Minnesota

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.

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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.

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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.

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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.

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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.

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LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.

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BLOOMINGTON, MINN.  — HJ Sims has hired Jay Hromatka, a leading banker to run the company’s education sector. Hromatka will be working in the Bloomington, Minnesota office and brings over 30 years of experience in banking and fixed income investment to the HJ Sims team. For the past 19 years, Hromatka has worked exclusively in the education sector, structuring and underwriting charter school transactions. Hromatka has been the lead banker and has underwritten an excess of $1 billion of facility financing for more than 100 charter schools across the country. In addition to his banking experience, Hromatka serves as a board member for a national, non-profit community development financial institution (CDFI), which focuses on helping charter schools finance, build and expand their school facilities.

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CRYSTAL, MINN. — Paster Properties has acquired a 5,000-square-foot outparcel for the development of a retail building with a drive-thru located in Crystal, approximately ten miles outside of Minneapolis. The property is currently part of a Target parking lot. Paster Properties is pre-leasing the space to multiple retail users. Construction is set to begin upon lease signing.

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EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has acquired a 490-unit multifamily property in Eden Prairie, approximately 18 miles southwest of Minneapolis. TIAA Global Asset Management sold Fountain Place Apartments for an undisclosed price. The community, built in 1987, features a mix of one- and two-bedroom units that average 1,037 square feet. Amenities at the apartment property include indoor and outdoor swimming pools, an indoor racquetball and basketball court, a 24-hour fitness center, tennis court, steam room and sauna.

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MINNEAPOLIS — Ryan Companies US Inc. has broken ground on the Millwright Building in Minneapolis. Located at Third Street and Portland Avenue, the office building will be part of Downtown East, Ryan Cos.’ $450 million mixed-use development near the US Bank Stadium. Ryan Cos. will relocate its corporate headquarters from South Tenth Street to 65,000 square feet within the four-story building when it opens in spring 2017. The 172,000-square-foot Millwright Building will feature access to a skyway connection system, 4.2-acre public green space, parking deck and light rail transit system. The building will also include common areas, a rooftop terrace and several bike-friendly features. The Downtown East project includes 1.2 million square feet of office space, 26,000 square feet of retail space, a six-level parking deck, a set of four sky bridges and internal skyways, a Radisson RED Hotel, a residential apartment complex named EDITION and a 4.2-acre public green space called The Commons.

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