APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Gaar Scott Historic Lofts in the North Loop neighborhood of Minneapolis for an undisclosed price. The property was originally built in 1885 and converted into multifamily units in 2001 with the assistance of historic tax credits. The six-story property features one-bedroom units with an average size of 900 square feet. There are also 4,000 square feet of commercial space. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Gaar Scott LP. Matthew Lawton, Scott Loving and Britta Lund of JLL arranged acquisition financing on behalf of the buyer, FPA Multifamily. North American Banking Co. provided the three-year, fixed-rate loan.
PLYMOUTH, MINN. — Marcus & Millichap has arranged the sale of Lakeview Commons in Plymouth for $11.3 million. Constructed in 1995, the 64-unit apartment community consists of four buildings. The asset is in the final two years of extended-use compliance under the Section 42 Low-Income Housing Tax Credit program. Scott Harris and Abe Roberts of Marcus & Millichap represented the seller, Heartland Properties Inc. The duo also procured the buyer, Glencrest Group, a California-based apartment owner that recently entered the Midwest market.
BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.
ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of Douglas Trail Townhomes in Rochester for $11.1 million. The 100-unit property is located at 5041 Weatherstone Circle NW. Built in 2001, the community features a playground, basketball court, laundry facilities and attached garages. Units range in size from 850 to 1,150 square feet. Chris Collins and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and procured the buyer, also a limited liability company.
MINNEAPOLIS — Workbox, a flexible office operator, has signed a 27,748-square-foot lease at Deluxe Plaza in downtown Minneapolis. The firm will open its new space on Wednesday, Nov. 2. The lease represents the fifth location for Workbox and its first outside of Chicago. Deluxe Plaza has recently undergone renovations and offers amenities such as a tenant lounge, rooftop deck, fitness center and training center. Larissa Bodine, Ann Rinde and Mark McCary of CBRE represented ownership, Franklin Street Properties. Ryan Cos. is the property manager.
ROCHESTER, MINN. — Northland has broken ground on a 194-unit expansion to SoRoc on Maine in Rochester. Northland acquired the 186-unit, garden-style community in February of this year. Once complete, the property will include 380 units across five buildings. Amenities will include a pool, green area, three fitness centers, clubhouse with private event space and a commercial kitchen. Northland is partnering with several local companies on the project, including Miller Architects & Builders. Minnwest Bank provided $28 million in construction financing. Completion is slated for early 2024.
MINNEAPOLIS — CBRE has brokered the sale of a four-property, value-add multifamily portfolio in Minneapolis for an undisclosed price. Grannes Properties LLC sold the portfolio to two separate buyers. Webdigs LLC purchased a 14-unit building at 3710 Minnehaha Ave. Millennial Properties LLC acquired a 12-unit property at 315 University Ave. SE, a six-unit building at 3505 22nd Ave. and an 11-unit property at 420 73rd St. The assets were built in the 1960s and were fully occupied at the time of sale. Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.
MINNEAPOLIS — CBRE has arranged a joint venture partnership between Capital Partners and Eagle Realty Group on a five-building industrial portfolio totaling 627,980 square feet in metro Minneapolis. Two of the newly constructed buildings are fully occupied, while the remaining three are still under construction. Judd Welliver and Bentley Smith of CBRE arranged the partnership on behalf of their client, Minneapolis-based Capital Partners. There is potential for a second phase of the partnership with an additional 550,000 square feet of development.
PLYMOUTH, MINN. — Marcus & Millichap has brokered the $11.3 million sale of a 64-unit townhome rental property in the Twin Cities suburb of Plymouth. Built in 1995, the property is situated along 18th Avenue near Parker Lake. Abe Roberts and Scott Harris represented the buyer and seller, neither of which were disclosed.
