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Minnesota

LoansMidwestMinnesotaMultifamily

Associated Bank Provides $67.5M Construction Loan for Rental Townhome Property in Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Associated Bank has provided a $67.5 million loan for the construction of Summerwell Maple Grove. The project will consist of 220 luxury rental townhomes in the Minneapolis suburb of Maple Grove. The two-story units will range in size from 1,187 to 1,996 square feet. Amenities will include a clubhouse, fitness center, yoga room, business center, outdoor pool, dog walk, playground, putting green and walking trails. The borrower, Greystar, plans to begin construction shortly. Completion is slated for this time next year. Edward Notz of Associated Bank handled the loan arrangements and closing. Loan terms were not provided.

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AcquisitionsIndustrialMidwestMinnesota

Westmount Realty Capital Acquires 316,752 SF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow

MINNEAPOLIS — Westmount Realty Capital has acquired the West Tech Industrial Portfolio in metro Minneapolis for an undisclosed price. The portfolio’s five buildings total 316,752 square feet and are located within the Twin Cities Medical Alley and Golden Triangle. The Plymouth buildings total 126,936 square feet and were constructed in 2001. The Eden Woods buildings were constructed in 1985 in Eden Prairie. Lastly, the Cedar building is a flex industrial facility spanning 65,484 square feet. The portfolio is 90 percent leased to 13 tenants across multiple industries such as aeronautics, defense, life sciences and technology. Westmount plans to make upgrades to the roofs and HVAC systems.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project

by Kristin Harlow

MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, conference room, community room, playground, outdoor promenade and patio space with grills. Reuter Walton Development was the borrower for the 40-year loan. Income restrictions for the units were not provided.

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AcquisitionsHospitalityMidwestMinnesotaMissouri

Three Walls Capital Purchases Hotel Portfolio in Minnesota, Missouri

by Kristin Harlow

EAGAN, MINN. AND FENTON AND ST. CHARLES, MO. — Three Walls Capital (TWC) has purchased a three-property hotel portfolio in Minnesota and Missouri for an undisclosed price. The hotels include the 89-room Staybridge Suites Eagan Airport in Eagan, the 94-room Extended Stay America St. Louis Fenton in Fenton, and the 94-room Candlewood Suites St. Louis St. Charles in St. Charles. Aimbridge Hospitality will manage the assets on behalf of TWC. Aimbridge manages more than 65 properties owned by TWC, which plans to acquire and develop 35 extended-stay hotels over the next 18 to 24 months.

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Affordable HousingLoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $11.2M Construction Loan for Minnesota Affordable Housing Complex

by Kristin Harlow

COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year term. Reuter Walton Development was the borrower.

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LoansMidwestMinnesotaMultifamilyStudent Housing

Northmarq Arranges $41.6M Loan for Refinancing of Minnesota Student Housing Property

by Kristin Harlow

MANKATO, MINN. — Northmarq has arranged a $41.6 million loan for the refinancing of The Grove at Mankato in Mankato, a city in southern Minnesota. The 524-unit student housing property is located at 200 Briargate Road. Andy Finn of Northmarq arranged the nonrecourse loan, which features a seven-year term, 30-year amortization schedule and three years of interest-only payments. A credit union provided the fixed-rate loan. The borrower was undisclosed.

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LoansMidwestMinnesotaMultifamilyStudent Housing

Northmarq Arranges $41.6M Loan for Refinancing of Minnesota Student Housing Property

by Kristin Harlow

MANKATO, MINN. — Northmarq has arranged a $41.6 million loan for the refinancing of The Grove at Mankato in Mankato, a city in southern Minnesota. The 524-unit student housing property is located at 200 Briargate Road. Andy Finn of Northmarq arranged the nonrecourse loan, which features a seven-year term, 30-year amortization schedule and three years of interest-only payments. A credit union provided the fixed-rate loan. The borrower was undisclosed.

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IndustrialLeasing ActivityMidwestMinnesota

Meritex Completes Redevelopment, Lease-Up of Industrial Building in Suburban Twin Cities

by Kristin Harlow

PLYMOUTH, MINN. — Meritex has completed the redevelopment and lease-up of Building One at Parkers Lake Commerce Center in the Twin Cities suburb of Plymouth. The three-building industrial complex totals 381,349 square feet. Meritex purchased the property in June 2021. Improvements to Building One include new entrances, façade, LED lighting and a new concrete truck court with 24 additional dock-high doors, two drive-in doors and additional parking. Stratasys, a polymer 3D printing solutions company, signed a seven-year lease for the entirety of the building, which spans 168,100 square feet. Jason Meyer and Brent Masica of Cushman & Wakefield represented Meritex in the lease transaction. Jim DePietro of CBRE represented Stratasys.

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IndustrialLeasing ActivityMidwestMinnesota

Meritex Completes Redevelopment, Lease-up of Industrial Building in Suburban Twin Cities

by Jaime Lackey

PLYMOUTH, MINN. — Meritex has completed the redevelopment and lease-up of Building One at Parkers Lake Commerce Center in the Twin Cities suburb of Plymouth. The three-building industrial complex totals 381,349 square feet. Meritex purchased the property in June 2021. Improvements to Building One include new entrances, façade, LED lighting and a new concrete truck court with 24 additional dock-high doors, two drive-in doors and additional parking. Stratasys, a polymer 3D printing solutions company, signed a seven-year lease for the entirety of the building, which spans 168,100 square feet. Jason Meyer and Brent Masica of Cushman & Wakefield represented Meritex in the lease transaction. Jim DePietro of CBRE represented Stratasys.

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DevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Completes $38.6M Multifamily Project in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Kraus-Anderson Development Co. has completed construction of MODA on Raymond, a $38.6 million multifamily project located at the corner of Raymond and University avenues in St. Paul. Designed by UrbanWorks Architecture, the development houses 220 market-rate apartment units and 2,314 square feet of commercial space. The six-story property is located one block from the Green Line station in the St. Anthony Park neighborhood. Units at MODA on Raymond range from 361 to 1,180 square feet. Amenities include a fitness center, outdoor courtyard, pool, clubroom, rooftop patio, convenience market, pet wash and dog run. Monthly rents start at $1,077 for studios.

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