Iowa

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

Iowa Loans Midwest Multifamily Student Housing

Hunt Mortgage Secures $6.4M Acquisition Loan for Student Housing Property in Iowa

by Amy Works June 29, 2015

AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.

June 29, 2015

Iowa Midwest Multifamily

NorthMarq Capital Arranges $5M Refinance of Stonegate Apartments

by Katie Sloan June 18, 2015

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged the $5 million refinancing of Stonegate Apartments, a 108-unit multifamily property located at 4200 Armar Drive SE in Cedar Rapids. Jason Kinnison of NorthMarq arranged the fully amortizing, 23-year loan on behalf of the borrower through an undisclosed life insurance company. Stonegate Apartments was built in 2003 and offers two-bedroom/two-bath units.

June 18, 2015

Iowa Loans Midwest Multifamily Seniors Housing

NorthMarq Capital Secures $7.1M Refinancing for Legacy Pointe in Iowa City

by Amy Works June 9, 2015

IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.

June 9, 2015

Iowa Loans Midwest Multifamily Seniors Housing

Dougherty Mortgage Closes $7.7M HUD Loan for Seniors Housing Property in Iowa

by Amy Works June 4, 2015

DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.

June 4, 2015

Industrial Iowa Midwest

R&R Realty Group Completes 260,000 SF Industrial Facility in Grimes, Iowa

by Amy Works June 3, 2015

GRIMES, IOWA — R&R Realty Group has completed the development of Prairie Business Park I, a 260,000-square-foot Class A industrial facility in Grimes. Situated at the southeast corner of S. James Street and SE 37th Street, the facility features ESFR sprinklers and 32-foot clear heights, which increase pallet capacity by 20 to 25 percent compared with 26-foot clear height facilities. Plans for a second warehouse facility in Prairie Business Park are underway. Realty Marketing Group is serving as the listing agent for the business park.

June 3, 2015

Iowa Midwest Retail

The Opus Group Signs Two New Tenants at The Foundry in Ames, Iowa

by Amy Works May 26, 2015

AMES, IOWA — The Opus Group has added two tenants to The Foundry in Ames. Starbucks Coffee and Barefoot Campus Outfitter both signed leases for ground-floor space at the 53-unit student housing complex. Slated to open in fall 2015, Starbucks will occupy 2,000 square feet and Barefoot Campus Outfitter will occupy 3,500 square feet. The developer broke ground on The Foundry last fall. Slated to open this August, the project’s residential space is 100 percent pre-leased with 1,900 square feet of retail space still available. Chris Thomason and Steve Scott of NAI Optimum represented Opus in both transactions. Boh Kurylo of The Lerner Company represented Starbucks and Ryan Davenport of Scott Brown Commercial represented Barefoot Campus Outfitter in the deal.

May 26, 2015

Iowa Midwest Retail

The Boulder Group Arranges Sale of Orscheln Farm & Home Property in Iowa

by Danielle Everson May 14, 2015

CENTERVILLE, IOWA — The Boulder Group has brokered the $2 million sale of a single-tenant Orscheln Farm & Home property in Centerville. The 26,710-square-foot property is located at 23680 Highway 5 Orscheln. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate company,. The buyer was a Midwest-based private investor that purchased the property in a 1031 exchange. Orscheln Farm & Home has approximately 18 years remaining on its lease that features 9.5 percent rental escalations every five years. This recently constructed property is a relocation of a previous Orscheln store. Orscheln Farm & Home has 172 locations across the United States and supplies agricultural goods for farm, home, ranch and suburban customers.

May 14, 2015

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