DAVENPORT, IOWA — Dwight Capital has provided a $60 million HUD 223(f) loan for the refinancing of Birchwood Grove, a newly developed 194-unit townhome community in Davenport. The rental property includes 56 two- and three-story buildings along with a separate community building that houses a clubhouse, leasing office and 4,800 square feet of ground-floor commercial space. Loan proceeds will retire existing debt, cover closing costs, fund a replacement reserve for future capital improvements and enable the borrower to draw on equity accumulated since the original construction financing. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing on behalf of the borrower, Kevin Dolan of Dolan Homes LLC.
LEE COUNTY, IOWA — Mesabi Metallics, a wholly owned subsidiary of India-based conglomerate Essar Group, plans to develop a new $15 billion steel mill in southeast Iowa’s Lee County. Rewant Ruia, chairman of Mesabi Metallics, made the announcement at The White House yesterday along with Iowa Gov. Kim Reynolds and President Donald Trump. The new plant is expected to create 6,000 temporary construction jobs. Once the facility is operational, which is expected by 2030, the mill will employ an estimated 1,750 full-time team members. Combined with the $3 billion that the company is using to complete its iron ore mine in Nashwauk, Minn., the investment by Mesabi represents the largest single investment made in a steel complex in American history, according to Mesabi. “Mesabi is building a world-class steel supply chain that is 100 percent American,” says Joe Broking, CEO of Mesabi Metallics. “Our investment will create high-paying jobs with competitive benefits in Iowa and Minnesota, generate tens of billions of dollars in U.S. economic activity and strengthen our domestic manufacturing base.” Mesabi will utilize pellets, dubbed Patriot Pellets, procured from iron ore at its Minnesota mine, which is the first new iron ore mine built in the United States …
By Scott Olson As I look back over the last 12 months since my August 2025 Cedar Rapids update, the resilience of this city to adapt despite high interest rates, tariffs and a Middle East conflict is second to none. Our city council priorities have remained unchanged: • Housing options and affordability • Strengthen and stabilize neighborhoods • Clean and safe city • Recreational and cultural amenities • Homelessness • Flood control system The economic growth highlighted in this report is matched by city efforts in all the priority areas. Our current national rankings reflect these successes: • No. 3 Best Place to Live in the Midwest (SpaceWise, 2026) • No. 3 City with the Most Affordable Rent (WalletHub, 2026) • No. 5 Midwest City for a Peaceful Retirement (lnvestopedia, 2026) • No. 11 Most Affordable Small City to Buy a Home (WalletHub, 2026) • No. 16 Best City to Buy a House in America (Niche.com, 2026) • No. 19 Safest City in Americas (WalletHub, 2026) — ranked across key dimensions, including home and community safety and natural disaster risk and financial safety • No. 22 Best Run City in the U.S. (WalletHub, 2025) • No. 30 City with the …
GRIMES, IOWA — Stark Enterprises, a Cleveland-based developer, is expanding its residential portfolio into Iowa with Blue Creek Village, a 164-unit build-to-rent community in Grimes. The land acquisition is complete, and the development is fully capitalized. Construction is expected to begin this year, with the first homes slated for delivery in 2027. The project marks the first development in Iowa for Stark Enterprises. Blue Creek Village will feature 164 ranch-style rental homes across 33.8 acres. Each residence is designed with open-concept layouts, private outdoor space and attached two-car garages. Units will average 1,189 square feet and come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubhouse, pool, pickleball court, multi-sport simulator, dog park and outdoor gathering spaces. Stark Living, Stark Enterprises’ residential platform, will develop the property, and the company’s in-house construction arm, Arbor Construction, will serve as general contractor.
DAVENPORT, IOWA — NAI Ruhl Commercial Co. has brokered the sale of the former Quad-City Times headquarters facility at 500 E. Third St. in Davenport. Rick Schaefer and Charlie Armstrong of NAI Ruhl brokered the sale. The Geifman Group, a longtime Quad Cities real estate owner and developer, purchased the property with plans to remodel it into a multi-tenant building. Constructed in 1989, the facility totals 122,800 square feet on 6.2 acres overlooking the Mississippi River. The building includes 41,850 square feet of two-story office space and 80,950 square feet of high-bay production and warehouse space. For more than three decades, the property served as the regional headquarters of the Quad-City Times and was home to the newspaper’s editorial, administrative and printing operations.
URBANDALE, IOWA — Opus is under construction on a new dedicated high school for Des Moines Christian School in the suburb of Urbandale. The 133,670-square-foot facility will be located at 4300 136th St. on 104 acres that the school purchased in 2024 via a gift. Des Moines Christian School currently serves 1,500 students in grades Pre-K through 12 on its 26-acre Urbandale campus. The new high school, being built one mile away, will include a two-story academic wing with 24 classrooms and three labs, including dedicated STEM spaces; a gymnasium with a regulation collegiate-sized basketball court and bleacher seating for more than 2,000 fans; dedicated spaces for wellness, fine arts and student activities; a common space with electric fireplace; a student-led coffee shop; and outdoor learning and dining spaces. Opus is serving as construction manager and is working with SVPA Architects.
DES MOINES, IOWA — Foss & Co., a tax credit syndicator, has secured financing for the Financial Center, a 25-story office tower in downtown Des Moines. Developed by Lawmark Capital, the project will convert the building into 209 market-rate apartment units and 152,000 square feet of commercial space, generating approximately $14.6 million in 2026 federal Historic Tax Credits. Constructed between 1973 and 1974, the Financial Center was the tallest building in Iowa upon its completion. The conversion plan will transform a portion of floors one through three and all of floors four through 18 into residential units. Resident amenities will include a golf simulator, fitness center, rooftop deck with a pool and direct access to Des Moines’ 4.2-mile downtown skywalk system.
By Aaron Hyde and Justin Lossner, JLL Regional markets like Des Moines are no longer waiting their turn. Retailers and office users that once bypassed mid-sized metros for coastal or high-growth markets are compressing their timelines and arriving here ahead of schedule. Heading into the second half of 2026, that shift is already playing out on the ground. Des Moines faces constrained supply and steady demand—not excess capacity. Across retail and office, the question isn’t whether tenants want to be here, but whether growth can physically occur. Retail: strong demand Retail vacancy in metro Des Moines sits around 3.5 percent, the tightest rate in over a decade. Demand spans categories: Quick-service restaurants, banks, auto tenants, fitness and junior box soft goods retailers all absorb space as it becomes available. Retailers are no longer simply looking for the next door down the street. They’re expanding regionally, and markets like Des Moines are benefiting as larger metros tighten. National retailers now enter Des Moines earlier in their expansion cycles. In fact, roughly 36 percent of new national retail leases were signed within five months of space becoming available. Des Moines is consistent with that velocity. Space — not demand — limits growth …
URBANDALE, IOWA — Associated Bank has originated a $17.7 million loan for Tricap Investments for the phased acquisition of the Townhomes at Magnolia Heights in Urbandale, a suburb of Des Moines. The 105 two-story townhome rental units are adjacent to the 240 for-sale, single-family and townhome community of Magnolia Heights. Elizabeth Hozian of Associated Bank managed the loan arrangements and closing. Tricap Investments focuses on the acquisition of low-density multifamily housing in suburban markets.
DECORAH, IOWA — Opus has completed the Gerdin Fieldhouse for Athletics and Wellness at Luther College in Decorah, a city in northeast Iowa. Built in 1963, Luther’s 200,000-square-foot Regents Center had long housed the Luther Norse athletic teams. The facility required both a renovation and a 15,787-square-foot expansion. An historic $10 million gift from Michael and Nicole Gerdin and the Gerdin Charitable Foundation helped make the project possible. Work on the Gerdin Fieldhouse began in August 2024 and included the construction of a new 5,787-square-foot public lobby on the property’s north end that includes a new concession stand, restrooms and a Hall of Fame space. Opus also built a new 10,200-square-foot wrestling training complex and completed extensive renovations to the existing basketball and volleyball arena. Athlete training and rehab facilities, locker rooms and meeting and study spaces for all 21 Norse athletic teams were also updated. Opus served as design-builder and worked in partnership with RDG Planning & Design.
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