Minnesota

NorthMarq Capital Arranges $13M Refinancing for Shingle Creek Crossing Phase III

by Danielle Everson March 12, 2015

BROOKLYN, MINN. — Robert Bhat of NorthMarq Capital’s Miami-based regional office has arranged a $13 million loan for the refinancing of Shingle Creek Crossing Phase III, a 20-acre site consisting of eight super pads, five outparcels and a 75,000-square-foot building located at 1341 Brookdale Center in Brooklyn. NorthMarq arranged financing for the borrower, Gatlin Development, through its relationship with a national bank. The development is part of the 60-plus acre redevelopment of the former Brookdale Mall, a regional mall originally built in 1962. Since acquiring the property in 2010, Gatlin Development, along with Mid-America Real Estate, transformed the site into a retail development. Michaels, TJ Maxx and several other tenants plan to open soon at the development.

March 12, 2015

Midwest Minnesota Mixed-Use

Trammell Crow Co. Acquires Site for New Mixed-Use Development in Minneapolis

by Danielle Everson March 5, 2015

MINNEAPOLIS — High Street Residential, the residential subsidiary of Trammell Crow Co., has acquired a nearly two-acre site for the construction of a 164-unit, six-story, Class A mixed-use building in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin during the second quarter and ready for occupancy in the third quarter of 2016. 3118 W. Lake will include a contemporary studio, alcove, one-, two- and three-bedroom apartments with views of the surrounding Lake Calhoun and the Minneapolis Skyline. The commercial portion of the development will include 5,000 square feet of indoor restaurant space and an outdoor patio space. ESG Architects will serve as the project architect. A joint venture between Continuum Construction and Big D Construction will serve as the general contractor. Jerry Ebert, senior vice president of construction, will oversee the development of the project on behalf of High Street Residential and Trammell Crow Co.

March 5, 2015

Industrial Midwest Minnesota

Opus to Develop Spec Industrial Office/Warehouse Building in Brooklyn Park, Minn.

by Danielle Everson March 3, 2015

BROOKLYN PARK, MINN. — The Opus Group plans to develop a 145,800-square-foot speculative industrial office and warehouse facility in Brooklyn Park. The new property will be located at the intersection of 85th Avenue and Wyoming Avenue North. The building will be conducive for single or multi-tenant occupancy. Construction of the facility will begin in May and completion is scheduled for this fall. Opus Development Co. and Founders Properties will own the property. Opus Development Co. will be the project’s developer. Opus Design Build is the design-builder for the project and Opus AE Group is the architect and engineer of record. Cushman & Wakefield/NorthMarq will market the property for lease.

March 3, 2015

Loans Midwest Minnesota Retail

Grandbridge Arranges $5.5M in Refinancing for Retail Property in Sartell, Minn.

by Danielle Everson March 3, 2015

SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.5 million loan to refinance a 62,000-square-foot retail property in Sartell. Tony Carlson of Grandbridge’s Minneapolis-based office originated the 11-year loan, which includes a 25-year amortization schedule. A life insurance company provided funding for the loan. The undisclosed borrower will use the loan to pay off existing debt.

March 3, 2015

Loans Midwest Minnesota Office

Grandbridge Finances $4.9M for Office/Warehouse in Chanhassen, Minn.

by Danielle Everson March 2, 2015

CHANHASSEN, MINN. — Grandbridge Real Estate Capital closed a $4.9 million first mortgage loan secured by a 115,520-square-foot office/warehouse located in Chanhassen. Dave Rasmussen of Grandbridge originated the fixed-rate loan for the undisclosed borrower through a life insurance company. The property was fully leased with 55 percent office finish.

March 2, 2015

Hospitality Loans Midwest 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

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