Minnesota

Lupe Development Breaks Ground on 200-Unit Seniors Housing Campus in Minneapolis

by Kristin Harlow July 20, 2022

MINNEAPOLIS — Lupe Development has broken ground on a 200-unit seniors housing campus in the Bryn Mawr neighborhood of Minneapolis named Wirth on the Woods. The project will consist of 100 affordable units within a six-story building named The Theodore as well as 100 market-rate units in a separate six-story building named The Eloise. Residents of the buildings will share amenities, including an outdoor courtyard, garden and walking trails. Ecumen will serve as manager. Completion is slated for late summer 2023. The project received funding from the Raymond James Tax Credit Fund and Raymond James Housing Opportunities Fund, the City of Minneapolis, Hennepin County, the Metropolitan Council, the Minnesota Housing Finance Agency, Great Southern Bank and Minneapolis Public Schools.

July 20, 2022

Acquisitions Industrial Midwest Minnesota

Schafer Richardson Acquires 106,663 SF Flex Industrial Building in Hopkins, Minnesota

by Kristin Harlow July 20, 2022

HOPKINS, MINN. — Schafer Richardson has acquired a 106,663-square-foot flex industrial building in Hopkins, a western suburb of Minneapolis. The purchase price was undisclosed. Named Excelsior Industrial Center, the property is located just off Minnesota State Highway 169 and is nearly 98 percent leased to multiple tenants. Originally constructed in 1955, the building features a clear height of 20 feet. Judd Welliver and Bentley Smith of CBRE represented the seller, The Beard Group.

July 20, 2022

Development Loans Midwest Minnesota Multifamily

CEDARst Closes $170M in Capital to Develop Apartment Project in Minneapolis

by Kristin Harlow July 19, 2022

MINNEAPOLIS – CEDARst Cos., a national multifamily developer, has closed $170 million in capital with plans to develop 358 apartment units above 40,000 square feet of retail space along North Sixth Avenue in the North Loop neighborhood of Minneapolis. CEDARst has invested nearly $250 million of capital in the North Loop over the past two years, having successfully developed the Duffey, its first development in the submarket consisting of 188 apartment units, located at the corner of North Sixth and North Washington avenues. CEDARst’s second development, Duffey 2.0, consists of both an adaptive reuse and ground-up component. It is located within a landmark overlay and required approval from the National Park Service for the procurement of historic tax credits at the state and federal level. This represents CEDAR’s seventh tax credit development. In addition to syndicating over $30 million of tax credits, CEDARst partnered with ULLICO on a $101 million construction loan and Pearlmark on a $12 million structured finance investment. The remaining $27 million was CEDARst equity. Pat Minea and Dan Trebil of Northmarq arranged the financing on behalf of CEDARst. CEDARst has already broken ground and plans to complete the development by the end of 2023. BKV is …

July 19, 2022

Development Industrial Midwest Minnesota

CRG Begins Development of 1 MSF Spec Warehouse in Suburban Minneapolis

by Kristin Harlow July 18, 2022

DAYTON, MINN. — CRG has begun development of The Cubes at French Lake, a 1 million-square-foot speculative warehouse in the Minneapolis suburb of Dayton. Located at 11500 Lawndale Lane near the intersection of County Road 81 and Dayton Parkway, the project will be the largest speculative industrial development in Minnesota, according to CRG. Completion is slated for 2023. The facility will feature a clear height of 40 feet, 652 parking spaces, a 185-foot truck court, 231 trailer parking spaces, 169 dock doors, four drive-in doors and 60-foot speed bays. CRG affiliate Lamar Johnson Collaborative designed the project, while CRG’s parent company Clayco will serve as general contractor. Chris Garcia and Grace McGuire of Lee & Associates are marketing the project for lease.

July 18, 2022

Civic Development Midwest Minnesota

Contegrity Group Completes Construction of Wright County Government Center in Buffalo, Minnesota

by Kristin Harlow July 15, 2022

BUFFALO, MINN. — Contegrity Group has completed construction of the Wright County Government Center in Buffalo, about 42 miles northwest of Minneapolis. BKV Group designed the four-story, 222,538-square-foot building, which is located on the same campus as the county’s law enforcement and justice centers. Parking has been reconfigured to be closer to each building and expanded from 275 to 1,600 total spaces. BKV Group provided planning and pre-development services and led all architecture, structural, mechanical and electrical engineering, interior design and landscape architecture.

July 15, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $16.5M HUD-Insured Loan for Refinancing of Minnesota Apartment Complex

by Kristin Harlow July 14, 2022

OTSEGO, MINN. — Colliers Mortgage has provided a $16.5 million HUD 223(f) loan for the refinancing of Rivers Edge Apartments in Otsego, a northwest suburb of Minneapolis. The 97-unit apartment complex was built in 2020. Amenities include a community room, fitness studio, picnic areas and onsite maintenance. The loan features a 35-year term and a 35-year amortization.

July 14, 2022

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Arranges $40M Loan for Refinancing of Minnesota Apartment Community

by Kristin Harlow July 12, 2022

CHAMPLIN, MINN. — Northmarq has arranged a $40 million loan for the refinancing of The Bowline at Mississippi Crossings in Champlin, a northern suburb of Minneapolis. The 212-unit luxury apartment community is located at 220 E. River Parkway. The property features views of the Mississippi River along with a pool, theater, coworking lounge, coffee bar and fitness studio. The Bowline is part of the larger master-planned development known as Mississippi Crossings. Monthly rents at The Bowline, which opened this year, average $1,905, according to Apartments.com. Patrick Minea of Northmarq arranged the fixed-rate, seven-year loan. A life insurance company provided the loan for the borrower, Minneapolis-based Greco.

July 12, 2022

Acquisitions Midwest Minnesota Office Top Stories

Cushman & Wakefield Arranges Sale of 1.7 MSF Normandale Lake Office Park Near Minneapolis

by Taylor Williams July 11, 2022

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of Normandale Lake Office Park, a 1.7 million-square-foot complex in the southern Minneapolis suburb of Bloomington. The price was not disclosed, but the property sold for $370 million when last it traded hands in 2014, according to the Star Tribune. David Knapp, Jeremiah Olsen, Tom O’Brien, Avery Ticer, Sam Maguire, Dan Phoel and Adam Spies of Cushman & Wakefield represented the seller, a partnership between insurance giants MetLife Investment Management and Allstate, in the transaction. The buyer was New York City-based Opal Holdings. Normandale Lake Office Park consists of five buildings that were developed between 1983 and 2009. The structures vary in height from 11 to 17 stories and range in size from 242,598 to 467,016 square feet. Amenities include a wellness center, fitness center with locker rooms, multiple conference rooms, heated executive parking structures and walking and biking trails. In addition, the development offers several services for tenants, such as a floral shop, childcare center, car wash and hair salon. Normandale Lake Office Park is also home to a fine dining restaurant, two casual dining concepts and a Caribou Coffee location. At the time of sale, the property was 91 …

July 11, 2022

Development Midwest Minnesota Multifamily

CEDARst Completes Adaptive Reuse of Former Paper Plant in Minneapolis into 188 Apartments

by Kristin Harlow July 7, 2022

MINNEAPOLIS — CEDARst Cos. has completed the transformation of the former C.J. Duffey Paper Co. site in Minneapolis into a 188-unit apartment development named The Duffey. The adaptive reuse project converted three historic warehouses into market-rate apartment units along with 22,700 square feet of retail space and 10,300 square feet of amenity space. All three buildings are situated within the Minneapolis Warehouse Historic District, which is listed on the National Register of Historic Places. Prior to the redevelopment, the buildings had sat vacant for nearly 15 years. BKV Group provided planning and pre-development services for the project and led all engineering, architecture and landscape architecture. Amenities include a rooftop deck, fitness center, clubroom and The Crane Room, which offers coworking space, a coffee shop and concierge services. The project, which utilized state and federal historic preservation tax credits, was designed to adhere to all requirements of the Minnesota State Historic Preservation Office and National Park Service. BKV is working with CEDARst on a similar project in the area named Duffey II.

July 7, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $26.4M HUD-Insured Loan for Multifamily Conversion Project in Minnesota

by Kristin Harlow July 5, 2022

DULUTH, MINN. — Colliers Mortgage has provided a $26.4 million HUD 221(d)(4) loan for the acquisition and rehabilitation of the historic Duluth Central High School in Minnesota. The 128-year-old building will be transformed into a 122-unit, mixed-income multifamily development known as Zenith. Amenities will include a gym, community lounge, game den, golf simulator, library, package room, patio and coworking area. The loan features a 40-year term and a 40-year amortization schedule. An entity doing business as Saturday Zenith LLC was the borrower.

July 5, 2022

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