Iowa

NorthMarq Arranges $2.7M Refinancing for Industrial Building in Urbandale, Iowa

by Kristin Harlow November 22, 2019

URBANDALE, IOWA — NorthMarq has arranged a $2.7 million loan for the refinancing of a 52,550-square-foot industrial building in Urbandale. The property is located at 11000 Justine Drive. Steve Ruff and Josh Larsen of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule, on behalf of borrower Johnstone Supply. A life insurance company provided the loan. Proceeds will be used to fund existing improvements and provide financing for the construction of an 8,000-square-foot addition.

November 22, 2019

Illinois Iowa Loans Midwest Multifamily

Maverick Commercial Arranges $12.7M First Mortgage for Four Manufactured Housing Communities in Illinois, Iowa

by Kristin Harlow November 20, 2019

SPRINGFIELD, ILL. AND DES MOINES, IOWA — Maverick Commercial Mortgage Inc. has arranged a $12.7 million first-mortgage loan on behalf of MHPI Inc. for a portfolio of four manufactured housing communities located in Springfield, Ill. and Des Moines. The portfolio includes a combined 303 pad sites. The three Springfield communities were built within the last 15 years. The community in Des Moines features a clubhouse, swimming pool, community room and small self-storage facility. Benjamin Kadish of Maverick arranged the seven-year, fixed-rate loan with an undisclosed national lender. Proceeds paid off the existing lender and paid for closing costs. Arnold Weinberg of Much Shelist represented MHPI.

November 20, 2019

Development Healthcare Iowa Midwest

R&R Realty to Build 13,867 SF Health Clinic for UnityPoint in Urbandale, Iowa

by Kristin Harlow November 15, 2019

URBANDALE, IOWA — R&R Realty Group (R&R) will develop a 13,867-square-foot, build-to-suit health clinic for UnityPoint Clinic in its Center Pointe business Park in Urbandale. Slated to open in fall 2020, the clinic will offer urgent care, a sports medicine and concussion center along with physical therapy services. Located at the junction of 100th Street and I-80/35 in Urbandale’s Urban Loop, Center Pointe Business Park will contain more than 1 million square feet of office and retail space once completed. UnityPoint is a West Des Moines-based health system.

November 15, 2019

Iowa Loans Midwest Multifamily Seniors Housing

NorthMarq Arranges $12.5M Refinancing for Seniors Housing Property in Bettendorf, Iowa

by Kristin Harlow November 5, 2019

BETTENDORF, IOWA — NorthMarq has arranged a $12.5 million loan for the refinancing of The Fountains Independent Living in Bettendorf. The seniors housing property is located at 3728 Thunder Ridge Road. Jason Kinnison of NorthMarq structured the loan with an immediate funding of $8.5 million and a construction component in the amount of $4 million, which will be used to complete an addition to the property. The borrower was not disclosed.

November 5, 2019

Acquisitions Iowa Kansas Midwest Multifamily Nebraska Seniors Housing

Blueprint Negotiates Sale of 15-Property Skilled Nursing Portfolio in Midwest

by Kristin Harlow October 29, 2019

NEBRASKA, IOWA AND KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of 15 skilled nursing facilities in Nebraska, Iowa and Kansas. The portfolio included 10 locations in Nebraska, four in Iowa, and one in Kansas, and consists of over 950 licensed beds. The facilities are in predominantly secondary and tertiary submarkets, and the majority were built in the 1960s and 1970s. Blueprint’s Michael Segal, Ben Firestone and Steve Thomes handled the transaction. Buyer and seller information was not disclosed.

October 29, 2019

Acquisitions Iowa Midwest Multifamily

Berkadia Arranges Sale of Four-Property Multifamily Portfolio in Davenport, Iowa

by Kristin Harlow October 21, 2019

DAVENPORT, IOWA — Berkadia has arranged the sale of a 413-unit, four-property multifamily portfolio in Davenport for an undisclosed price. The properties, built in the late 1970s, include The Racquet Club, Candlelight Commons, Candlelight Village and Candlelight Colony. Parker Stewart, Alex Blagojevich and Michael Sullivan of Berkadia represented the seller, Iowa-based Advance Homes Inc. Colorado-based Monarch Investment and Management Group purchased the portfolio. Peter Benedetto of Berkadia secured an undisclosed amount of acquisition financing on behalf of the buyer.

October 21, 2019

Industrial Iowa Leasing Activity Midwest

Opus Completes Lease-up of 200,000 SF Industrial Building in Ankeny, Iowa

by Kristin Harlow October 2, 2019

ANKENY, IOWA — The Opus Group has completed the lease-up of Corporate Woods II, a 200,000-square-foot speculative industrial building in Ankeny. Tenants include Carroll Tire Co., Alfa Laval, Berlin Packaging and Harrell’s Car Wash Systems. The building serves as the second phase of Corporate Woods Industrial Park. Opus is set to begin work on the third and final phase of the industrial park this fall. The final building will span 200,000 square feet and is slated for completion in 2020. JLL represented all four tenants in the lease transactions and will market Phase III for lease.

October 2, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $26.7M Refinancing for Apartment Complex in Des Moines

by Kristin Harlow September 19, 2019

DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.

September 19, 2019

Iowa Market Reports Midwest Midwest Market Reports Mixed-Use

Flood of Development Activity Continues in Cedar Rapids

by Kristin Harlow August 22, 2019

As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of …

August 22, 2019

Civic Development Iowa Midwest

Stahl to Construct $28M Elementary School in Urbandale, Iowa

by Kristin Harlow August 16, 2019

URBANDALE, IOWA — The Urbandale Community School District has selected Stahl to construct a two-story, 118,000-square-foot elementary school. The $28 million building, located at 7110 Prairie Ave., will replace the existing Olmsted Elementary. In addition to classrooms, the building will feature a kitchen and cafeteria, gymnasium, administration area and auxiliary spaces. Urbandale’s new school is part of a $59 million bond referendum and long-term facilities plan for the district to meet the growing need for additional education space to accommodate children in pre-kindergarten through fifth grade. Once complete, the school will house up to 650 students. Completion is slated for May 2021. DLR Group is the architect.

August 16, 2019

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