Iowa

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

Iowa Loans Midwest Multifamily Seniors Housing

Dougherty Mortgage Closes $9.8M HUD Loan for Construction of Seniors Housing Co-op in Iowa

by Christina Cannon April 1, 2016

CORALVILLE, IOWA — Dougherty Mortgage LLC has closed a $9.8 million HUD 213 loan for the construction of a 59-unit market-rate seniors cooperative in Coralville, five miles northwest of Iowa City. The loan term is for 40 years. Vintage Cooperative of Coralville will include amenities such as a fitness center, workshop, garden plots, café and clubroom. Vintage Cooperative of Coralville was the borrower.

April 1, 2016

Iowa Midwest Multifamily Seniors Housing

Grand Living, Ryan Cos. Unveil Plans for New Senior Living Community in Iowa City

by Christina Cannon March 18, 2016

IOWA CITY, IOWA — A partnership between Grand Living and Ryan Cos. has unveiled plans to develop a 170-unit senior housing community in Iowa City. Grand Living in Iowa City will provide independent, assisted living and memory care services. The complex will offer a variety of floor plans ranging from studios to two-bedroom apartment homes. Construction on the community is scheduled to begin this fall. Amenities at Grand Living in Iowa City will include a variety of dining options, a salon, indoor pool, exercise studio, library, performance theater, chapel, activity and art studios, music practice rooms, pet grooming center and wood working shop.

March 18, 2016

Hospitality Iowa Midwest

Homewood Suites by Hilton Opens New Hotel in Davenport, Iowa

by Christina Cannon March 18, 2016

DAVENPORT, IOWA — Homewood Suites by Hilton has opened a new 102-room hotel in Davenport. Homewood Suites by Hilton Davenport is Hilton Worldwide’s newest property and features studio, one- and two-bedroom suites. Davenport Lodging Group developed and owns the hotel. Amenities at the hotel include complimentary breakfast, Wi-Fi, a basketball court, grocery shopping service, fitness center and indoor swimming pool with hot tub. The hotel is located at 4750 Progress Drive.

March 18, 2016

Iowa Midwest Multifamily Student Housing

Vesper Holdings Acquires Student Housing Property Near Iowa State University

by Christina Cannon March 3, 2016

AMES, IOWA — Vesper Holdings has acquired an off-campus student housing property, located in Ames near Iowa State University, for an undisclosed price. The Foundry contains one six-story building with an underground parking garage, and offers two- and four-bedroom floor plans with bed-to-bath parity. Units feature large fully equipped kitchens, full-sized washers and dryers, furniture, 50-inch flat screen televisions, stainless steel appliances, granite countertops and high-speed internet connection in every bedroom. Amenities at the property include ground-floor retail anchored by Starbucks Coffee, a fitness center, study areas, a game room, secure bike storage and a tanning booth. The Foundry was fully occupied in its first year of opening. With this transaction, Vesper’s student housing portfolio now totals 19 apartment complexes and approximately 10,700 beds. This transaction is the fifth student housing acquisition for Vesper over the past 10 months. The seller in the deal was undisclosed.

March 3, 2016

Iowa Loans Midwest Retail

NorthMarq Capital Arranges $3.4 Million Refinancing of Lake Manawa Centre

by Christina Cannon March 2, 2016

COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged the $3.4 million refinancing of Lake Manawa Centre in Council Bluffs. The property consists of two neighborhood strip retail buildings and a McDonald’s ground lease. Jason Kinnison of NorthMarq arranged the financing, which was structured with an 18-year term and 22-year amortization schedule, through a life insurance company.

March 2, 2016

Iowa Loans Midwest Multifamily

KeyBank Provides $6.5M Loan for Mobile Home Park in Iowa

by Christina Cannon February 15, 2016

WEST DES MOINES, IOWA — KeyBank Real Estate Capital has provided a $6.5 million non-recourse first mortgage CMBS loan for a mobile home park in West Des Moines. Western Village Mobile Home Park is a mobile home community for persons aged 55 and older. The park consists of 271 pad sites situated on 46 acres. The community also includes a leasing office, clubhouse and a one or two car garage on most lots. Todd Linehan of KeyBank Real Estate Capital secured the financing.

February 15, 2016

Iowa Loans Midwest Multifamily

NorthMarq Arranges $27M Refinancing Loan for Multifamily Property in Iowa

by Christina Cannon February 11, 2016

WEST DES MOINES, IOWA — NorthMarq Capital has arranged a $27 million refinancing loan for a 250-unit multifamily property in West Des Moines. Broadmoor at Jordan Creek II is located at 6500 Ep True Parkway. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.

February 11, 2016

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