Minnesota

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

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $4.8M Financing for Apartment Community in Eden Prairie, Minn.

by Danielle Everson October 23, 2014

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.

October 23, 2014

Midwest Minnesota

Mid-America Arranges 5,460 SF Retail Lease in Brooklyn Center, Minn.

by Danielle Everson October 22, 2014

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.

October 22, 2014

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $5.7M Refinancing for Apartment Complex in Hopkins, Minn.

by Danielle Everson October 9, 2014

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.

October 9, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Arranges $2.1M Fannie Mae Loan for Margaret Place

by Danielle Everson October 8, 2014

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.

October 8, 2014

Midwest Minnesota Retail

Shingobee Builders Inc. Begins Construction of Paradise Car Wash in Maple Grove, Minn.

by Danielle Everson October 6, 2014

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.

October 6, 2014

Midwest Minnesota Office

Meritex Brokers Sale of Office Building in St. Paul

by Danielle Everson October 6, 2014

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.

October 6, 2014

Loans Midwest Minnesota

Grandbridge Arranges $3M First Mortgage Loan for Apartment Complex in Blaine, Minn.

by John Nelson October 3, 2014

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.

October 3, 2014

Midwest Minnesota Retail

Mid-America Real Estate Corp. Brokers $27.4M Sale of Retail Center

by Danielle Everson October 2, 2014

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.

October 2, 2014

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