MINNETONKA, MINN. — Dougherty Mortgage LLC has closed a $32.5 million Fannie Mae loan for the acquisition of a 252-unit apartment property in Minnetonka, approximately 23 miles southwest of Minneapolis. Woodlands of Minnetonka features amenities such as a clubhouse, media room, outdoor fireplace, swimming pool and grilling pavilion. The 12-year loan includes five years of interest-only payments and a 30-year amortization schedule. Heartland Minnetonka LLC was the borrower.
MINNEAPOLIS — Doran Cos. has acquired a 90,000-square-foot retail property in Minneapolis for $24.9 million. Pfaff Calhoun LLC sold Calhoun Village Shopping Center, which is located at 3200 W. Lake St. The center is over 90 percent occupied and includes tenants such as Walgreens, Punch Pizza, Burger Jones and Barnes & Noble.
ROCHESTER, MINN. — NorthMarq Capital has arranged a $3.5 million acquisition loan for a 72-unit multifamily property in Rochester, approximately 85 miles southeast of Minneapolis. Bear Creek Apartments is located at 1405, 1455 and 1505 Marion Road SE. The 10-year loan features a 25-year amortization schedule. Michael Padilla of NorthMarq placed the financing with a local bank on behalf of the undisclosed borrower.
BROOKLYN PARK, MINN. — NorthMarq Capital has arranged a $6 million acquisition loan for a 120,030-square-foot industrial property in Brooklyn Park, approximately 10 miles north of Minneapolis. The Stein Industries Building is located at 7500 Setzler Parkway N. Patrick Minea of NorthMarq Capital negotiated the loan for the undisclosed borrower through a life insurance company. The loan features a 20-year term and 20-year amortization schedule.
MINNEAPOLIS — Embassy Suites by Hilton has opened a 290-room hotel in downtown Minneapolis. The hotel is located in the historic Plymouth Building, which has access to the Minneapolis Skyway System. HRI Properties LLC owns and redeveloped the former office building. Amenities at the hotel include free made-to-order breakfast, a two-hour complimentary evening reception, free Wi-Fi, 10 separate meeting rooms totaling over 12,600 square feet, a 24-hour business center, a restaurant and bar, convenience store, indoor heated pool, fitness center and heated parking. HRI Lodging LLC will operate the hotel.
SAINT CLOUD, MINN. — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Saint Cloud, approximately 65 miles northwest of Minneapolis, for $1 million. Jacob’s Square Apartments, located at 835 Driftwood Drive, offers one-, two- and three-bedroom units. Chris Collins, Adam Haydon, Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both parties in the transaction were undisclosed private investors.
MINNEAPOLIS — Stahl Construction has been selected to build St. Louis Park, an eco-village project in Minneapolis. The mixed-use development will consist of 300 apartments (both affordable and market rate), a hotel and retail space. The development will provide 80 percent of the energy required to run the complex from renewable sources. The transit-oriented community will feature rooftop decks and a one-acre urban forest with public art. Construction on the project is slated to begin next spring. PLACE will serve as the project developer, and STANTEC will provide design services. Other parties involved include MSR Architects, Rachel Contracting, LIFT and Allianz Life.
LINO LAKES, MINN. — United Properties has broken ground on a 402,000-square-foot industrial facility for Distribution Alternatives Inc., a third-party logistics firm. The build-to-suit project is located on a 30-acre site in Lino Lakes, approximately 20 miles northeast of Minneapolis. Distribution Alternative plans to occupy the facility in the fall of 2017. The building will feature a cross-dock layout, 32-foot clear heights and outside trailer storage. R.J. Ryan will serve as the general contractor for the project, and Lampert Architects will provide design services.
EAGAN, MINN. — Ryan Companies US Inc. has completed an expansion of the Minnesota Autism Center (MAC) in Eagan, approximately 20 miles south of Minneapolis. The new two-story, 50,000-square-foot school is located on 6.5 acres directly west of MAC’s existing school building. The new facility features a gymnasium, breakout spaces, a media center, green spaces, a track, baseball field, cafeteria and also provides room for an additional 150 students and 130 staff members. Slated to open this September, the school will offer education services and therapeutic support for children, adolescents, and families affected by Autism Spectrum Disorders. RSP Architects the project designer, and Ryan Cos. provided development, civil engineering and construction services.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $6.2 million Fannie Mae loan to refinance a 31-unit apartment property in the Linden Hills neighborhood of Minneapolis. Elements of Linden Hills features tempered underground parking, a fitness center, bike storage and a pet wash room. Unit amenities include washers and dryers, granite countertops, stainless steel appliances and gas stovetops. The 12-year loan features four years of interest-only payments and a 30-year amortization schedule. Linden Hills Apartments LLC was the borrower.
