Iowa

Anchor Housing Development Completes 48-Unit Affordable Seniors Housing Community in Iowa

by Christina Cannon July 1, 2016

MASON CITY, IOWA — Anchor Housing Development has completed construction of Legacy Manor of Mason City II, a 48-unit affordable seniors housing community, in Mason City, approximately 120 miles north of Des Moines. WNC, a California-based real estate investor, provided $5.9 million in low-income housing tax credit (LIHTC) equity to fund the development. Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for residents aged 55 and older. Daniel Tonnesen was project developer for the development, which took one year to complete.

July 1, 2016

Iowa Midwest

Isle of Capri Casinos Opens $60M Land-Based Casino in Bettendorf, Iowa

by Christina Cannon June 30, 2016

BETTENDORF, IOWA — Isle of Capri Casinos Inc. has opened the $60 million land-based Isle Casino Hotel Bettendorf, which is located seven miles northeast of Davenport. The casino, which relocated 223 feet from a riverboat gaming facility, features roughly 1,000 slot machines, 19 table games, a bar and two restaurants, Farmer’s Pick Buffet and Keller’s Express. An additional restaurant, Keller’s American Grill, will open later this year. The new 35,000-square-foot casino is accompanied by over 500 hotel rooms and more than 40,000 square feet of convention space. Kraus-Anderson Construction was the general contractor, and Hnedak Bobo Group Inc. was the architect of record.

June 30, 2016

Industrial Iowa Midwest

Opus Finishes Construction of 182,000 SF Industrial Facility Near Des Moines

by Christina Cannon June 20, 2016

GRIMES, IOWA — The Opus Group has completed the construction of the Gateway Industrial Center, an 182,000-square-foot industrial warehouse and office facility in Grimes, approximately 15 miles northwest of Des Moines. The speculative facility is already 100 percent leased to tenants such as Owens & Minor, American Contract Systems and Laser Resources. Gateway Industrial Center, which is situated on 16 acres, features an ESFR sprinkler system, 23 dock doors, two drive-in doors and 32-foot clear heights. Opus Development Co. and Founders Properties LLC own the Gateway Industrial Center.

June 20, 2016

Iowa Midwest Nebraska Restaurant Retail

Scooter’s Coffee Acquires Coffeesmiths and its Three Retail Stores in Iowa

by Christina Cannon June 14, 2016

OMAHA, NEB. — Omaha-based Scooter’s Coffee has acquired Coffeesmiths, a coffee company with three locations in the Cedar Rapids metro area. Scooter’s will own and operate the three locations at 7037 C Ave. NE, 2300 Edgewood Road SW and 690 Marion Blvd. Scooter’s will rebrand the coffee shops throughout the summer and began offering its menu items June 13. Scooter’s operates more than 135 stores in 15 states and plans to open 40 new locations by the end of the year.

June 14, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges Sale of Two Skilled Nursing Facilities in Iowa for $7.2M

by Christina Cannon May 3, 2016

WASHINGTON AND MUSCATINE, IOWA — Marcus & Millichap has arranged the sale of All-American Care of Washington and All-American Care of Muscatine, both skilled nursing facilities in Iowa, for $7.3 million. The facilities are located approximately 40 miles apart from each other in the southeast corner of the state, near the Illinois border. Mark Myers, Ryan Fleming and Joshua Jandris of Marcus & Millichap represented the seller, a husband and wife partnership exiting the nursing home business. The buyer was a private owner/operator out of the Northeast. All-American Care of Washington, a 90-bed facility on 5.2 acres, sold for $3.1 million. All-American Care of Muscatine, a 100-bed facility on 3.9 acres, sold for $4.1 million. Both facilities were built in the 1970s and renovated in the 1990s and 2000s. The combined sales price equates to approximately $38,000 per bed.

May 3, 2016

Iowa Loans Midwest Multifamily

Capital One Provides $6M Loan for 329-Space Manufactured Housing Community Near Omaha

by Christina Cannon April 20, 2016

CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.

April 20, 2016

Affordable Housing Iowa Loans Midwest Multifamily

Dougherty Funding Closes $11.7M Loan for 248-Unit Affordable Housing Property in Iowa City

by Christina Cannon April 14, 2016

IOWA CITY, IOWA — Dougherty Funding LLC has closed an $11.7 million acquisition loan for a 248-unit affordable apartment property in Iowa City. A majority of the units at Iowa City Pheasant Ridge Apartments were covered under a project-based Section 8 Housing Assistance Payment contract. The property was built in 1971 and recently underwent $700,000 worth of improvements such as new furnaces, roofing, kitchen cabinets, countertops and appliances. Iowa City Leased Housing Associates II LLLP was the borrower. Dougherty served as the lead lender and servicer for the loan.

April 14, 2016

Healthcare Iowa Loans Midwest

Associated Bank Provides $6.5M Construction Loan for Veterans Clinic in Iowa

by Christina Cannon April 12, 2016

KNOXVILLE, IOWA — Associated Bank has provided a $6.5 million construction loan for a Veterans Administration Primary Care Clinic in Iowa. Knoxville VA LLC was the borrower. The 16,731-square-foot clinic will be located at 1607 N. Lincoln St. in Knoxville, approximately 40 miles southeast of Des Moines. The single-story, build-to-suit facility is scheduled for completion by the end of the year. Knoxville VA LLC is an affiliate of W.D. Schorsch LLC, which specializes in the development and management of build-to-suit projects for the United States General Services Administration.

April 12, 2016

Iowa Midwest Multifamily Seniors Housing

CareTrust REIT Acquires Skilled Nursing Facility in Iowa for $5M

by Christina Cannon April 5, 2016

CEDAR FALLS, IOWA — CareTrust REIT Inc. has acquired Cedar Falls Health Care Center, an 82-bed skilled nursing facility in Cedar Falls, for $5 million. CareTrust will lease the community to a subsidiary of Trillium Healthcare Group LLC on a triple-net basis. The purchase price includes estimated transaction costs. Initial annual rental revenue to CareTrust is approximately $483,000, and the master lease carries a remaining term of 14.5 years with two five-year renewal options and CPI-based rent escalators.

April 5, 2016

Hospitality Iowa Midwest

HREC Investment Advisors Arranges Sale of Holiday Inn Express in Iowa

by Christina Cannon April 4, 2016

WATERLOO, IOWA — HREC Investment Advisors has brokered the sale of a 79-room Holiday Inn Express in Waterloo, approximately 60 miles northwest of Cedar Rapids, for an undisclosed price. The hotel, located at 2127 La Porte Road, features a business center, fitness center, complimentary breakfast and indoor pool. The buyer and the seller were undisclosed. Ted Anka of HREC represented the seller in the transaction.

April 4, 2016

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