Minnesota

M&M Brokers $2.5M Sale of Apartment Property in Cambridge, Minn.

by John Nelson November 12, 2014

CAMBRIDGE, MINN. — Marcus & Millichap has brokered the $2.5 million sale of Calhoun Apartments, a 48-unit apartment property located in Cambridge. Calhoun Apartments is located at 414 Calhoun Place N. and 514 Calhoun Terrace. The 48-unit community consists of two 24-unit buildings that include one- and two-bedroom apartments. Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Evan Miller of Marcus & Millichap, along with Gunderson and Linnell, represented the buyer, a limited liability company.

November 12, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Closes $6M Loan for Oak Ridge Assisted Living of Hastings

by Danielle Everson November 7, 2014

HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.

November 7, 2014

Midwest Minnesota Retail

Waba Financial Acquires Polar Plaza Center in North St. Paul, Minn.

by Danielle Everson November 7, 2014

NORTH ST. PAUL, MINN. — Waba Financial has acquired the Polar Plaza retail center in North St. Paul from an undisclosed seller. The 23,362-square-foot shopping center is situated on nearly 3.4 acres and is leased to a variety of retail tenants, with 7,769 square feet available for lease. Anderson Property Management will manage the shopping center. Matthew Klein of Eagan, Minn.-based KW Commercial Midwest represented the buyer.

November 7, 2014

Loans Midwest Minnesota Multifamily

Dougherty Closes $5M Fannie Mae Loan for Northtown Crossings

by Danielle Everson November 6, 2014

COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $5 million Fannie Mae loan for the refinancing of Northtown Crossings, a 48-unit market rate apartment property in Coon Rapids. Units feature ceramic tile entries, oversized master suites, large kitchens with microwaves and breakfast bars, nine-foot ceilings and ample closet space. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Northtown Crossings LLC.

November 6, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Arranges $13.5M HUD Loan for Construction of Seniors Housing Facility

by Danielle Everson November 4, 2014

SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.

November 4, 2014

Midwest Minnesota

Igloo signs 20,887 SF Retail Lease at Great River Centre in Otsego, Minn.

by Danielle Everson November 3, 2014

OTSEGO, MINN. — Suntide Commercial Realty and KW Commercial Midwest have arranged the lease of a new 20,887-square-foot retail property at the Great River Centre in Otsego. Igloo LLC will use the space for a hockey rink with a restaurant/sports bar. The Great River Centre of Otsego is a mixed-use development project located at U.S. Highway 101 and County Road 39. The center features more than 230,000 square feet of retail and more than 100,000 square feet of office space. A Super Target anchors the center. Tim Igo of Suntide Commercial Realty and Tammy Brown of KW Commercial Midwest represented the Great River Centre in the transaction.

November 3, 2014

Midwest Minnesota

M&M Arranges Sale of 123-Unit Self Storage Facility in Minnesota

by Danielle Everson October 31, 2014

NORTH BRANCH, MINN. —Marcus & Millichap has arranged the $525,000 sale of North Branch Self Storage, a 123-unit self-storage facility in North Branch. The property is located at 6757 Ash St. Adam Haydon of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both private investors.

October 31, 2014

Midwest Minnesota Multifamily

IMH Financial Corp. Breaks Ground on Luxury Apartments in Apple Valley, Minn.

by Danielle Everson October 30, 2014

APPLE VALLEY, MINN. — IMH Financial Corp. (IMHFC) has broken ground on a 196-unit luxury apartment development in Apple Valley, a suburb of Minneapolis. Gabella at Parkside will be the first of a planned five-phase, 12.5-acre development known as Parkside Village. The class A, four-story property is expected to be complete by February 2016. The total development cost of $36 million will be financed through an equity contribution of $12 million by IMHFC and a construction loan of $24 million secured from the Bank of the Ozarks. Gabella at Parkside will feature a mix of one-, two- and three-bedroom units ranging in size from 800 square feet to 1,388 square feet. Amenities will include a resort-style pool and hot tub, sun deck, cabanas, grills, fire pits, indoor/outdoor gaming area, a fitness center, theater room, lounge, yoga studio, spinning studio, internet cafe and dog walking and washing areas. Kaas Wilson is the project architect and Stonebridge Construction is the general contractor for the project. IMHFC has partnered with developer Titan Investments of Denver, Colo. to design the project and coordinate with the city of Apple Valley over the last two years to receive full entitlements and negotiate the development subsidies from …

October 30, 2014

Midwest Minnesota Multifamily

Opus Completes Construction on The Nic on Fifth Apartment Tower in Minneapolis

by Danielle Everson October 29, 2014

MINNEAPOLIS — The Opus Group has completed construction on The Nic on Fifth, a luxury high-rise apartment complex in downtown Minneapolis. The 26-story development is located on the corner of Fifth Street and Nicollet Mall. The apartment building features 20,000 square feet of retail space on the street and skyway levels with 253 apartment units above – including 26 penthouses. Residents began moving into the building in September, and it is now more than 60 percent leased. All units feature condo-level finishes with granite countertops, stainless steel appliances and floor to ceiling windows with floor plans ranging from alcove units to three-bedroom penthouse suites. Opus Development Co. LLC began construction for the building in November 2012. Opus Design Build LLC served as the design-builder for the project. Opus AE Group LLC served as the architect, structural engineer of record, and interior designer. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect.

October 29, 2014

Loans Midwest Minnesota

Grandbridge Arranges $5.9M Financing for Student Housing Community

by Danielle Everson October 24, 2014

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $5.9 million first mortgage loan for a 90-bed student-housing complex at the University of Minnesota in Minneapolis. The property, which was fully occupied at closing, features loft style units in a renovated warehouse at the heart of campus. Tony Carlson of Grandbridge’s Minneapolis office originated the refinancing for the undisclosed borrower.

October 24, 2014

Newer Posts

Older Posts