Minneapolis, MN – Febuary 20, 2019 – Joel Torborg and Ben Bastian of CBRE Minneapolis’s Debt and Structure Finance team arranged more than $57.7 million in financing across three transactions. Included within that total were two multifamily properties in the Minneapolis market and an industrial property in Walton, Ky.
In the first transaction, Torborg arranged a $32 million refinance for Timberland Parkers Lake Delaware LLC for Parkers Lake, a multifamily property 15100 18th Ave N Plymouth, Minn. Financing was through Freddie Mac and loan terms were a 10 year fixed interest rate, seven-year interest only followed by 30 year amortization
Parkers Lake was constructed in 1989 and consists of 248 garden style units situated in 15, three-story residential buildings. Common area amenities include a fitness center, two outdoor pools, attached garages, BBQ/Picnic Area, Playground, Business Center, walking paths, and aesthetically pleasing landscaping throughout. Unit Amenities include large floorplans (av. Size of 1007 SF), high ceilings, full appliance package, central air/heat, ceiling fans, in-unit washer/dryers, fireplaces (select units), and patio/balcony.
In the second transaction, Torborg arranged a $24 million construction loan for WTP Capital Advisors through a regional bank. The three-year interest only term with two, 12-month extensions will be used for The Walton Industrial Park, an 892,600 square foot industrial building located on Jones Road in Walton, Ky. The site is located within the highly desirable Northern Kentucky industrial submarket of the Cincinnati MSA.
Finally, Bastian secured a $1.7 million acquisition loan for Drew Avenue Ventures LLC for the Crystal Lake Estates, a 23 unit, garden-style apartment complex built in 1967 and situated on a 0.70 -acre site located at 3350 Drew Avenue North, Robbinsdale, Minn. Secured through the Freddie SBL program, the loan offers a long fixed interest rate term and three years interest only followed by 30 year Amortization.
In total, CBRE completed more than $110 million in financing in December, including a $47 million refinance previously announced at the Plymouth Corporate Center. The Plymouth Corporate Center is a two-story, 628,436-square-foot building in Plymouth, Minn. Built in 1974 and completely renovated in 2009, major tenants include TCF Bank, Comm-Works, LLC, Meritain Health, and LLSC Holdings Corp. The property was 98 percent occupancy at close. The CMBS loan with a 10-year term was secured on behalf of Wildamere Capital Management, LLC.
In the first transaction, Torborg arranged a $32 million refinance for Timberland Parkers Lake Delaware LLC for Parkers Lake, a multifamily property 15100 18th Ave N Plymouth, Minn. Financing was through Freddie Mac and loan terms were a 10 year fixed interest rate, seven-year interest only followed by 30 year amortization
Parkers Lake was constructed in 1989 and consists of 248 garden style units situated in 15, three-story residential buildings. Common area amenities include a fitness center, two outdoor pools, attached garages, BBQ/Picnic Area, Playground, Business Center, walking paths, and aesthetically pleasing landscaping throughout. Unit Amenities include large floorplans (av. Size of 1007 SF), high ceilings, full appliance package, central air/heat, ceiling fans, in-unit washer/dryers, fireplaces (select units), and patio/balcony.
In the second transaction, Torborg arranged a $24 million construction loan for WTP Capital Advisors through a regional bank. The three-year interest only term with two, 12-month extensions will be used for The Walton Industrial Park, an 892,600 square foot industrial building located on Jones Road in Walton, Ky. The site is located within the highly desirable Northern Kentucky industrial submarket of the Cincinnati MSA.
Finally, Bastian secured a $1.7 million acquisition loan for Drew Avenue Ventures LLC for the Crystal Lake Estates, a 23 unit, garden-style apartment complex built in 1967 and situated on a 0.70 -acre site located at 3350 Drew Avenue North, Robbinsdale, Minn. Secured through the Freddie SBL program, the loan offers a long fixed interest rate term and three years interest only followed by 30 year Amortization.
In total, CBRE completed more than $110 million in financing in December, including a $47 million refinance previously announced at the Plymouth Corporate Center. The Plymouth Corporate Center is a two-story, 628,436-square-foot building in Plymouth, Minn. Built in 1974 and completely renovated in 2009, major tenants include TCF Bank, Comm-Works, LLC, Meritain Health, and LLSC Holdings Corp. The property was 98 percent occupancy at close. The CMBS loan with a 10-year term was secured on behalf of Wildamere Capital Management, LLC.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
