Multifamily

MINNEAPOLIS — Greco Development and its investors are developing Flux Apartments in Uptown Minneapolis. The $38 million, 195,000-square-foot project will feature 216 alcove, one- and two-bedroom and penthouse floorplans. Amenities will include an Internet cafe, the Flux bar, an outdoor pool with massage cabana, a grill and chill area, lawn bowling, a dog park, a gym-quality fitness center, concierge services and heated underground parking. FInancing is being provided by NorthMarq Capital, AFLCIO Building Investment Trust and PNC Realty Investors. BKV Group is providing architectural services and Frana Cos. is providing construction services. Completion is scheduled for January 2012.

BELOIT, WIS. — Red Mortgage Capital has provided a $13.38 million loan for Hawks Ridge Apartments in Beloit. The 193-unit multifamily property is owned by Elkhorn, Wis.-based Teronomy Builders Inc. The loan was financed through the FHA 223(f) program. Red Mortgage Capital is the banking arm of Red Capital Group.

GOLDEN VALLEY AND ELK RIVER, MINN. — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two loans, totaling $5.6 million, for properties in Minnesota. The first loan was secured by Sedona Hills, a 102-unit multifamily property in Golden Valley. The loan was financed with Fannie Mae and features a 10-year term, 30-year amortization and a fixed-rate interest rate of 4.75 percent. The second loan was secured by a 36-unit apartment complex in Elk River. The 5-year term loan carries a 4.04 interest rate. Tony Carlson and Dave Rasmussen of Grandbridge originated both transactions.