Minnesota

Greystone Provides $30.8M Freddie Mac Loan for Expansion of Affordable Housing Property Near Minneapolis

by Kristin Harlow July 28, 2020

BLOOMINGTON, MINN. — Greystone has provided a $30.8 million Freddie Mac loan for the refinancing and expansion of Village Club in Bloomington, about 10 miles south of Minneapolis. The loan, in combination with other capital sources, will be used to construct 172 new apartment units on land adjacent to the existing complex. Two new buildings will offer three- and four-bedroom floor plans and will be known as SoLo Apartments. Construction is slated to begin in August. Kyle Jemtrud of Greystone originated the loan on behalf of the borrower, Aeon. The 18-year loan features a fixed rate and a 40-year amortization. The existing 306 units at Village Club serve mixed-income residents, with more than half of the units restricted to residents who earn at or below 60 percent of the area median income (AMI). The remaining units are at or below 80 percent of the AMI. Two-thirds of the new units at SoLo will be affordable at or below 60 percent of the AMI and one-third will be at or below 80 percent AMI.

July 28, 2020

Development Midwest Minnesota Multifamily

Stahl Completes Renovation of 39-Story Apartment Tower in Minneapolis

by Kristin Harlow July 28, 2020

MINNEAPOLIS — Stahl has completed a renovation of The Carlyle in the historic Mill District of Minneapolis. Stahl remodeled all common areas, including the addition of a new club room, the expansion of the fitness area and a new studio for yoga and other classes. The 249 units received upgraded finishes and technology. ESG Architects served as architect for the project that began in September 2019. The Carlyle was originally built in 2007.

July 28, 2020

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $3M Sale of Aldi-Occupied Property in Metro Minneapolis

by Kristin Harlow July 23, 2020

CHASKA, MINN. — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of a 23,201-square-foot property occupied by Aldi in Chaska, a southwest suburb of Minneapolis. The single-tenant building is located at 110 Hazeltine Blvd., adjacent to the Hazeltine National Golf Club. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, TOLD Development Co. A Santa Barbara, Calif.-based private investor purchased the asset.

July 23, 2020

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $17.5M Expansion to Hutchinson Health Facility in Minnesota

by Kristin Harlow July 20, 2020

HUTCHINSON, MINN. — Kraus-Anderson has completed the construction of a 17,000-square-foot expansion for the Hutchinson Health facility in Hutchinson, about 60 miles west of Minneapolis. The $17.5 million project included 18 new medical, surgical and intensive care patient rooms. Wold Architects and Engineers designed the expansion. Hutchinson Health, classified as a Level 4 trauma center, offers a wide range of care from clinic services and outpatient procedures to inpatient care.

July 20, 2020

Loans Midwest Minnesota Multifamily

Greystone Provides $10.5M Refinancing for Multifamily Property in Mankato, Minnesota

by Kristin Harlow July 17, 2020

MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.

July 17, 2020

Development Midwest Minnesota Retail

Kraus-Anderson Completes $58M Retail Sporting Goods Store for Scheels in Eden Prairie, Minnesota

by Kristin Harlow July 16, 2020

EDEN PRAIRIE, MINN. — Kraus-Anderson has completed construction of a 250,000-square-foot retail sporting goods store for Scheels at Eden Prairie Center in Minnesota. Designed by R.L. Engebretson Architecture, the $58 million, two-story store includes a 16,000-gallon saltwater aquarium, 45-foot-tall Ferris wheel as well as a Ginna’s Café and Fuzziwig’s Candy Factory. Scheels will offer a selection of sports, fashion and footwear. The sport shoe, hiking boot and casual footwear section is the largest in the region. The new store is expected to employ approximately 400 people. Scheels maintains a portfolio of 28 stores in 13 states.

July 16, 2020

Development Midwest Minnesota Mixed-Use Top Stories

Ryan Cos. Breaks Ground on Massive Mixed-Use Redevelopment of Former Ford Plant in St. Paul

by Alex Tostado July 16, 2020

ST. PAUL, MINN. — Ryan Cos. has broken ground on the redevelopment of a 122-acre former Ford plant in St. Paul’s Highland Park neighborhood. Named Highland Bridge, the project has a focus on residential, featuring seniors housing, market-rate multifamily housing and 760 units of affordable housing, as well as for-sale row homes. In addition to the project’s 3,800 housing units, Highland Bridge is slated to include 150,000 square feet of retail space, 265,000 square feet of office space and 50,000 square feet of civic or institutional spaces. More than 55 acres of public space will include four new parks, biking and walking paths and two little league fields. Ryan Cos. completed the purchase of the former Ford plant in December 2019. Ford began production of the Model T at the site in 1925, but the plant closed in 2011. Total project costs for the redevelopment were not disclosed. An estimated 14,500 construction jobs will be created for the project. Once complete, an estimated 1,000 employees will be employed at the site. “We’ve paid particular attention to what makes Highland Park special, and our goal is to uphold those unique qualities, to expand upon them, and to create a place where …

July 16, 2020

Development Industrial Midwest Minnesota Self-Storage

Metro Storage to Develop 908-Unit Self-Storage Facility in Coon Rapids, Minnesota

by Kristin Harlow July 13, 2020

COON RAPIDS, MINN. — Metro Storage LLC has purchased a parcel of land at 3021 124th Ave. in Coon Rapids and has started construction on a 908-unit self-storage facility at the site. The climate-controlled facility will span 95,000 rentable square feet. Heated and drive-thru storage options will be available. An office space will showcase security features and provide a selection of moving boxes, packing supplies and locks. Completion is slated for spring 2021. Located along the Mississippi River, Coon Rapids is a northern suburb of Minneapolis. This is the eighth location for Metro Storage in the Minneapolis market.

July 13, 2020

Civic Development Midwest Minnesota

Kraus-Anderson Completes $70M Renovation, Expansion of Science Facilities at Minnesota’s Gustavus Adolphus College

by Kristin Harlow July 7, 2020

ST. PETER, MINN. — Kraus-Anderson Construction Co. has completed a $70 million renovation and expansion of Nobel Hall of Science at Gustavus Adolphus College in St. Peter, about 70 miles southwest of Minneapolis. Nobel Hall houses the departments of biology, chemistry, geography and geology, along with interdisciplinary programs in biochemistry, molecular biology and environmental studies. Designed by Hastings+Chivetta, the 182,828-square-foot project nearly doubled the building’s footprint. A lobby and laboratory theater connects Nobel Hall to the Schafer Fine Arts building. The project also added new research and teaching laboratories, offices, classrooms and meeting rooms as well as a museum, greenhouse and auditorium.

July 7, 2020

Acquisitions Affordable Housing Midwest Minnesota Multifamily

JLL Arranges $17.4M Sale of Affordable Housing Property in Duluth, Minnesota

by Kristin Harlow July 1, 2020

DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.

July 1, 2020

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