ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $2 million Fannie Mae loan for the acquisition of Minnehaha Apartments. Located in St. Paul, Minnehaha Apartments features 39 units. The complex includes all three-story buildings and was constructed in 1962. The loan features a 15-year term and 30-year amortization schedule. Minnehaha Flats LLC is the borrower.
SHAKOPEE, MINN. — New York Life Real Estate Investors has arranged a $33.4 million acquisition loan for a 290-unit apartment property in Shakopee, approximately 25 miles southwest of Minneapolis. A joint venture between White Oak Partners and affiliates of The Hartford is the borrower. The Addison Apartments is a Class A property that features amenities such as a swimming pool, fitness center, business center, clubhouse, courtyard, dog park, walking trails and cyber café with coffee bar. Apartment amenities include in-unit washers and dryers, walk-in closets, kitchen appliances and patios or balconies. The property, built in 2005, offers one-, two- and three-bedroom units. Buildings at The Addison Apartments are three stories. The fixed-rate loan features a six-year term.
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital has arranged $41.1 million in loans for five properties in Minnesota. The transactions include: A $1.8 million refinancing loan for a 25,000-square-foot office property in Minneapolis, which includes a 15-year term and 15-year amortization schedule. A $3 million loan used to refinance a 39,466-square-foot retail property in Lake Elmo that features a five-year term and 20-year amortization schedule. A $30 million, 15-year loan to refinance a 191-unit multifamily property in Eden Prairie. A $4.8 million refinancing loan for a 68,554-square-foot office property in Eagan. The loan consists of a 10-year term and 25-year amortization schedule. A $1.5 million loan for the acquisition of a 30,147-square-foot industrial property in Apple Valley. The financing features a 10-year term and 25-year amortization schedule.
EDEN PRAIRIE, MINN. — Mid-America Real Estate – Minnesota has arranged a new 10,319-square-foot lease for Crave, an American kitchen and sushi bar restaurant, in Eden Prairie, approximately 20 miles southwest of Minneapolis. Crave will take over a space at Eden Prairie Center that was formerly occupied by Biaggi’s Ristorante Italiano. The 1.3 million-square-foot shopping center includes retailers such as Von Maur, Target, Kohl’s, Sears and JC Penney. The restaurant is slated to open in November. Tricia Pitchford, Jesseka Doherty and Robert Wise represented the landlord, CAPREF Eden Prairie LLC, in the transaction.
ST. MICHAEL, MINN. — Marcus & Millichap has brokered the sale of a 13,765-square-foot office property for $1.8 million. The Cornerstone is located at 1 Central Ave. W. in St. Michael, approximately 30 miles northwest of Minneapolis. A developer sold the asset to a private investor. Cory Villaume, Sean Doyle, Matthew Hazelton and Adam Prins of Marcus & Millichap listed the property on behalf of the seller and represented the buyer.
LITTLE CANADA, MINN. — Nottingham Construction has broken ground on Cardigan Ridge, a 118-unit senior living community in Little Canada, approximately 15 miles northwest of Minneapolis. The four-story facility, located at 3300 Rice St., will provide independent living, assisted living and memory care units. Construction on the 158,000-square-foot building is slated for completion by May 2017. Amenities at Cardigan Ridge will include overnight guest rooms, underground parking, a community room, private dining room, movie theater, fitness center, hair salon, spa tub room, workshop and craft room and library with computer access. Heart Development will own the property, and Ebenezer Management Services will manage the community. Kaas Wilson Architects is designing the project.
ROSEVILLE, MINN. — Weis Builders has broken ground on Cherrywood Pointe of Roseville at Lexington, a 115-unit senior living community in Roseville, approximately eight miles northeast of Minneapolis. The four-story building, to be located at 2666 Lexington Ave. N., will consist of 85 independent and assisted living units, 24 memory care units and six private care units, which serve as an alternative to traditional nursing home care for those needing higher levels of care on a long- or short-term basis. L&M Associates is designing the 173,145-square-foot community, which is scheduled for completion by July 2017. United Properties will own the facility. Cherrywood Pointe of Roseville at Lexington will feature a dining room, private dining, overnight guest rooms, underground parking, decks and patios, a movie theater, fitness center, hair salon, bistro and group transportation.
SAUK RAPIDS, MINN. — Marcus & Millichap has arranged the $11.5 million sale of a 14,490-square-foot store net leased to Walgreens. The sales price equates to $795 per square foot. A private 1031 exchange investor purchased the building in Sauk Rapids, located approximately 68 miles northwest of Minneapolis, from an undisclosed seller. Brian Parmacek and Joshua Hergott of Marcus & Millichap represented the buyer in the transaction. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $5.3 million in acquisition financing.
ELK RIVER, MINN. — Stahl Construction has broken ground on a 23,000-square-foot expansion for Elk River High School in Elk River, approximately 35 miles northwest of Minneapolis. The project includes the addition of multiple gymnasiums and special education classrooms and the relocation and remodeling of interior administrative and classroom space. Elk River High School will also receive improvements to the mechanical systems and a new roof. Wold Architects and Engineers designed the project, which is slated for completion by the end of this year.
MINNEAPOLIS, MINN. — Investor WNC has completed the conversion of a 106-year-old warehouse building to a 44-unit affordable housing community in Minneapolis. WNC provided nearly $4 million in low-income housing tax credit equity and historic tax credit equity to fund the adaptive reuse project. The Cameron Apartments, located at 756 N. Fourth St., features 23 studio units, 17 one-bedroom units and four two-bedroom units. The four-story building was originally constructed in 1910. Amenities at the apartment property include a fitness center, picnic and grilling area, laundry facility and bike storage. Unit amenities include appliances, secure intercom entry and a patio or balcony. SR Development LLC is the project developer.
