EAGAN, MINN. — Dougherty Mortgage LLC has arranged a $13.7 million Fannie Mae loan for the refinancing of Aspenwoods Apartments in Eagan. The 162-unit apartment property features one- and two-bedroom units. Amenities include an outdoor pool, grilling area, 24-hour fitness center and tennis court. The 12-year loan features a 30-year amortization schedule. Eagan Apartment Associates LLP was the borrower.
MINNEAPOLIS — HRI Properties LLC has completed a $3.5 million renovation of DoubleTree Suites by Hilton Hotel Minneapolis. The 229-suite hotel underwent renovations to the guestrooms, lobby, restaurant, business center and meeting space. All guestrooms received sectional sofas, new carpeting, 50-inch televisions and contemporary artwork and lighting. Other highlights include upgraded elevators, a complete remodel of the full-service Starbucks onsite and a revamp of the hotel’s restaurant, Lot 57. Studio 11 Design provided design guidance.
MINNEAPOLIS — Dougherty Funding has provided a $15.4 million loan for the construction of a 110-unit apartment property in Minneapolis. The property will be located on Marshall Street within the Northeast Minneapolis Arts District. Located approximately two blocks from the Mississippi River, many of the units in the six-story building will feature views of the downtown skyline and the Mississippi River. Dougherty Funding served as lead lender and servicer for the loan. Marshall14 LLC was the borrower.
COLUMBIA HEIGHTS, MINN. — Baceline Investments LLC has acquired Central Plaza shopping center in Columbia Heights, five miles north of Minneapolis, for $7.2 million. The 82,478-square-foot shopping center is located at 725 45th Ave. NE. The property is currently 92 percent leased. Central Plaza Associates LLC was the seller. Denver-based Baceline is a private real estate investment and management company that focuses on acquiring and revitalizing neighborhood shopping centers.
NEWPORT, MINN. — Meyer Distributing and Logistics has signed a 36,000-square-foot industrial lease at Raceway Business Center in Newport, about 10 miles southeast of St. Paul. The automotive distribution and logistics company will be the lead tenant at the new 83,000-square-foot development, which is currently under construction at 910 Hastings Ave. Scannell Properties broke ground on the project in July. The first phase will be available for occupancy in December. The building features 28-foot clear heights and multiple docks and drive-in doors. Daniel Madrigal of Scannell and Tom Sullivan and Peter Fooshe of Cushman & Wakefield negotiated the lease with Meyer. Scannell and Cushman & Wakefield are also marketing 144,000 square feet for lease in the second phase of the property.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.
ST. PAUL, MINN. — CBRE has arranged the sale of the Vintage on Selby in St. Paul for $87 million. The 210-unit multifamily property features a 39,506-square-foot Whole Foods Market on the first floor. Completed in 2015, the property is located at the intersection of Snelling and Selby avenues. The building features a mix of units ranging from studios to three-bedroom units. Amenities include a rooftop terrace with swimming pool, fitness center and yoga room, club room, electric car charging stations and bike storage. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, The Vintage on Selby LLC. The entity is related to Ryan Cos. and The Excelsior Group, which developed the property. An affiliate of Zurich North America purchased the property.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of a 25-unit apartment building in St. Paul’s Merriam Park neighborhood for $3 million. The property is located at 1880 Marshall Ave. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and secured the buyer, a partnership.
MINNEAPOLIS — Ackerberg has broken ground on MoZaic East, an eight-story, 193,000-square-foot office and retail project in the Uptown neighborhood of Minneapolis. The property, located at 2900 Fremont Ave., will encompass 180,000 square feet of office space and 13,000 square feet of retail space. The project is an expansion of the MoZaic Art Plaza, as MoZaic West was completed in 2012. MoZaic East, slated for completion in the fourth quarter of 2018, will feature bike amenities and rooftop patios. The project team includes Ackerberg as developer, Opus AE Group as architect and The Opus Group as general contractor. First National Bank of Omaha, MidCountry Bank and First Western Bank and Trust are providing project financing.
MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures Legacy LLC, an affiliate of Shamrock Development, is developing the property, which is slated for completion in summer 2018.
