Minnesota

Dougherty Arranges $18.5M Construction Loan for Pier B Hotel in Duluth, Minn.

by John Nelson February 20, 2015

DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.

February 20, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Hospitality Midwest Minnesota

Carey Watermark Investors Acquires Westin Minneapolis for $66.4 Million

by Danielle Everson February 17, 2015

MINNEAPOLIS — Carey Watermark Investors Inc. has acquired the Westin Minneapolis hotel for $66.4 million. The full-service hotel includes 214 guestrooms and is located in downtown Minneapolis. The acquisition was financed with $43.5 million of debt. The Westin Minneapolis, originally built as the Farmers & Mechanics Bank building in 1942, formerly served as a bank hall and was repurposed in 2007 as the hotel’s lobby. The hotel features 34-foot vaulted ceilings, a marble staircase and wood-carved emblems signifying the leading industries of the World War II era. As part of the 2007 redevelopment, the adjoining office building was fully reconfigured to house the hotel’s guestrooms and meeting space. The hotel will continue to be managed by HEI Hotels & Resorts, a hospitality owner/operator that owns and manages 41 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the U.S.

February 17, 2015

Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $5.1M Fannie Mae Loan for Seniors Housing Community in St. Paul

by Danielle Everson February 13, 2015

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $5.1 million Fannie Mae loan for the refinance of Riverview Highlands, a 54-unit multifamily property in St. Paul. The 12-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower Riverview Highlands LLC. Riverview Highlands is 55-plus seniors community that offers planned activities and events for residents. The property features underground parking, an exercise room and a community room. Floor plans include walk-in closets, washer and dryer connections, oversized kitchens, vaulted ceilings and fireplaces in some of the units.

February 13, 2015

Midwest Minnesota Retail

Sports Authority Signs Lease at Minneapolis City Center

by Danielle Everson February 13, 2015

MINNEAPOLIS — Shorenstein Properties LLC has arranged the lease of 21,877 square feet of space for Sports Authority at the Minneapolis City Center. Sports Authority will occupy the ground-floor retail space on the Nicollet Mall and 7th Street side of the property. Sports Authority’s lease of space brings the total retail occupancy at Minneapolis City Center to 86 percent. Additionally, Shorenstein recently signed a lease for more than 40,000 square feet with discount luxury apparel retailer Saks Fifth Avenue OFF 5TH for a store that is slated to open in April 2016. The Sports Authority store is expected to open this fall. Shorenstein Properties acquired Minneapolis City Center in 2012. Minneapolis City Center is the two-story retail portion of a 1.6 million-square-foot mixed-use development.

February 13, 2015

Loans Midwest Minnesota Multifamily

Oak Grove Capital Originates $42.5M in Acquisition Financing for Apartment Complex

by Danielle Everson February 12, 2015

INVER GROVE HEIGHTS, MINN. — Oak Grove Capital has originated a $42.5 million fixed-rate Fannie Mae loan for joint venture White Oak Partners and a fund managed by Ares Management. The loan will be used to acquire Southview Gables, a 425-unit garden-style apartment complex in Inver Grove Heights, a suburb in the Twin Cities. The fixed-rate loan has a 10-year term with three years of interest-only payments and seven years of yield maintenance.

February 12, 2015

Midwest Minnesota Retail

JV Inland Real Estate Corp., PGGM Acquire Shopping Center for $26.3M

by Danielle Everson February 9, 2015

LAKEVILLE, MINN. — Inland Real Estate Corp. in a joint venture with Dutch pension fund advisor PGGM has acquired Argonne Village, a 113,000-square-foot neighborhood shopping center, located in Lakeville, a suburb of Minneapolis, for $26.3 million in cash. Argonne Village is anchored by a 71,800-square-foot Cub Foods grocery store with a mix of co-tenants that include Dollar Tree, Taco Bell, Starbucks, FedEx Kinko’s, Little Caesars Pizza, Great Clips and others. The 100-percent-leased center is approximately 20 miles south of Minneapolis. The Class-A property is located off of County Road 50 and I-35W.

February 9, 2015

Loans Midwest Minnesota Multifamily

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

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