Grandbridge Secures $4.8M Mortgage for Waukesha Apartments

Granbridge Real Estate Capital originates a $4.8 million Fannie Mae loan; Boston Capital invests in renovations at two Maryland seniors communities; and IPA Partners acquires 18 acres for a 332-unit development in Arizona.

Riverwalk Apartments

Waukesha, Wis.–Grandbridge Real Estate Capital originated and closed a $4,800,000 first mortgage loan secured by Riverwalk Apartments, a 136-unit residential community located on the Fox River near downtown Waukesha, Wis. The loan was placed for Madison, Wis.-based Urban Land Interests, Inc.

 Milwaukee-based Grandbridge Senior Vice President Jim Cope and Real Estate Analyst Justin Nelson originated the transaction. Funding for the fixed rate refinance loan was provided by Fannie Mae under its Delegated Underwriting and Servicing (DUS) loan program with an interest rate near five percent and a 10-year term, amortized over 30 years.

Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, CMBS lenders, commercial banks and capital markets investors, as well as a proprietary lending platform.

Boston Capital invests in two senior housing developments

Rosedale, Md.—Boston Capital has invested in the rehabilitation of two affordable multifamily developments for seniors in Maryland. Park View at Rosedale Apartments is a 109-unit affordable community for active seniors in Rosedale, Md. Park View at Randallstown is a 103-uit affordable apartment community for active seniors in Randallstown, Md. The general partner is Baltimore-based Shelter Development.

“These developments offer seniors high-quality, affordable housing with enhanced amenities and great locations close to area retail, medical and community services,” says Jacking Manning, president and CEO of Boston Capital. “We are pleased to be involved in the production of much-needed affordable housing in Maryland, expanding options available to seniors with low to moderate incomes.”

Amenities as Park View Rosedale will include controlled building access, an outdoor patio, a gazebo, a community room, beauty salon and multimedia center. Renovations will include new roofs, kitchen cabinets, sinks, fixtures, energy-efficient appliances and low flow toilets. At Park View Randallstown, amenities will include a 1,294-square-foot community room with an attached kitchen, a beauty salon, fitness center, laundry area, resident lounge and library, and a computer/activities room. There will also be a courtyard with patio furniture and a barbeque area. Renovations at the property will include new roofs, gutter, windows, common area flooring, painting and unit renovations.

IPA Partners acquires 18 acres for 332-unit development

Chandler, Ariz.—Colliers International represented Investment Property Associates in the acquisition of 18 acres in Chandler, Ariz., for $3.5 million, which equates to $194,000 per acre. Cindy Cooke and Brad Cooke of Colliers’ Phoenix office represented IPA. The seller was Dobson Bell I Limited Partnership of Chandler.

The plan is for IPA and The P.B. Bell Companies of Scottsdale to develop Campanello, a garden-style, Class A luxury apartment community. The 322-unit property will be comprised of two- and three-story buildings, with a mix of one-, two- and three- bedroom units, ranging from approximately 727 to 1,258 square feet. Amenities are slated to include detached garages, covered parking, two resort style pools, three spas, a putting green, clubhouse with theater, fitness center, and a picnic area. It will be part of Chandler Center, a 50-plus acre mixed-use development.

“We believe Chandler has a dynamic, job-creating economy that will sustain quality growth over time,” says Bill Fettis, principal at IPA. “We are excited to be part of that future. The P.B. Bell Companies have been a great asset helping us complete this purchase.”