REBusinessOnline

Colliers Mortgage Originates $5.6M Refinancing for Seniors Housing Community in Bloomington, Minnesota

BLOOMINGTON, MINN. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest

Loans, Midwest, Minnesota, Multifamily, Seniors Housing

Ackerberg, Northland to Develop 192-Unit Apartment Project in Downtown St. Paul

ST. PAUL, MINN. — Ackerberg has acquired land at 337 W. 7th St. in downtown St. Paul with plans to develop The Alvera, a 192-unit apartment project. Northland Real Estate Group will serve as co-developer. Plans call for the demolition of an existing building to make way for the seven-story project, which will feature studios, one- and two-bedroom units as well as 1,400 square feet of retail space and 110 covered parking stalls. Amenities will include a penthouse clubroom with a kitchen and …

Development, Midwest, Minnesota, Multifamily

Deluxe Corp. Leases 94,000 SF of Office Space in Minneapolis

MINNEAPOLIS — Deluxe Corp. has leased 71,000 square feet of office space at 801 Marquette Ave. and 23,000 square feet at 121 S. Eighth St. in Minneapolis. Franklin Street Properties Corp. owns both office buildings, which now boast occupancy rates of approximately 92 percent. Deluxe, a financial tech firm, also leased 172,000 square feet of office space in Atlanta this …

Leasing Activity, Midwest, Minnesota, Office

Lunds & Byerlys to Open 51,000 SF Grocery Store at Highland Bridge Development in St. Paul

ST. PAUL, MINN. — Lund Food Holdings Inc. has entered into a long-term lease agreement with developer Ryan Cos. to open a full-service Lunds & Byerlys grocery store within the Highland Bridge project in St. Paul. The 51,000-square-foot store is expected to open in 2022. It will offer an extensive selection of prepared foods, specialty products and two levels of covered parking. The store will anchor a building with 230 apartment units. The existing Lunds & Byerlys store at 2128 Ford …

Development, Midwest, Minnesota, Retail

High Street Residential Completes Development of 168-Unit Active Adult Community in Minnetonka, Minnesota

MINNETONKA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has completed the development of Avidor Minnetonka in suburban Minneapolis. The active adult community is home to 168 units for residents ages 55 and older. Allegro Management Co. is the property manager. Amenities at the six-story property include a bistro bar, business center, activity center, pet spa, fitness center, private dining room and pool deck. ESG Architects served as project architect and Stevens …

Development, Midwest, Minnesota, Multifamily, Seniors Housing

Everwood Co. Sells 150-Unit Apartment Complex in Minneapolis

MINNEAPOLIS — Everwood Co. has sold Grain Belt Apartments in Minneapolis for an undisclosed price. The 150-unit apartment complex was constructed in 2015 on the site of a historic brewery. Spanning 135,806 square feet, the property consists of studio, one- and two-bedroom floor plans. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller. Grain Belt Apartments LLC was the

Acquisitions, Midwest, Minnesota, Multifamily

Davis to Develop 78,000 SF Medical Office Building in Suburban Minneapolis

ST. LOUIS PARK, MINN. — Davis has unveiled plans to develop the 78,000-square-foot Xchange Medical building in St. Louis Park, a western suburb of Minneapolis. Ear Nose & Throat Specialty Care and Surgical Care Affiliates will anchor the three-story, Class A medical office building. The two tenants will occupy 60 percent of the project, which will include a covered patient drop-off area, a healing garden and a total of 324 parking spaces. Xchange Medical will be built on a 4.6-acre site …

Development, Healthcare, Midwest, Minnesota

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the

Loans, Midwest, Minnesota, Multifamily, Seniors Housing

Kraus-Anderson Completes Construction of $98M Omni Viking Lakes Hotel in Eagan, Minnesota

EAGAN, MINN. — Kraus-Anderson (KA) has completed construction of the $98 million Omni Viking Lakes Hotel in Eagan, just south of Minneapolis. The 320-room hotel, located at 2611 Nordic Way, is scheduled to open Thursday, Oct. 1. The 381,163-square-foot property is part of the larger Viking Lakes mixed-use development that includes the Twin Cities Orthopedic Performance Center for the Minnesota Vikings, which KA completed in 2018. The 14-story hotel features 35,000 square feet of event space, …

Development, Hospitality, Midwest, Minnesota

Marcus & Millichap Negotiates $1.9M Sale of Retail Building Near Minneapolis

SPRING LAKE PARK, MINN. — Marcus & Millichap has negotiated the sale of Spring Lake Park Marketplace for $1.9 million. The 8,764-square-foot retail building is located at 8097 Highway 65 in Spring Lake Park, about 12 miles north of Minneapolis. Caribou Coffee anchors the fully occupied property, which was built in 2005. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. An …

Acquisitions, Midwest, Minnesota, Retail
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