Iowa

Lifespace to Break Ground on $9M Expansion to Seniors Housing Community in Iowa

by Christina Cannon November 19, 2015

URBANDALE, IOWA — Lifespace Communities Inc. will break ground on a $9 million redevelopment project for Deerfield Retirement Community, a continuing care retirement community in Urbandale, a Des Moines suburb. The expansion will add new living options and health services, including new models of assisted living and memory care. Currently, Deerfield only offers skilled nursing and independent living. Milwaukee-based AG Architecture is the designer for the redevelopment project, and Minneapolis-based Weis Builders is the contractor. Construction is scheduled for completion by summer 2016.

November 19, 2015

Iowa Loans Midwest Retail

Cohen Financial Arranges $17M Refinancing for Retail Property in Cedar Falls, Iowa

by Christina Cannon November 4, 2015

CEDAR FALLS, IOWA — Cohen Financial has closed a $17 million refinancing loan for a 136,956-square-foot retail center located in Cedar Falls for a subsidiary of Midland Atlantic. East Viking Plaza is anchored by Scheels, a sporting goods store, and is shadow anchored by Target. Dan Rosenberg of Cohen Financial arranged the 10-year CMBS loan with Goldman Sachs Commercial Mortgage Capital.

November 4, 2015

Iowa Michigan Midwest Missouri Multifamily Student Housing

Opus Group Completes Three Luxury Off-Campus Student Housing Projects

by Christina Cannon November 3, 2015

ANN ARBOR, MICH. , COLUMBIA, MO., AND AMES, IOWA — The Opus Group has completed the development of three luxury, off-campus student housing projects. The projects are ArborBLU near the University of Michigan in Ann Arbor; District Flats near the University of Missouri in Columbia; and The Foundry near Iowa State University in Ames. Opus Development Co. was the developer, Opus Design Build was the design builder, and Opus AE Group was the architect and structural engineer of record for all three projects. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect for The Foundry and District Flats, and J. Bradley Moore & Associates was the design architect for ArborBLU. All three of the luxury apartments feature a variety of amenities including fitness centers, study lounges, clubrooms, garage parking, tanning and other shared community spaces. Residents of the new buildings will also have access to in-unit washers and dryers, granite countertops, stainless steel appliances and flat-screen televisions in the fully furnished apartments. ArborBLU was built on top of an existing Pizza House restaurant, which stayed open throughout construction. The 13-story student housing complex features 242 beds. In addition to the amenities described, the building also has a rooftop terrace …

November 3, 2015

Iowa Loans Midwest Multifamily

NorthMarq Capital Secures $1.8M Refinancing for Three Multifamily Properties in Iowa

by Christina Cannon October 9, 2015

CEDAR RAPIDS AND MERION, IOWA — NorthMarq Capital has secured a $1.8 million refinance loan of three multifamily properties located in Iowa. The three properties include a combined 64 units. Westcove Apartments, Kimberly Square and Residence on 11th are the three communities that were refinanced. The transaction was structured with a fully amortizing 20-year term. All other details of the transaction were undisclosed.

October 9, 2015

Iowa Loans Midwest

Dougherty Mortgage Closes $3.2M Fannie Mae Loan for Apartments in Des Moines

by Christina Cannon October 6, 2015

DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $3.2 million Fannie Mae loan for Hillcrest Group LLC for the acquisition of Hillcrest Apartments. The 90-unit apartment complex is located in Des Moines. The 10-year loan, which includes a 30-year amortization schedule, was arranged by Dougherty Mortgage’s Minneapolis office.

October 6, 2015

Iowa Midwest Multifamily Student Housing

Vesper Holdings Acquires Student Housing Complex Near Des Moines for $18.5M

by Christina Cannon September 21, 2015

AMES, IOWA — Vesper Holdings has acquired a 540-bed student housing community in Ames, which is 35 miles north of Des Moines. University Plains was built in 2001 and is located near Iowa State University. The property is comprised of 12 three-story residential buildings and a clubhouse spread across a 10-acre site. Vesper purchased University Plains from a group of tenant-in-common owners. The property was acquired through an off-market transaction for $18.5 million. Vesper plans to execute $2 million worth of renovations. Amenities include a swimming pool, hot tub, fitness center, computer center, game room, study area, tanning beds, volleyball court, basketball court, and location on the University shuttle route. The property is currently 99 percent occupied. Vesper Holdings is a privately held real estate investment firm based in New York City.

September 21, 2015

Industrial Iowa Midwest

Binswanger Brokers Sale of 107,070 SF Manufacturing Facility in Iowa

by Amy Works August 28, 2015

BELLE PLAINE, IOWA — Binswanger has brokered the sale of a manufacturing facility located at 200 Industrial Park Blvd. in Belle Plaine, approximately 87 miles east of Des Moines. The 107,070-square-foot property, formerly a Benco Manufacturing facility, sold to Frontier Natural Products Co-op for an undisclosed price. The natural and organic food products wholesaler and distributor plans to use the facility as a food processing and distribution site. Gerry Norton and Jake Thomas of Binswanger’s Minneapolis office represented the seller, Granite REIT, in the transaction.

August 28, 2015

Affordable Housing Iowa Loans Midwest Multifamily Nebraska Seniors Housing

NorthMarq Capital Secures $3.4M Loan for Two Affordable Housing Properties in Nebraska, Iowa

by Jonathan Mehall August 25, 2015

COUNCIL BLUFFS, IOWA AND BELLEVUE, NEB. — NorthMarq Capital has secured a $3.4 million Freddie Mac refinancing loan for two Section 8 affordable housing properties. Maple Second Avenue Apartment Homes is located at 3524 Second Ave. in Council Bluffs. The property features one- and two-bedroom floor plans with a patio/balcony and in-unit washers and dryers. Bellevue Place Apartments, a senior community located at 1808 Warren St. in Bellevue, contains one-bedroom floor plans with paid utilities. John Reed of NorthMarq Capital’s Omaha office represented the borrower, the Seldin Co., in the transaction.

August 25, 2015

CSRT’s new 11-story corporate headquarters in downtown Cedar Rapids

Industrial Iowa Market Reports Midwest Midwest Market Reports Multifamily Office Retail

Cedar Rapids Rises to Commercial Real Estate Challenge Following Major Flood

by Jeff Shaw August 13, 2015

In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …

August 13, 2015

Iowa Midwest Multifamily

R&R Completes Development of 127-Unit Luxury Apartment Property in West Des Moines

by Jonathan Mehall July 30, 2015

WEST DES MOINES, IOWA — R&R Realty Group has completed the development of Sierra Pointe Apartments, a luxury community located at 7171 Woodland Ave. in West Des Moines. Sierra Pointe features an on-site saltwater pool, walk-in closets, underground heated parking, plus free Internet access. The 127-unit, three-story building is located in a convenient area near hospitals, churches, medical offices and Jordan Creek Town Center, a regional mall.

July 30, 2015

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