Minnesota

Coldwell Banker Commercial Griffin Cos. Arranges 12,694 SF Sale in Minnesota

by Amy Works May 28, 2015

RICHFIELD, MINN. — Coldwell Banker Commercial Griffin Cos. has brokered the sale of a retail center located at 1208 E. 66th St. in Richfield, a suburb of Minneapolis. The 12,694-square-foot property sold for $850,000. The center is currently occupied by a nationally recognized veterinary clinic and offers the buyer lease-up opportunities. Dale Severson and Bob Bayer of The Coldwell Banker Commercial Griffin Special Assets & Retail team arranged the transaction. The names of the seller and buyer were not released.

May 28, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.6M Loan for Apartment Property in Minnesota

by Amy Works May 26, 2015

MOORHEAD, MINN. — Dougherty Mortgage has arranged a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments in Moorhead, a suburb of Fargo, Minn. The 12-year loan features a 30-year amortization schedule. The borrower was Apartments at Johnson Farms LLC. The 125-unit apartment property features one-, two- and three-bedroom units with open floor plans, 9-foot ceilings on the first and second floors, vaulted ceilings on the third floor, walkout patios or balconies, in-unit washers/dryers and garages.

May 26, 2015

Midwest Minnesota

Composites One Relocates to North Distribution Center I in Brooklyn Park

by Amy Works May 19, 2015

BROOKLYN PARK, MINN. — Composites One LLC has signed a 10-year lease for 39,680 square feet of industrial space at North Distribution Center I in Brooklyn Park. The Arlington Heights, Ill.-based distributor of composites materials is relocating and expanding from its Lino Lakes, Minn., facility to the new space at 7035 Winnetka Ave. North. Noam Newman and Mark Sims of DTZ represented the tenant, while Steven Nilsson of Colliers represented the landlord, Chicago-based First Industrial Realty Trust, in the lease.

May 19, 2015

Loans Midwest Minnesota

Grandbridge Finances $6M Debt and Equity for Property in Fridley, Minn.

by Danielle Everson May 14, 2015

FRIDLEY, MINN. — Grandbridge Real Estate Capital has provided a $4.1 million first mortgage and raised additional equity funds from a regional equity fund secured by a 150,000-square-foot office/tech/warehouse property in Fridley. Minneapolis-based Dave Rasmusen of Grandbridge originated the debt and equity. Grandbridge worked with the borrower, an affiliate of Hoyt Properties, and lender to structure the transaction to meet the borrower’s objectives. The client sought to purchase the value-add property, which was 60 percent leased. Grandbridge brought $4.1 million of non-recourse debt from a local bank and approximately $2 million of equity from a regional equity fund to complete the purchase.

May 14, 2015

Midwest Minnesota Retail

M&M Arranges Sale of Two Childcare Properties in Minnesota

by Danielle Everson May 12, 2015

SAINT PAUL AND ROSEVILLE, MINN. — Marcus & Millichap has arranged the $850,000 sale of two Kindercare Learning Centers located in Minnesota. The properties are located at 1541 Humboldt Ave. in Saint Paul and 2186 Fairview Ave. N. in Roseville. Reed Fenton and Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors. Craig Patterson of the firm assisted in closing the transaction. The property at 1541 Humboldt Ave. was built-to-suit for Kindercare in 1977. The building spans approximately 4,950 square feet. The property at 2186 Fairview Ave. N. was built-to-suit for Kindercare in 1976 and also spans approximately 4,950 square feet.

May 12, 2015

Loans Midwest Minnesota Multifamily

Oak Grove Capital Arranges $35.9M FHA Loan for Apartments in Woodbury, Minn.

by Danielle Everson May 11, 2015

WOODBURY, MINN. — Oak Grove Capital has arranged a $35.9 million FHA loan for Uptown at City Walk, a 245-unit multifamily apartment complex in Woodbury. Tim Leonhard, managing director of Oak Grove Capital, secured the interest rate modification loan for the undisclosed borrower.

May 11, 2015

Loans Midwest Minnesota

Dougherty Arranges $2M HUD Loan for Westgate Townhomes in Minnesota

by Danielle Everson May 1, 2015

NEW PRAGUE, MINN. — Dougherty Mortgage LLC in partnership with the Minnesota Housing Finance Agency has arranged a $2 million HUD 223(f) loan for the refinance of Westgate Townhomes in New Prague. The 37-unit affordable multifamily rental property includes a Section 8 HAP Contract. The loan was underwritten by the Minnesota Housing Finance Agency for borrower New Prague Westgate Townhomes LLC and assigned to Dougherty Mortgage LLC to close and service the loan. The principal of the borrower entity is Southwest Minnesota Housing Partnership. Westgate Townhomes is a newly renovated, smoke-free property that features private entrances, neutral décor, off street parking and a playground.

May 1, 2015

Midwest Minnesota Multifamily

Summit Breaks Ground on BlueStone Flats Luxury Apartments in Duluth, Minn.

by Danielle Everson April 27, 2015

DULUTH, MINN. — Summit Management has begun construction on BlueStone Flats, a 142-unit high-end luxury apartment community in the BlueStone Commons residential and commercial development in Duluth. The new building will include studio, one- and two-bedroom floor plans. Units will feature balconies, six-foot windows, granite countertops, custom wood cabinets, stainless steel appliances and plank flooring pendant lighting. Amenities at the property will include an indoor, year-round swimming pool, whirlpool, sauna and a fitness center. Doran Construction, a Bloomington, Minn.-based general contracting company, will also build Bluestone Flats. An official groundbreaking ceremony for BlueStone Flats will take place in May.

April 27, 2015

Loans Midwest Minnesota Multifamily

Dougherty Funding Arranges $10.3M Loan for Apartment Project in Minneapolis

by Danielle Everson April 24, 2015

MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.

April 24, 2015

Industrial Midwest Minnesota

Hillcrest Development, Opus to Develop Industrial Park in Cottage Grove, Minn.

by Danielle Everson April 23, 2015

COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group will develop a 40-acre industrial business park in Cottage Grove. The property is located south of U.S. Highway 61 at the northwest corner of Hemingway Avenue South and 91st St. South adjacent to Hamlet Park. Plans for the site include a variety of development scenarios ranging from 425,000 to 550,000 square feet of rail-served industrial space with the ability to support a 38-foot ceiling height and outside storage. Canadian Pacific will provide rail service to the site.

April 23, 2015

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