Minnesota

Landmark Properties to Develop 1,021-Bed Student Housing Community Near University of Minnesota

by Kristin Harlow February 2, 2023

MINNEAPOLIS — Student housing developer Landmark Properties is undertaking its first development project in Minnesota, a 1,021-bed student housing community located within walking distance of the University of Minnesota in Minneapolis. Named The Standard at Dinkytown, the project will offer several floor plans ranging from studios to five-bedroom units with 30 affordable housing units. Rental rates at the property will include cable, internet, trash and all furniture. Amenities will include an outdoor pool area with a jumbotron, sun deck, cabanas, outdoor grilling stations and rooftop hot tub as well as a fitness center, clubhouse, gaming lounge, study lounge and Amazon package lockers. Construction is expected to begin this year and be completed in fall 2025. The University of Minnesota enrolls more than 50,000 students each fall.

February 2, 2023

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $66M Luxury Apartment Tower in Downtown Minneapolis

by Kristin Harlow February 2, 2023

MINNEAPOLIS — Kraus-Anderson has completed construction of Moment, a $66 million luxury apartment tower developed by Sherman Associates in downtown Minneapolis. Designed by ESG Architecture & Design, the 222-unit project is located at 650 Portland Ave. The second floor of the 10-story building is home to Firefighters for Healing and its Transitional Healing Center for injured fighters and burn survivors. The center provides 12 suites for families awaiting a patient receiving care at nearby Hennepin Healthcare Burn Unit, a regional center for burn treatment. It also accommodates discharged patients as they transition before returning home. Amenities at Moment include a pool, sauna, hot tub, sports simulator, work-from-home space, rooftop lounge and underground parking. Energy usage for Moment is offset by energy production from a solar garden in Carver County. The project also features nearly 15,000 square feet of commercial space with skyway access. A Starbucks store is expected to open this spring. Monthly rents start at $1,657, according to the property’s website. The name Moment is derived from the phrase “live in the moment.”

February 2, 2023

Development Industrial Midwest Minnesota

Kraus-Anderson Completes Expansion, Renovation of Maintenance Facility for Ulland Brothers in Minnesota

by Kristin Harlow February 1, 2023

ALBERT LEA, MINN. — Kraus-Anderson has completed an expansion and renovation of Ulland Brothers’ maintenance facility at 2501 E. Main St. in Albert Lea, a city in southern Minnesota. Ulland Brothers is an excavating and paving contractor. Designed by DSGW Architects, the project features a 20,000-square-foot addition that houses a new wash bay, ancillary shop, repair bay, warehouse space, loading and receiving dock, welding bay, two welding rooms and a mechanical mezzanine. A 2,650-square-foot interior renovation of the existing facility consists of a new spare parts room, battery room, mechanical room and bathroom. The building also received exterior upgrades.

February 1, 2023

Affordable Housing Development Midwest Minnesota Multifamily

American Legion Post 435 Proposes $67.5M Redevelopment of Headquarters in Richfield, Minnesota

by Kristin Harlow January 30, 2023

RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.

January 30, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $6.8M Loan for Refinancing of Apartment Community in Buffalo, Minnesota

by Kristin Harlow January 26, 2023

BUFFALO, MINN. — Northmarq has provided a $6.8 million Fannie Mae loan for the refinancing of Evergreen Square Apartments in Buffalo, about 40 miles northwest of Minneapolis. The 78-unit apartment community, built in 1990, is located at 911 6th Ave. The three-story property features amenities such as laundry facilities and a playground. Mike Padilla of Northmarq originated the seven-year loan, which features a fixed interest rate and a 35-year amortization schedule.

January 26, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Arranges $9.5M Loan for Refinancing of Apartment Complex in Minneapolis

by Kristin Harlow January 25, 2023

MINNEAPOLIS — Northmarq has arranged a $9.5 million agency loan for the refinancing of Isles East and West, an 85-unit apartment complex in Minneapolis. Originally built in 1922, the property rises three stories and features laundry facilities, a courtyard and car charging stations. Mike Padilla of Northmarq arranged the five-year, fixed-rate loan, which features three years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.

January 25, 2023

Civic Development Midwest Minnesota

Ryan to Build New Basketball, Hockey Arena at University of St. Thomas in Minnesota

by Kristin Harlow January 20, 2023

ST. PAUL, MINN. — Ryan Cos. US Inc. will build the new Lee and Penny Anderson Arena at the University of St. Thomas in St. Paul. Ryan A+E Inc., Ryan’s design studio, is collaborating with Crawford Architects on the design of the multi-purpose arena and practice facilities, which will serve as the new home for the men’s and women’s hockey and basketball programs. The private university is transitioning to NCAA Division I athletics from Division III. The arena will also host commencement ceremonies, academic convocations, conferences, career fairs and other events for the university and broader community. Meyer Borgman Johnson will provide structural engineering services and IMEG Engineers will provide mechanical, electrical and plumbing engineering. Construction is scheduled to begin in 2024 and be completed in fall 2025. The university received a $75 million gift from Lee and Penny Anderson for the project. Lee Anderson sold APi Group, a conglomerate of construction and fire-protection businesses, for $3.5 billion in 2019, according to the Star Tribune.

January 20, 2023

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $12.5M Acquisition Loan for Multifamily Property in Rochester, Minnesota

by Kristin Harlow January 19, 2023

ROCHESTER, MINN. — Northmarq has provided a $12.5 million Freddie Mac loan for the acquisition of Timberland Heights in Rochester. The 147-unit multifamily property, built in 1975, is located at 1515 41st St. NW. Amenities include a fitness center, pool, clubhouse, playground and laundry facilities. Mike Padilla of Northmarq originated the 10-year loan, which features four years of interest-only payments and a 30-year amortization schedule. The borrower was not provided.

January 19, 2023

Acquisitions Industrial Midwest Minnesota Wisconsin

MAG Capital Partners Acquires Two Midwest Industrial Facilities in Sale-Leaseback

by Kristin Harlow January 17, 2023

LITCHFIELD, MINN. AND MONROE, WIS. — MAG Capital Partners LLC has acquired two industrial facilities totaling 205,410 square feet in Minnesota and Wisconsin in a sale-leaseback transaction with Monroe Truck Equipment Inc. The sales price was undisclosed. One of the properties totals 162,170 square feet and is located in Litchfield, Minn. The other spans 43,240 square feet and is situated in Monroe, Wis. Founded in 1958 in Wisconsin, Monroe Truck Equipment specializes in snow and ice control equipment, towing and service bodies. In 2021, the company joined Aebi Schmidt Group, a Switzerland-based infrastructure and terrain maintenance firm. Daniel Macks and Jonathan Wolfe of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Dallas.

January 17, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Schafer Richardson Receives $77M for New Affordable Housing Project in St. Paul

by Kristin Harlow January 16, 2023

ST. PAUL, MINN. — Minneapolis real estate development company Schafer Richardson has received more than $77 million in financing for the development of Soul, a mixed-use development in St. Paul with an affordable housing component. Multifamily financing provider Merchants Capital arranged the debt financing for Soul, securing a $33 million Merchants Bank of Indiana (MBI) construction loan, a $16.6 million MBI equity bridge loan and a $27.4 million Freddie Mac Tax-Exempt Loan to comprise the total $77 million. RBC Capital Markets served as the equity provider for the project. The City of St. Paul also contributed to the project through the allocation of American Rescue Plan Act funds and grants. Located at the intersection of Robert Street and Plato Boulevard, Soul will comprise 178 one-, two-, three- and four-bedroom units. Of the total 178 units, 23 three-bedroom and 12 four-bedroom apartments will be restricted at 30 percent area median income (AMI). These units will remain affordable at 30 percent AMI for 30 years. The remaining 143 units will be restricted to individuals earning 60 percent AMI or lower, and will remain so for 40 years. Soul will be constructed on a redevelopment site of a current city infill location, with all construction completed as …

January 16, 2023

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