EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.
BROOKLYN CENTER, MINN. — Mid-America Real Estate – Minnesota LLC has arranged a 5,460-square-foot retail lease in Brooklyn Center. Villa Join the Movement will occupy space at Shingle Creek Crossing, an 804,000-square-foot development located at the corner of Brooklyn Boulevard and U.S. Highway 100. Walmart anchors the shopping center. Mid-America represented the undisclosed landlord in the transaction.
HOPKINS, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million first mortgage loan to refinance an 83-unit apartment complex in Hopkins. The fully occupied property features remodeled unit interiors. Tony Carlson of Grandbridge originated the fixed-rate, 15-year loan, through a life insurance company for the undisclosed borrower. The loan required no personal guaranty and closed with an interest rate in the low 4 percent range.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.
MAPLE GROVE, MINN. — Shingobee Builders Inc. has begun construction of a Paradise Car Wash and Detail Center in Maple Grove. The facility will be located at the former Champp’s restaurant site on Elm Creek Boulevard. The 15,600-square-foot building will provide a tunnel wash, three detail bays, customer lounge and support areas. Construction started in mid-August and is scheduled for completion early in 2015. The site is visible from I-94 and is located near the Maple Grove shopping area. Loretto, Minn.-based Shingobee Builders is a national commercial construction and development company that provides general contracting, project management and real estate services.
ST. PAUL, MINN. — Meritex has brokered the sale of a 282,565-square-foot office building in St. Paul to an undisclosed buyer. The property, located at 444 Lafayette Road, is fully leased to the State of Minnesota-Department of Human Services. The marketing and sale of the property was part of a 677,500-square-foot, four-building portfolio sale coordinated between owners Meritex and NGP Lafayette Portfolio Owners Corp. The sellers cooperated in the joint marketing, contract negotiations, due diligence coordination and final closing for the entire portfolio. Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver of CBRE represented Meritex and NGP. Meritex has been retained by the buyer as property manager for the entire portfolio. Fred Koehler, asset manager for Meritex, will be responsible for park management.
BLAINE, MINN. — Grandbridge Real Estate Capital has arranged a $3 million first mortgage loan for a 60-unit apartment complex in Blaine. The fully occupied property features a mix of one-, two, and three-bedroom units. Tony Carlson of Grandbridge’s Minneapolis office originated the 15-year, fixed-rate loan with a 25-year amortization schedule through an unnamed life insurance company. The loan required no personal guaranty for the undisclosed borrower, which plans to use the loan proceeds to retire existing recourse debt.
MAPLEWOOD, MINN. — Mid-America Real Estate Corp. – Minnesota LLC has brokered the $27.4 million sale of Birch Run Station in Maplewood, a suburb of Minneapolis. Greenwood Village, Colo.-based GDA Real Estate purchased the 278,347-square-foot retail center. Birch Run Station is located at the northwest quadrant of Beam Avenue and Southlawn Drive and is adjacent to the Maplewood Mall. Marshalls, Jo-Ann Stores, Burlington Coat Factory, Herberger’s and Dollar Tree anchor the shopping center. Joe Girardi and Rick Drogosz of Mid-America Real Estate represented the seller, Los Angeles-based RPD Catalyst.
MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.
Dotted with construction cranes, Minneapolis’ skyline tells the story of economic growth the likes of which hasn’t been seen in almost a decade. Record-shattering investments in office space and in employee satisfaction speak to the confidence companies have in the accelerating Twin Cities market. This renewed corporate confidence is buoyed by the lowest unemployment rate of any U.S. metro area with a population greater than 700,000, and is evident by the increasing number of long-term lease commitments (seven-plus years) to the Twin Cities market. The office sector began picking up — first with local investors and now with national investors — soon after the opening of a new baseball stadium for the Minnesota Twins in 2010, which kick-started a rash of high-end, urban multifamily developments. The current multifamily boom in the Twin Cities is expected to bring nearly 10,000 units to the residential market in the coming years. Increasingly, people want to live, work and play downtown. Multifamily, retail and office developers are ramping up the quantity and quality of supply. An additional sign of growth is the $1 billion currently being invested in a new football stadium for the Minnesota Vikings. Renovation Ramps Up Class C office buildings accounted …