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.
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.
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.
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.
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.