Thursday, November 21, 2024
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North Dakota

CivicDevelopmentMidwestNorth Dakota

Kraus-Anderson Completes $116M High School in Minot, North Dakota

by Kristin Harlow

MINOT, N.D. — Kraus-Anderson has completed construction of a $116 million high school located at 2000 21st Ave. NW in Minot, a city in central North Dakota. The school opened its doors to approximately 1,000 students and teachers in August. Construction lasted two years. The project involved the redevelopment of a former call center that was owned by Cognizant before it sold to the school district. Kraus-Anderson renovated the building into classrooms and offices and constructed a connecting addition. Designed by Ackerman-Estvold, the 275,259-square-foot school features music and tech classrooms, gymnasiums and a kitchen and cafeteria. Outside, the school includes a turf field stadium with a track and grass practice fields. Construction on a pool and auditorium is slated for completion in December.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $3M Loan for Refinancing of North Dakota Multifamily Community

by Kristin Harlow

WILLISTON, N.D. — Bernard Financial Group (BFG) has arranged a $3 million Freddie Mac loan for the refinancing of The Birches Townhomes in Williston, a city in western North Dakota. The 60-unit multifamily rental property was built in 2015. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Birches Owner LLC.

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DevelopmentMidwestNorth Dakota

Kraus-Anderson Begins $6.5M Renovation of Challey School of Music at North Dakota State University

by Kristin Harlow

FARGO, N.D. — Kraus-Anderson has begun a $6.5 million renovation and expansion of the Challey School of Music at North Dakota State University in Fargo. Designed by Foss Architecture & Interiors, the project features a 9,700-square-foot addition to the existing building with a 1,000-square-foot rehearsal space, teaching studios and a recording facility. The expansion also includes practice rooms, offices, extra storage and locker facilities. Completion is slated for summer 2025.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $7.5M Loan for Refinancing of North Dakota Multifamily Property

by Kristin Harlow

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $7.5 million Freddie Mac loan for the refinancing of Lincoln Meadows, a 203-unit multifamily property in Dickinson, a city in western North Dakota. The three-story community was built in 2012. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Meadows Owner LLC.

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DevelopmentMidwestNorth Dakota

Kraus-Anderson Begins Construction of $78M Bolley Agricultural Research Laboratory at North Dakota State University

by Kristin Harlow

FARGO, N.D. — Kraus-Anderson has begun construction of the new $78 million Bolley Agricultural Research Laboratory at North Dakota State University (NDSU) in Fargo. The project is located on a greenfield site on the western edge of the university’s campus. Named after an early NDSU agricultural research pioneer, Henry Bolley, the 170,700-square-foot building marks one of the largest capital projects in the university’s history. The facility will feature dedicated spring wheat, durum and winter wheat lab spaces for North Dakota wheat producers. The research lab’s programs will also include plant pathology, plant breeding, weed science, agronomy, soil science and horticulture. Designed by JLG Architects and Clark & Enerson, the facility will include three 10,000-square-foot green houses; horticulture and plant science labs; seed coolers and freezers; seed drying line; and seed cleaning, processing and storage areas. Completion is slated for fall 2026.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $11.5M Loan for Refinancing of North Dakota Multifamily Property

by Kristin Harlow

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged an $11.5 million Freddie Mac loan for the refinancing of West River at Dickinson, a 234-unit multifamily property in Dickinson. Joshua Bernard and Adam Ferguson of BFG arranged the loan on behalf of the borrower, West River Owner LLC. Built in 2011, the property at 2540 4th St. W features one-, two- and three-bedroom units ranging from 778 to 1,179 square feet.

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Affordable HousingDevelopmentLoansMidwestMultifamilyNorth Dakota

Lument Structures $21.5M in Construction Financing for Affordable Housing Property in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Lument has structured $21.5 million in tax-exempt and taxable bonds to fund the construction and long-term financing of Lashkowitz Riverfront, a 110-unit affordable housing community in Fargo. BlueLine Development and the Fargo Housing and Redevelopment Authority are developing the project. Thomas Dixon and Kyle Sullivan of Lument structured the financing. Lument parent company ORIX USA purchased the $21.5 million bonds to act as both a $10.3 million permanent mortgage and construction financing. The transaction utilizes both the 4 percent and 9 percent Low-Income Housing Tax Credits program — 83 units will be constructed utilizing 4 percent tax credits and 27 will be built using 9 percent tax credits. All units will be restricted for residents who earn 30 to 50 percent of the area median income. The total term, including construction and permanent financing, is 18 years, with five years of interest-only payments and a 40-year amortization schedule. The portion of bonds used during construction will have a three-year term. Fargo Housing and Redevelopment Authority will manage the property, with BlueLine Property Management facilitating the pre-leasing and lease-up process.

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AcquisitionsAffordable HousingMidwestMultifamilyNorth Dakota

Marcus & Millichap Arranges Sale of 40-Unit Affordable Housing Community in Grand Forks, North Dakota

by Kristin Harlow

GRAND FORKS, N.D. — Marcus & Millichap has arranged the sale of The Current, a 40-unit affordable housing community in Grand Forks. The sales price was undisclosed. Built in 2007, the Low-Income Housing Tax Credits property features 15 one-bedroom units and 25 two-bedroom units. Matthew Whiteside of Marcus & Millichap represented the seller, MDI Limited Partnership #110, and procured the buyer, Kemo Sabe Properties LLC.

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AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires 243-Unit Multifamily Community in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Osgood Townsite Apartments, a 243-unit multifamily community built in 2004 in Fargo. Property Resources Group sold the asset for an undisclosed price. The acquisition marks Gindi’s entry into the Fargo market. Gindi plans to invest in a renovation program to modernize and enhance the Class B property. Planned improvements include redesigned kitchens and bathrooms and upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs. Property Resources Group will continue to manage and service the asset. With this acquisition, Gindi’s multifamily portfolio is valued at over $250 million and includes 2,000 units across the country.

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Data CentersDevelopmentIndustrialLoansMidwestNorth Dakota

CIM Group Provides $125M in Construction Financing for Applied Digital’s Computing Campus in North Dakota

by Kristin Harlow

ELLENDALE, N.D. — CIM Group has provided a $125 million loan with a potential increase up to $200 million to fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, a city in southern North Dakota. The data center is designed to provide massive computing power and support HPC applications. Applied Digital is a designer, builder and operator of next-generation digital infrastructure for HPC applications. The company began construction on the first building at its HPC campus in October. Applied Digital has also executed a Letter of Intent with a U.S.-based hyperscaler for a 400-megawatt lease at the campus, which has more than 600 megawatts of future capacity. 

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