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.
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.
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.
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.
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.
ST. PAUL, MINN. — Ecolab Inc., a provider of water, hygiene and energy technologies and services, has signed a purchase agreement to acquire the 17-story North Tower from Travelers in downtown St. Paul. The transaction is expected to close in the third quarter. By the end of 2018, Ecolab will relocate its associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Ecolab will begin the process of relocating associates to the North Tower in the latter part of this year. Built in 1999, the North Tower includes 882,000 square feet of space, of which 484,500 square feet comprises office space, a data center and building common areas.
CINCINNATI — Phillips Edison Grocery REIT II has acquired three properties in Ohio, Minnesota and Maryland. Glennwood Crossing in Cincinnati was purchased from Glenwood Crossing LLC for $7.1 million and includes 101,021 rentable square feet. Currently, the center is 96 percent leased to 11 tenants, with anchor grocery Kroger occupying 62,541 rentable square feet. Rosewick Crossing in La Plata, Md., was purchased from Excel Rosewick LLC, for $25 million and includes 115,972 rentable square feet. Currently the center is 82 percent leased to 12 tenants. Anchor grocery Giant occupies 61,932 rentable square feet. Waterford Park Plaza in Plymouth, Minn., was purchased from Provident/Waterford LLC for $19.5 million and contains 127,586 rentable square feet. Currently the shopping center is 96 percent leased to 24 tenants. Anchor grocery Cub Foods occupies 64,673 rentable square feet.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.
SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.
STILLWATER, MINN. — Marcus & Millichap has arranged the $8.9 million sale of Oak Park Ponds, a 98,157-square-foot shopping center in Stillwater. Oak Park Ponds is located at 5801 Neal Ave. N. Kowalski’s Markets is a long-term anchor at the property. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office, along Sean Doyle and Cory Villaume of the firm’s Minneapolis office, represented the seller, a limited liability company. Matt Hazelton, Adam ‘AJ’ Prins and Michael Marzinske of Marcus & Millichap’s Minneapolis office represented the buyer, another limited liability company.