ST. PAUL, MINN. — HFF has secured a $48.1 million acquisition loan for a 427-unit apartment property in St. Paul. The borrower is an affiliate of Abacus Capital Group LLC. HFF originated the floating-rate loan through Freddie Mac’s CME Program. The Burlington, located at 1180 Cushing Circle, is 98 percent leased and offers studio, one- and two-bedroom units. Apartments at The Burlington range from 454 to 1,361 square feet. Amenities at the property include a swimming pool, spa, grilling area, tennis court, fitness center and clubhouse with coffee bar. Mona Carton of HFF, which will service the loan, represented the borrower in the transaction.
LAKE ELMO, MINN. — Kraus-Anderson Construction Co. has broken ground on a $22 million special education school for the Northeast Metro Intermediate School District 916 in Lake Elmo, 15 miles east of St. Paul. The school is for students in grades K-8. Construction on the 76,000-square-foot Pankalo Education Center, located at 8568 Eagle Point Blvd., is expected to be complete by August 2017. The school will provide programs for students with autism spectrum disorders, developmental cognitive disabilities, emotional/behavioral disorders and other health disabilities. The project is part of the district’s strategic facilities plan, which includes construction of a consolidated K-8 facility in the northwest part of the district, construction of a consolidated K-8 facility in the southeast part of the district (Pankalo) and replacement of the existing Capitol View Center, built in 1958.
EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.
PRIOR LAKE, MINN. — Dominium, an apartment development and management company, has broken ground on an affordable seniors housing property in Prior Lake, approximately 30 miles south of Minneapolis. The Grainwood, located at 5101 Gateway St. SE, will feature 168 units. Unit amenities will include 9-foot ceilings, appliances, patios, balconies and open floor plans. Select units will also feature walk-in closets. Community amenities will include underground parking, a community room with kitchen, craft room, salon, fitness center, outdoor plaza, theater area and fireplaces. The project is slated for completion by next summer.
WHITE BEAR LAKE, MINN. — Steven Scott Management has sold a 153-unit off-campus student housing complex to a local investor for $5.1 million. Century Commons is located at 3515 Century Ave. North in White Bear Lake, approximately seven miles northwest of St. Paul. The apartment complex is leased primarily by students attending Century College. Lance Steiger and Robert Dulin of Cushman & Wakefield/NorthMarq represented the seller in the transaction.
OTSEGO, MINN. — Duke Realty Corp. will construct a 220,000-square-foot industrial facility for Wagner SprayTech Corp. in Otsego, approximately 33 miles northwest of Minneapolis. The building will be situated on 12.3 acres within the Gateway North Business Center. Wagner SprayTech, a company that develops and markets paint sprayers, applicators and decorating products, will use the facility as a warehouse and distribution center. Construction on the building will begin in the second quarter and delivery is slated for the fourth quarter of this year. The build-to-suit asset will feature 5,000 square feet of office space, 36-foot clear heights and has the capability to expand by 50,000 square feet. Wagner will relocate from its existing facility in Brooklyn Center once the new project is complete. Paul Bickford with Colliers International and Fred Hedberg with Paramount Real Estate represented Wagner in the transaction. Dan Swartz with CBRE represented Duke Realty.
ROCHESTER, MINN. — Investors Real Estate Trust has acquired a 393-unit luxury townhome portfolio in Rochester for $72.5 million. The rental portfolio is comprised of four multifamily communities that consist of two- and three-bedroom units that were built between 1990 and 2010. The properties include Avalon Cove at 3202 Avalon Cove Lane NW, a 187-unit property; Cascade Shores at 144 Beach Lake Road SW, a 90-unit property; Crystal Bay at 2450 Crystal Bay Court SW, a 76-unit property; and French Creek at 2000 Chardonnay Lane NW, a 40-unit property. With the addition of these townhomes, Investors Real Estate Trust now owns 1,773 units within the Rochester market. Investors Real Estate Trust is a publicly traded REIT that invests in income-producing properties located primarily in the upper Midwest. Keith Collins, Ted Abramson, Abe Appert and Laura Hanneman of CBRE represented the seller, Bouquet Cos., in the transaction.
MINNETONKA, MINN. — The AFL-CIO Housing Investment Trust (HIT) will invest $14.8 million in the Zvago Cooperative project, a 54-unit, four-story cooperative for seniors along the banks of Glen Lake in the Minneapolis suburb of Minnetonka. The $19 million project is an expansion of the Glen Lake Redevelopment project, which includes a 52-unit mixed-use project built in 2008 and a 159-unit seniors housing community built in 2011. In addition to the 54 new seniors housing units, the expansion will offer views of Glen Lake, a community patio overlooking the lake and adjacent wetlands, and amenities such as a clubroom, fitness facility and heated underground parking. The developer for the project is OneTwoOne Development LLC, a wholly owned subsidiary of Ecumen, a Minnesota-based nonprofit provider of seniors housing and aging services. Zvago Cooperative is the HIT’s 76th project in Minnesota. The multifamily investment firm is based in Washington, D.C.
BUFFALO, MINN. — Mid-America Real Estate has brokered the sale of Buffalo Crossing, a 19,753-square-foot retail property for $3.8 million. A local investment group acquired the property from an undisclosed seller. The shopping center is located in Buffalo, approximately 40 miles northwest of Minneapolis. Situated along Highway 55, Buffalo Crossroads is anchored by Jimmy John’s and Anytime Fitness. Mark Robinson of Mid-America represented the buyer in the transaction.
ST. PAUL, MINN. — Cushman & Wakefield/NorthMarq has arranged a 1,450-square-foot retail lease in St. Paul. Ehinger Schwarz 1876, an interchangeable jewelry maker, has opened its third location in the Oxford Square shopping center on Grand Avenue last week. Minneapolis-based RMF Group is the landlord. Tom Martin and Kim Meyer of Cushman & Wakefield/NorthMarq represented the tenant in the transaction.