Minnesota

Dougherty Mortgage Secures $31.3M Loan for Apartment Complex in St. Paul, Minn.

by Danielle Everson February 6, 2015

ST. PAUL, MINN. — Dougherty Mortgage LLC has secured a $31.3 million Fannie Mae loan for the refinancing of Victoria Park Apartments, a 215-unit multifamily apartment property located in St. Paul. The 12-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Victoria Park Communities LLC. Victoria Park Apartments include one-, two- and three-bedroom options. The units feature open concept floor plans and high-end finishes, including gourmet kitchens with granite countertops, designer cabinetry and energy-efficient appliances. Property amenities include outdoor swimming pool with terrace, club room with bar, fitness center, tech lounge, underground heated parking, yoga room, free bike rentals and concierge services.

February 6, 2015

Midwest Minnesota

M&M Brokers $1.9M Sale of Oak Hills Apartments in Fridley, Minn.

by Danielle Everson February 5, 2015

FRIDLEY, MINN. — Marcus & Millichap has brokered the $1.9 million sale of Oak Hills Apartments, a 34-unit apartment property in Fridley. Oak Hills Apartments is located at 5460 7th St. NE. The property was built in 1962 and includes 10 one-bedroom units and 24 two-bedroom units. Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office marketed the property on behalf of the seller, a private investor. Chris Collins, Gunderson and Linnell of the Marcus & Millichap represented the buyer, another private investor.

February 5, 2015

Loans Midwest Minnesota

Dougherty Arranges $3.1M Fannie Mae Loan for Crest Oak Apartments

by Danielle Everson February 3, 2015

MINNEAPOLIS — Dougherty Mortgage has arranged a $3.1 million Fannie Mae loan for the acquisition of Crest Oak Apartments, a 60-unit multifamily affordable housing property located in Coon Rapids. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crest Oaks LLC. Crest Oak Apartments is nestled in a woodland setting, located within blocks of the Coon Rapids dam, parks and Mississippi trails.

February 3, 2015

Midwest Minnesota Retail

Saks Fifth Avenue OFF 5TH Signs Lease at Minneapolis City Center

by Danielle Everson January 30, 2015

MINNEAPOLIS — Saks Fifth Avenue OFF 5TH has signed a lease for 40,321 square feet in the retail portion of Minneapolis City Center. The new store is slated to open in April 2016. Saks Fifth Avenue OFF 5TH will occupy ground-floor space and more than 16,000 square feet on the skyway level. The space anchors the 250,000-square-foot retail portion of Minneapolis City Center. The store is located near the main entrance of the center, at 6th St. and Nicollet Mall. Minneapolis City Center is the two-story retail portion of the 1.6 million-square-foot mixed-use property owned by Shorenstein Properties at 33 S. Sixth St. Shorenstein acquired Minneapolis City Center in 2012 and has made several improvements including repositioning and re-tenanting the retail space.

January 30, 2015

Loans Midwest Minnesota

Dougherty Arranges $24M Fannie Mae Loan for Thomas Lake Pointe Apartments

by Danielle Everson January 28, 2015

EAGAN, MINN. — Dougherty Mortgage has arranged a $24 million Fannie Mae loan for the acquisition of Thomas Lake Pointe Apartments, a 216-unit market rate multifamily housing property located in Eagan. The 12-year loan features a 30-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Thomas Lake Pointe Apartments LLC. Thomas Lake Pointe Apartments includes one-, two- and three-bedroom floor plans. The property includes a lodge-style community center, 24-hour fitness center, poolside pub with billiards, and hot tub.

January 28, 2015

Loans Midwest Minnesota Multifamily

Oak Grove Capital Originates $27M Fannie Mae Loan for Apartment Complex in Minneapolis

by Danielle Everson January 23, 2015

MINNEAPOLIS — Oak Grove Capital has originated a $27 million fixed-rate Fannie Mae loan for Oak Residential Partners LLC, for the acquisition of Stratford Woods Apartments, a 297-unit, market-rate multifamily property in Minneapolis. The fixed-rate loan has a 10-year term with four years of interest-only payments and seven years of yield maintenance. The garden-style Stratford Woods Apartments community is comprised of 10 buildings, each containing four floors.

January 23, 2015

Midwest Minnesota Multifamily

M&M Arranges $4.1M Sale of 60-Unit Apartment Building in Coon Rapids, Minn.

by Danielle Everson January 23, 2015

COON RAPIDS, MINN. — Marcus & Millichap has arranged the $4.1 million sale of Crest Oak Apartments, a 60-unit apartment property located in Coon Rapids. The property is located at 9930 Bluebird St. Northwest. The 1970s Class C apartment property includes a mix of 26 one-bedroom apartments and 33 two-bedroom apartments. Dan Linnell and Mox Gunderson of Marcus & Millichap’s Minneapolis office represented both the undisclosed seller and the buyer in the transaction.

January 23, 2015

Loans Midwest Minnesota Mixed-Use Office Retail

NorthMarq Secures $18.4M Loan for Marquee Place in Wayzata, Minn.

by Danielle Everson January 13, 2015

WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

January 13, 2015

Midwest Minnesota Retail

Upland Real Estate Group Arranges $1.5M Sale of Retail Property

by Danielle Everson January 9, 2015

WACONIA, MINN. — Upland Real Estate Group has arranged the $1.5 million sale of a Caribou Coffee retail property located in Waconia, approximately 32 miles west of Minneapolis. A local buyer purchased the property, which is a new construction. Caribou Coffee signed a 15-year lease at the building. Upland Real Estate Group represented the undisclosed seller in the transaction.

January 9, 2015

Loans Midwest Minnesota Office

NorthMarq Secures $10.7M Loan for Office Property in Minnetonka, Minn.

by Danielle Everson January 8, 2015

MINNETONKA, MINN. — NorthMarq Capital’s Minneapolis office has arranged $10.7 million in acquisition financing for the Williston Business Center, a 354,730-square-foot office property in Minnetonka. Patrick Minea and Dan Trebil of NorthMarq arranged financing for the undisclosed borrower through the firm’s correspondent relationship with a life insurance company.

January 8, 2015

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