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LoansMidwestMinnesotaMultifamilySeniors Housing

Dougherty Mortgage Originates $6.7M Refinancing for Seniors Housing Property in Roseville, Minnesota

by Kristin Harlow

ROSEVILLE, MINN. — Dougherty Mortgage has provided a $6.7 million HUD loan for the refinancing of Roseville Seniors, a 127-unit affordable seniors housing property in Roseville. All of the units are restricted to elderly or disabled residents. The 35-year loan, which was the refinancing of an existing HUD loan through the Section 232 mortgage insurance program, is fully amortizing. The financing will enable the borrower, Good Neighbor Senior Apartments LP, to reduce its interest rate and mortgage insurance premium.

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LoansMidwestMinnesotaMultifamilyStudent Housing

Grandbridge Arranges $35.4M Refinancing for 199-Unit Multifamily Community Near University of Minnesota

by Kristin Harlow

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $35.4 million refinancing for The Arrow Apartments, a 199-unit multifamily community located near the University of Minnesota in Minneapolis. Chris Perry, Brett Olson and Joe Lindberg of Grandbridge originated the permanent, fixed-rate loan, which was funded through an undisclosed credit union. The financing offers an initial period of interest-only payments with a five-year term and 30-year amortization schedule. The Arrow Apartments offers shared amenities including a fitness center, multiple study rooms, a printing center, rooftop deck and a 24-hour fitness center.

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DevelopmentHealthcareMidwestMinnesota

Kraus-Anderson Completes Conversion of Former Kmart Store in Minnesota into Healthcare Space

by Kristin Harlow

WINONA, MINN. — Kraus-Anderson has completed the conversion of an 86,000-square-foot former Kmart store in Winona into healthcare space. The building, located at 1122 U.S. Highway 61, is now part of Gundersen Health System’s Winona campus. The building had been vacant since 2014. Set to open May 18, the primary care clinic will offer family and internal medicine, pediatrics, women’s health and imaging services. The facility will also house physical and occupational therapy as well as an eye clinic. HSR Associates Inc. designed the project.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Ryan Cos., PPL Close on Land Site for 136-Unit Affordable Housing Development in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Ryan Cos. US Inc., in conjunction with Project for Pride in Living (PPL), has completed the land acquisition for the development of a 136-unit affordable housing project in St. Paul. Phase I calls for 60 units of supportive housing for residents who earn 30 percent or less of area median income. Phase II will consist of 76 units of workforce housing. Construction on both phases is expected to begin in 2021. The next step is for PPL to submit a public funding application with Minnesota Housing in July.

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DevelopmentMidwestMinnesotaMultifamily

CEDARst Cos. to Develop 345-Unit Multifamily Complex in Minneapolis

by Kristin Harlow

MINNEAPOLIS — CEDARst Cos. has completed the acquisition of two adjoining historic properties and a land site in the North Loop of Minneapolis. The acquisition includes an eight-story, 275,000-square-foot warehouse, a five-story, 108,000-square-foot warehouse and an adjacent 32,000-square-foot surface lot. The company plans to develop the site into a 345-unit multifamily complex known as 6th and 3rd after its location at 6th Avenue and 3rd Street. The project will resemble the developer’s plans at The Duffey Lofts, also in the North Loop area. The development will feature 42,000 square feet of retail space in addition to the apartment units. A 20,000-square-foot amenity space will include a rooftop ice skating rink. The rink will be converted to a soccer field or other uses in the summer. Other amenities will include a bowling alley, swimming pool and coworking center. CEDARst expects to break ground in the fourth quarter of this year, with completion slated for summer 2022. A consortium led by the Martin Falk Paper Co. sold the site for $21.1 million. Pat Minea and Dan Trebil of NorthMarq arranged acquisition financing through First Western Bank & Trust. Lamar Newburn of Lee & Associates represented CEDARst in the transaction.

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AcquisitionsIndustrialMidwestMinnesota

JLL Brokers $7.4M Sale of Distribution Center in Metro Minneapolis

by Kristin Harlow

CANNON FALLS, MINN. — JLL Capital Markets has brokered the $7.4 million sale of a 200,000-square-foot distribution center in the Minneapolis-area community of Cannon Falls. The facility is net leased to Mauser Packaging Solutions, an industrial packaging conglomerate that has occupied the property since 2009. The building sits on nearly 17 acres at 100 Holiday Ave. Peter Bauman, Tivon Moffitt and Chris Hickok of JLL represented the undisclosed seller. A private foreign investor purchased the asset.

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IndustrialMidwestMinnesota

JBS Indefinitely Closes Pork Production Facility in Minnesota

by Kristin Harlow

WORTHINGTON, MINN. — In response to the COVID-19 pandemic, JBS USA has indefinitely closed its pork production facility in Worthington in Southwest Minnesota. The facility employs more than 2,000 workers and processes 20,000 hogs per day. JBS will wind down operations over the next two days with a diminished staff in order to ensure existing product in the facility can be used to support the food supply. The company will advise its Worthington team members to follow Gov. Tim Walz’s stay-at-home order until returning to work. JBS will continue to pay its team members during the plant closure. JBS operates more than 60 meat, poultry and prepared foods facilities across the country. As of Monday, April 20, there were 2,470 confirmed cases of COVID-19 and 143 deaths in Minnesota, according to the Minnesota Department of Health.

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LoansMidwestMinnesotaMultifamily

Dougherty Mortgage Provides $6.1M Refinancing for Multifamily Property in Minnesota

by Kristin Harlow

HERMANTOWN, MINN. — Dougherty Mortgage LLC has provided a $6.1 million Fannie Mae loan for the refinancing of Green Acres in Hermantown, a suburb of Duluth. Constructed in phases from 1991 to 2010, the 83-unit multifamily property includes 13 buildings. The 10-year loan features a 30-year amortization schedule. GMP Living Inc. was the borrower.

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AcquisitionsMidwestMinnesotaRetail

Hanley Investment Group Arranges $2.7M Sale of Bank of America-Occupied Property in Metro Minneapolis

by Kristin Harlow

BROOKLYN CENTER, MINN. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed building occupied by Bank of America in Brooklyn Center, a northern suburb of Minneapolis, for $2.7 million. The 4,370-square-foot property, which opened in late 2019, is situated on one acre at 2545 County Road 10. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, Minneapolis-based Told Development. Carlos Aguilar of Axia Real Estate Group represented the New Jersey-based private buyer.

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MidwestMinnesotaRetail

Best Buy Furloughs 51,000 Hourly Employees, Cuts Executive Salaries

by Kristin Harlow

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) has taken additional steps in response to the COVID-19 pandemic. Beginning April 19, the Minnesota-based company will temporarily furlough approximately 51,000 domestic hourly store employees, including nearly all part-time employees. Best Buy is retaining approximately 82 percent of its full-time store and field employees on its payroll, including the vast majority of in-home advisors and Geek Squad agents. Furloughed employees will maintain their health benefits at no cost to them for a minimum of three months. Also beginning April 19, some corporate employees will participate in voluntary reduced work weeks or voluntary furloughs. CEO Corie Barry will forego 50 percent of her base salary and the members of the board of directors will forego 50 percent of their cash retainer fees through at least Sept. 1. Company executives reporting directly to the CEO will take a 20 percent reduction in base salary through at least Sept. 1. Best Buy is also suspending its 401(k) company matching program. In order to assist employees financially impacted by the pandemic, Best Buy has partnered with its founder, Dick Schulze, to establish a $10 million employee assistance fund, available to all part- and full-time employees …

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