BLAINE, MINN. — CBRE has brokered the sale of Berkshire Central, a 191-unit apartment complex in Blaine, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 2017, the property features a range of studio, one- and two-bedroom units averaging 889 square feet. Amenities include a lounge, kitchen, garden, fitness center, yoga studio and pool. Keith Collins, Ted Abramson and Abe Appert of CBRE represented the seller, BMIRF Central LLC. Sentinel Management Co. was the buyer.
MAPLEWOOD, MINN. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet, and amenities will include a fitness center, rooftop deck, shared garden space, clubroom, underground heated parking and storage units. The loan features a 40-year term and amortization.
MINNESOTA AND WISCONSIN — Transwestern Real Estate Services has arranged the sale of a three-property medical office portfolio totaling 50,853 square feet in Minnesota and Wisconsin. The sales price was undisclosed. The first building is 2380 Rosemary Way in Lino Lakes, Minn. The property totals 12,411 square feet. The second asset is 525 N. Knowles Ave. in New Richmond, Wis. The building totals 19,537 square feet. Also in the portfolio is 2950 Curve Crest Blvd. in Stillwater, Minn. The property totals 18,905 square feet. All of the buildings are fully leased. Frank Richie, Mike Salmen and Erik Coglianese of Transwestern represented the buyer, Hammes Partners. Dean Williamson and Ross Hedlund of Frauenshuh Inc. represented the seller on an internal basis.
ELK RIVER, MINN. — CBRE has brokered the sale of Granite Shores in the Minneapolis suburb of Elk River for $12.6 million. The 67-unit multifamily property is located at 633 Main St. NW. The asset was originally built as condominiums in 2008 and later converted into a rental property in 2011. Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Amenities include a fitness center, pet washing station, community room and outdoor deck. Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol of CBRE represented the seller, Granite Shores LLC. Gary Hegenes was the buyer.
ST. PAUL, MINN. — The Saint Paul & Minnesota Foundation has signed a 10,700-square-foot office lease at Osborn370 in downtown St. Paul. The foundation will occupy the entire third floor of the building and expects to take occupancy in early 2025. Osborn370 features ample outdoor space, shared common areas, onsite catering and locally owned Hepcat Coffee housed in the lobby. Transwestern Real Estate Services handled the lease negotiations.
PLYMOUTH, MINN. — Kraus-Anderson has begun a $41.5 million expansion of Trillium Woods, an independent retirement community in Plymouth, a western suburb of Minneapolis. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior healthcare, including memory care, skilled nursing and rehabilitation. The 160,321-square-foot, five-story expansion calls for 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Construction is slated for completion in fall 2025. Pope Design Group was the architect.
ST. PAUL, MINN. — Helios has arranged a $7.5 million loan and revolving line of credit on behalf of a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month financing for the borrower’s acquisition of a specialty memory care community in suburban St. Paul. The community was stabilized at the time of acquisition and was originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. A Minnesota-based community bank provided the financing.
MAPLE GROVE, MINN. — CBRE has brokered the sale of Avery Park, a 124-unit build-to-rent community in the Minneapolis suburb of Maple Grove. The sales price was undisclosed. The property consists of 42 detached homes averaging 2,262 square feet and 82 townhomes averaging 1,687 square feet. Avery Park was completed in 2023. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the undisclosed seller. Curtis Capital Group was the buyer.
ROSEMOUNT, MINN. — The Opus Group has broken ground on a $71 million expansion to add new aluminum recycling capabilities at the Spectro Alloys campus in Rosemount, a southern suburb of the Twin Cities. Spectro plans to recycle more end-of-life scrap aluminum to improve recycling rates in Minnesota. The project includes a new 90,000-square-foot building along Highway 55. The first phase of the project will result in nearly 120 million pounds per year of additional recycling capacity and create up to 50 new full-time jobs. The facility will include state-of-the-art equipment for sorting, melting, casting, sawing, homogenizing and packaging with automation and pollution control technology. Spectro’s plant will also provide energy use and carbon emission reductions of 95 percent when compared to new aluminum production. Aluminum billet is used as raw material for the extrusion process, and is turned into products such as railings, window and door trim, and structural components for cars, boats, airplanes, trailers and docks. Spectro will also have the ability to recycle used beverage containers into sheet ingot — slabs of aluminum weighing up to 60,000 pounds each. Construction of the new facility is slated for completion in mid-2025. Spectro has operated at its Rosemount campus …
WADENA, MINN. — Ziegler has provided a bond issue totaling $20.5 million for the Wadena Cancer Center in Wadena, a city in central Minnesota. The Wadena Cancer Center is jointly operated by Astera Health CentraCare Health and is located on Astera Health’s main campus. In collaboration with CentraCare Health System, Astera Health has entered into a joint venture to establish the Central Minnesota Cancer Center LLC. This initiative aims to address the critical need for comprehensive oncology services in the region. The proceeds of the bond issue will be used to finance the construction and equipping of the 15,350-square-foot cancer center, which will include six clinic exam rooms and eight infusion bays. The facility will provide a full spectrum of cancer care services, including medical and radiation oncology visits, chemotherapy, infusion, radiation treatments and diagnostic imaging. Ziegler utilized a unique financing structure to fund the project through its relationship with a nonprofit entity, National Healthcare, Research and Education Finance Corp. (NHREFCO). NHREFCO works to support the charitable and educational purposes of hospitals, academic medical centers and medical research organizations by acting as the borrower for bond transaction and lessor to the tenant through a long-term assumable lease.
