Minnesota

Fairbridge to Develop 86,764 SF Build-to-Suit Industrial Property in Coon Rapids, Minn.

by Jonathan Mehall July 31, 2015

COON RAPIDS, MINN. — Fairbridge Properties has unveiled plans for the development of an 86,764-square-foot build-to-suite office and industrial building located at 8840 Evergreen Blvd. NW in Coon Rapids, approximately 15 miles north of Minneapolis. The project costs were undisclosed. The project will take place on the same property that is occupied by a 261,805-square-foot building that is 100 percent leased and owned by Fairbridge. Honeywell Aerospace and Boston Scientific are tenants of the existing property. The space is used for research, development and light manufacturing. The new building will be equipped with several 9-by-10-foot insulated loading dock doors and manual dock levelers and dock seals. Construction is scheduled to begin late this year. Dan Friedner and Jay Chmieleski of Colliers International’s Minneapolis-St. Paul office were retained to market the building to prospective tenants.

July 31, 2015

Loans Midwest Minnesota Multifamily

Grandbridge Closes $1.4M Refinancing Loan for Apartment Property in Minneapolis

by Jonathan Mehall July 28, 2015

MINNEAPOLIS — Grandbridge Real Estate Capital financed a $1.4 million first mortgage loan secured by a two-property multifamily portfolio. Both properties are located in the Twin Cities metro area and include two buildings totaling 32 units. Funding for the loan was provided by a life insurance company and featured a 15-year fixed rate and amortization schedule. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities. Tony Carson of Grandbridge’s Minneapolis office originated the refinance transaction.

July 28, 2015

Affordable Housing Midwest Minnesota Multifamily

Dominium to Transform Fort Snelling Upper Post Into 190 Affordable Housing Units

by Jonathan Mehall July 24, 2015

ST. PAUL, MINN. — Dominium has secured provisional approval to rehabilitate the historic Fort Snelling Upper post in St. Paul. The approximately $100 million project will be financed through a combination of low-income housing tax credits as well as federal and state historic tax credits, among other sources. The final product will add a projected 190 affordable housing units. The project is in response to strong demand for more affordable housing in the market. Research from Dominium shows Hennepin and Ramsey counties have only 34 apartments affordable and available for every 100 residents making less than $20,000 a year. Located near the Minneapolis-St. Paul International Airport, the Upper Post of Fort Snelling was a major hub for military activity throughout the late 19th century and much of the early 20th century. It served as an induction and training center during both world wars. The site, which was designated a national historic landmark in 1960, was turned over to the Minnesota Department of Natural Resources in 1971. Dominium recently completed the rehabilitation of St. Paul’s Schmidt Brewery on West 7th St. Dominium also is in the process of completing the $175 million renovation of the Minneapolis Pillsbury A-Mill, a national historic landmark, …

July 24, 2015

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $3.5M HUD Loan for Affordable Housing Project in Minneapolis

by Jonathan Mehall July 23, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …

July 23, 2015

Hospitality Midwest Minnesota

Marcus & Millichap Arranges Sale of 48-Room Hospitality Property in Albany, Minn.

by Jonathan Mehall July 22, 2015

ALBANY, MINN. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Norwood Inn & Suites, a 48-room hospitality property located in Albany, 22 miles northwest of St. Cloud, for $945,000. Norwood Inn & Suites is a two-story building built in 1998 and is located at 820 Shamrock Lane in Albany. It features 48 guestrooms and an indoor swimming pool and hot tub. Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ruzicka also represented the buyer, a limited liability company.

July 22, 2015

Midwest Minnesota Retail

Mid-America Brokers Sale of Heritage Commons Shopping Center in Lakeville, Minn.

by Jonathan Mehall July 21, 2015

LAKEVILLE, MINN. — Mid-America Real Estate Corp. has brokered the sale of the Heritage Commons shopping center in Lakeville, 27 miles south of Minneapolis, for an undisclosed price. The buyer was Austin, Texas-based Epic Real Estate Partners. A Cub Foods anchors the 138,690-square-foot retail center. Other tenants include Subway, Papa Murphy’s, Great Clips and American Dental. Joe Girardi and Mark Robinson of Mid-America Real Estate were the exclusive brokers in the transaction on behalf of the seller, Sentinel Management Co. based in Edina, Minn.

July 21, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

Oak Grove Capital Closes on 12 Loans Totaling $70.3M

by Jonathan Mehall July 17, 2015

ST. PAUL, MINN — Oak Grove Capital has closed on 12 loans totaling $70.3 million since late May. The properties ranged from affordable and market-rate housing to senior living communities. The most significant closing for the St. Paul-based firm —an $18.2 million FHA loan modification for TowerLight Senior Living — occurred June 30. The 113-unit senior community complex is located in St. Louis Park, Minn. The loan modification was facilitated by Ken Dayton of Oak Grove Capital. Amenities at TowerLight include an intergenerational child and elderly care program, fitness center, beauty salon, library and game room, gourmet kitchen, reflection room, clubroom, theater and an arts and craft room.

July 17, 2015

Midwest Minnesota Multifamily

Grandbridge Finances $16M Multifamily Property in St. Cloud, Minn.

by Jonathan Mehall July 16, 2015

ST. CLOUD, MINN. — Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily property in St. Cloud. The 282,554-square-foot property sits on 33 acres of land. Tony Carlson of the Minneapolis office of Grandbridge originated the refinancing loan. The fixed-rate, nonrecourse loan provided by a life insurance company includes a 15-year term and 25-year amortization schedule. The Class A property includes an abundance of amenities and large, finished units.

July 16, 2015

Midwest Minnesota Office Retail

RJM Construction Completes Renovation of RBC Plaza at Nicollet Mall in Minneapolis

by Jonathan Mehall July 14, 2015

MINNEAPOLIS — RJM Construction has completed a multi-million dollar renovation of RBC Plaza at Nicollet Mall in downtown Minneapolis. The transformation of the 709,690-square-foot Class A office and retail property took nearly 18 months to finish. RJM Construction converted the former four-story retail and food court space on the 3rd and 4th floors of the Nicollet Mall into a two-story atrium within the 40-story office tower located at 60 S. 6th St. New amenities include a state-of-the art conference center, fitness center with locker room, bike storage area, and meeting areas on the lower level and main lobby. The property also features two levels of retail stores and cafés, including D’Amico & Sons, Sprout Salad Company, Caribou Coffee, The Fresh Market, Affinity Federal Credit Union and management consulting firm Joern Samaha & Associates. KBS owns RBC Plaza, which is operated by KBS Capital Advisors. Mark Stevens of Cushman & Wakefield | NorthMarq represents RBC Plaza.

July 14, 2015

Midwest Minnesota Multifamily Student Housing

Dougherty Closes $2.5 Million Loan for Student Housing Property in Minnesota

by Jonathan Mehall July 13, 2015

ST. CLOUD, MINN. — Dougherty Mortgage LLC has provided Apartments on 12th LLC with a $2.5 Fannie Mae loan for the refinancing of Charlamain & Montaje Apartment Homes. Located at 505 12th St., the 36-unit student housing property along the Mississippi River provides residency for students at St. Cloud State University. Dougherty’s Minneapolis office arranged the fully amortizing 20-year loan.

July 13, 2015

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