CARTHAGE, N.Y. — Marcus & Millichap has facilitated the sale of Carefree Storage, a 53,952-square-foot self-storage facility located at 10889 State Route 26 in Carthage. A private investor sold the property for an undisclosed price. Built in 1986, the property features 443 storage units, ranging in size from 50 square feet to 200 square feet. Michael Mele, Luke Elliot and Kevin Menendez of Marcus & Millichap represented the seller, while Mele and Elliott also represented the buyer, a private investor, in the deal.
CLEVELAND — Cleveland-based Bellwether Enterprise has arranged a $125 million loan for the refinancing of a 10-property portfolio of assets located in Ohio and Texas. A full-term, interest-only loan was secured for the borrower, Fath Properties. Sara Behrman of Bellwether originated the loan through Freddie Mac. The entire portfolio consists of over 3,000 units across 10 multifamily properties between the two states. Six of the properties, or 2,065 units, are located in the greater Cincinnati/Dayton marketplace.
MINNEAPOLIS — EdR, in a joint venture development with Core Spaces, has started construction on The Hub Minneapolis, a 707-bed student housing community adjacent to the University of Minnesota in Minneapolis. EdR will be the 51 percent owner and will manage the $97.9 million development upon completion. The community offers a mix of studio, one-, two-, three- and four-bedroom floor plans. Amenities include individual study rooms, group study lounges, computer lab, fitness center, pool and fire pits. The Hub’s penthouse level will feature a chef’s kitchen, bar-top dining area and patio. The plan also calls for 10,000 square feet of retail space on the ground floor. The project is slated for completion in summer 2018.
INDEPENDENCE, MO. — Midas Hospitality has acquired the Staybridge Suites Kansas City-Independence for $9.8 million. The 102-room hotel is located at 19400 E. 39th Place South on I-70. Renovations totaling $1.6 million will begin in January and include a complete interior renovation along with exterior landscape updates. The hotel will remain open during renovation. Midwest Bank of Poplar Bluff is the lender for the renovation project.
ROSEVILLE, MINN. — CBRE has secured $18 million in refinancing for Rosedale Marketplace in Roseville, north of St. Paul. The 153,400-square-foot retail property includes tenants such as Total Wine, Hobby Lobby, Cost Plus World Market and Men’s Warehouse. Doug Seylar of CBRE originated the financing. The new financing allowed the borrower to retire the existing debt on the property. The owner, Rosedale Marketplace Associates LP, is an entity affiliated with Canada-based Tanurb Development Inc., the original developer of the property that was constructed in 1989. CBRE secured a new mortgage for Rosedale Marketplace through its relationship with Morgan Stanley.
DAVENPORT, IOWA — Dougherty Mortgage LLC has arranged a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments in Davenport, part of the Quad Cities and located near the Illinois border. The 96-unit multifamily property offers two- and three-bedroom townhomes. The 16-year loan features a 30-year amortization schedule. In conjunction with the loan, tax credit equity will also be used to fund the moderate rehabilitation of the project. Dougherty’s Minneapolis office arranged the financing on behalf of the borrower, Davenport MAHC LLLP.
HOUSTON AND BRAZORIA COUNTY, TEXAS — LMI Capital has placed financing for the acquisition and refinance of three separate garden-style apartment complexes in the Greater Houston area. In the first loan, Brandon Brown of LMI Capital procured $1.4 million in financing for the acquisition of a 50-unit apartment complex located in Brazoria County. The 20-year loan features one year of interest-only payments and a flexible prepayment structure. With this acquisition, the undisclosed borrower now owns 10 properties. In the second loan, Jamie Mullin of LMI Capital placed a $13 million, seven-year, floating-rate loan for a 260-unit multifamily property in southeast Houston. The refinancing provides cash out proceeds to the undisclosed borrower and features two years of interest-only payments. The borrower plans to use excess proceeds to return capital and fund future acquisitions. In the final loan, Brown also arranged a $9.6 million, 10-year fixed-rate loan for a 210-unit property in Houston’s Spring Branch submarket. The loan features five years of interest-only payments and minimal closing costs. The name of the borrower was not released.
SUGAR LAND, TEXAS — Capital One has provided a $21.2 million first mortgage to a joint venture between Harrison Street Real Estate Partners and Pisula Development Co. for the acquisition of Imperial Medical Center in Sugar Land, a suburb of Houston. The property features 128,000 square feet of medical office space.
DALLAS — HFF has brokered the sale of Magnolia Dallas Park Cities, a full-service independent hotel located at 6070 N. Central Expressway in central Dallas. Trigate Capital sold the 292-room hotel to 6070 NCX LLC for an undisclosed price. The new owner has retained Stout Street Hospitality to manage the hotel. Originally constructed in 1972 and last renovated in 2015, the hotel features 12,000 square feet of function space, a fitness center, indoor pool and restaurant and lounge. John Bourret and Austin Brooks of HFF represented the seller in the deal.
LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.