Arcade Estates Gets a Refi

VADNAIS HEIGHTS, MN- The New York-based Centerline Capital Group has provided a $4.2 million Fannie Mae loan to refinance the initial construction loan for Arcades Estates West, a newly-built 84-unit apartment development in Vadnais Heights, Minnesota, just outside St. Paul. Arcade Estates West, LLC, a single-purpose entity formed to acquire and manage the property, borrowed the money. Patrick and Carol Goff of Goff Homes, Inc., own Arcades Estates West.

The Minnesota loan was not Centerline’s only recent activity in the Upper Midwest. The firm also provided a $4.9 million Fannie Mae loan to Ansonia Properties, LLC so they could acquire Brighton Square, a 122-unit community in Madison, Wisconsin with seven low-rise apartment buildings. This property is more than 30 years old, but most of the units have newly-renovated kitchens and Ansonia intends to continue the renovations.