not released.
ACTON, MASS. — Arbor Commercial Funding has provided $7.09 million in Fannie Mae DUS financing for the acquisition of Spring Hill Commons, a 105-unit multifamily community located in Acton. The loan carries a 10-year term, a 30-year amortization schedule, a 5.71 percent interest rate and a loan-to-value ratio of more than 80 percent. It was originated by John Kelly of Arbor's Boston office. The borrower was not disclosed.
ASHLAND CITY, TENN. — Jacksonville, Fla.-based Summit Contracting Group will soon start construction of The Vantage Pointe Homes at Marrowbone Heights for Montgomery, Ala.-based Vantage Pointe Homes. The 200-unit property is spread across nine buildings in Ashland City.
AUSTELL, GA. — Atlanta-based QR Capital has purchased the 146-unit Kingsley Village Apartments from Freddie Mac for an undisclosed amount. The purchase is the firm’s first deal since its inception 5 months ago. Kingsley Village is located on 12 acres in Austell. Cushman & Wakefield’s Atlanta office brokered the sale.
HUDSON, WIS., AND SIOUX FALLS, S.D. — Accessible Space Inc. has selected Welsh Construction to construct two HUD projects in Hudson and Sioux Falls. The company will build the single-story, 31,965-square-foot Hudson Elder Housing Development in Hudson. Located at 100 Heirloom Ave., the property will feature 32 units for independent, low-income elderly adults. Additionally, Welsh will build Sioux Falls Supportive Housing, which will be located at 4601 E. Brennan Dr. in Sioux Falls. The ground-up project includes site improvements, grading, drainage and utilities. The finished facility will offer 15 apartments for independent, low-income adults with disabilities. Both projects are expected to break ground in Spring 2010.
TEMPLE TERRACE, FLA. — AIMCO has sold the 256-unit Fisherman’s Landing Apartments in Temple Terrace to a London-based company for $15 million. The property, which was built in 1986, is 95 percent occupied. Amenities include a social area, canoe and boat storage, a fitness center, and pool and sports courts. Jamie May and Matt Mitchell of Tampa-based JBM of Marcus & Millichap represented the seller.
ORANGE, CONN. — Dallas-based Behringer Harvard has acquired a 168-unit multifamily community located in Orange. The property, which Behringer Harvard is renaming Grand Reserve Orange, is situated on 9.6 acres at 75 Prindle Hill Rd. It was constructed in 2005 and comprises six three-story buildings separated by a wetland preserve with a scenic boardwalk. The units contain a mix of one, two and three bedrooms. Amenities include a clubhouse with a fitness center and a leasing office, a swimming pool, a landscaped barbecue and picnic area, and a playground. The seller and the sales price were not disclosed.
LEAGUE CITY, TEXAS — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $8.54 million in first-mortgage financing for Anchorage Apartments in League City. The property contains 264 units as well as a navigational easement leading to Galveston Bay. Grandbridge's Cutt Ableson secured the financing, which consists of a 10-year term with a 30-year amortization schedule and an interest rate in the mid-5 percent range. The borrower is an entity sponsored by Dallas-based Urban Southwest Capital and the lender was Fannie Mae.
DULUTH, GA. — Atlanta-based Wilwat Properties has sold the 660-unit TreeSummit apartment complex to Norfolk, Va.-based Harbor Group International for $33.9 million. Located at 3475 Pleasant Hill Rd. in Duluth, the 731,068-square-foot property was built in phases in 1994 and 1996. Apartment amenities include four tennis courts, two pools, a fitness center and a clubhouse. David Gutting, Larry Orr and Chris Spain of Cushman & Wakefield’s Atlanta office brokered the sale.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of the 32-unit Holly Heights Apartments between two undisclosed parties for $1.64 million. The property was built in 1969 and is located at 900 NE 14th St. in Fort Lauderdale. Joseph Thomas and Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the seller. Echarte also represented the buyer. The firm’s Michael McCleary and Bill Papagno secured Freddie Mac financing for the purchase.