WEST ST. PAUL, MINN. — JLL Capital Markets has provided a $34.6 million Fannie Mae loan for the refinancing of Savor Apartments in West St. Paul. The 200-unit, mid-rise apartment complex was built in 2022. Amenities include an entertainment suite, community room, game room, coffee bar, rooftop lounge and sky deck, fitness center and work-from-home suites. Scott Streiff and Scott Loving of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Roers Cos.
DOWNERS GROVE, ILL. — The Opus Group has opened Dash Downers Grove, a 167-unit apartment complex in the Chicago suburb of Downers Grove. The seven-story, 259,000-square-foot building is located at 926 Maple Ave. Residents have started moving in. Amenities include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, outdoor pool, pet spa, outdoor dog run and gaming areas. Monthly rents start at $1,917. As part of the development, Opus is providing 71 dedicated covered parking spaces to neighboring First Baptist Church of Downers Grove. Opus served as developer, design-builder, interior designer, architect and structural engineer. Greystar is the property manager. Opus has completed 15 projects in Downers Grove over the last 40 years.
ST. PAUL, MINN. — Colliers Mortgage has provided an $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul. The Section 8 multifamily property features 104 one- and two-bedroom units. Amenities include onsite laundry, a playground, community patio and leasing office. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. The 40-year loan features a 40-year amortization schedule. Sherman Forbes Housing Partners LLC, an affiliate of Vitus Group LLC, was the borrower.
MINNEAPOLIS — CBRE has arranged the $225 million sale of the office component of RBC Gateway Tower, a newly constructed mixed-use development located at 250 Nicollet Mall in Minneapolis. The portion acquired by San Francisco-based Spear Street Capital includes 525,000 square feet of office space, a ground-floor office lobby and 296 below-grade parking spaces. Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene and Harrison Wagenseil of CBRE represented the seller, United Properties, in the transaction. The office portion of the property was 99 percent leased at the time of sale to six tenants including RBC Capital Markets, United Properties and Pohlad Cos. The 1.2 million-square-foot tower also includes the 222-room Four Seasons Hotel Minneapolis — Minnesota’s first five-star hotel, according to CBRE — and 34 luxury Four Seasons Private Residences on the uppermost floors. Three restaurants are also on-site, including a full-service restaurant and bar, Mara, and Socca Café. “RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities,” says Watts of CBRE. “Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends.” Minneapolis-based United Properties …
MAPLE GROVE, MINN. — MAS HVAC has signed a 150,000-square-foot industrial lease at Building VI within Arbor Lakes Business Park in the Minneapolis suburb of Maple Grove. The tenant plans to occupy the space beginning in January for its new headquarters, manufacturing and logistics operations. The build-out also includes 15,000 square feet of office space. Brent Masica of Cushman & Wakefield represented the tenant, which moved to the Minneapolis market four years ago.
MINNEAPOLIS — A joint venture between PCCP and Capital Partners has acquired a six-building light industrial portfolio totaling 690,742 square feet in Minneapolis for an undisclosed price. The properties, built between 2001 and 2014, are 91 percent leased to 15 tenants with an average size of 38,400 square feet and a weighted average lease term of 6.3 years. The portfolio was previously under institutional ownership. Peter Mork and Jason Simek, managing partners of Capital Partners, helped design, develop and lease the portfolio throughout the early 2000s when they previously worked for CBRE.
MINNEAPOLIS — Northmarq has provided a $21.7 million Freddie Mac loan for the refinancing of Oaks Minnehaha Longfellow, a 179-unit apartment community in Minneapolis. Built in 2020, the property is situated near Minnehaha Regional Park. Mike Padilla of Northmarq originated the five-year loan, which features three years of interest-only payments and a 35-year amortization schedule.
DAYTON, MINN. — Kraus-Anderson has completed construction of a 17,200-square-foot rental store for Ziegler Cat at 18171 Territorial Road in Dayton, a far north suburb of Minneapolis. One of Caterpillar’s largest dealers in North America, Ziegler is expanding its equipment sales, rental and repair services in central Minnesota. Ziegler sells and services Cat construction, paving, forestry, mining equipment, trucks, generators and industrial engines. Designed by CNH Architects, the two-story property replaces a former building.
MINNEAPOLIS — Drive Shack Inc., an owner and operator of golf-related leisure and entertainment businesses, will open Puttery Minneapolis this Friday, July 21. Located in the city’s North Loop, the adults-only, 20,265-square-foot venue features several bar and lounge areas as well as three nine-hole putting courses. Each putting course has its own theme. At the Minneapolis location, the themes include: art museum, conservatory and library. Each course features décor reminiscent of its theme. Puttery currently operates in The Colony, Texas; Charlotte, N.C.; Washington, D.C.; Houston; Chicago; and Pittsburgh.
MINNEAPOLIS — Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan for the rehabilitation of a 57-unit affordable housing portfolio in Minneapolis. The portfolio is comprised of two properties: Talmage Green (26 units), and Oakland Square (31 units). All the units are covered by project-based Section 8 Housing Assistance Payments (HAP) contracts, which have been renewed with 20-year terms. The portfolio is comprised of a variety of walk-up units, townhome units and single-family units. The properties will undergo $8.1 million in renovation work, including dwelling unit and community space upgrades. In addition to the 40-year HUD loan, the project will utilize 4 percent low-income housing tax credits and tax-exempt bonds. David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. Talmage Oakland LP was the borrower. Trellis Management Co. will continue to serve as property manager.
