MINNESOTA — In a continued effort to slow the spread of COVID-19, Minnesota Gov. Tim Walz has extended the state’s stay-home order until Monday, May 4. The order will enable the state to continue key preparations for the pandemic. These preparations include building new hospital capacity and buying ventilators and masks, planning for how to protect those most at risk, expanding testing, and freeing up time for health care giants like the Mayo Clinic to develop critical treatments for the virus. The order also extends the closure of bars and restaurants and requires all workers to work from home if possible.
PRIOR LAKE, MINN. — Vincent Development has received approval from the city of Prior Lake for the development of Summers Ridge Senior Living. Comprising 40 units of assisted living and memory care, the senior living facility will be located at 4285 Fountain Hills Drive in Prior Lake, about 20 miles southwest of Minneapolis. Great Lakes Management will manage the one-story property, which will feature 24-hour support, private bedrooms and bathrooms, home-cooked meals, physical and mental exercises, outings and activities, housekeeping and laundry services.
LAKEVILLE, MINN. — Upland Real Estate Group Inc. has negotiated the sale of a 6,480-square-foot property net leased to Pep Boys in Lakeville, about 25 miles south of Minneapolis. The sales price was undisclosed, but the asset sold at a cap rate of 6.37 percent. The tenant, a franchisee known as The Pep Boys-Manny Moe & Jack of California, has more than eight years remaining on the lease and operates roughly 236 stores. There are approximately 1,000 Pep Boys locations nationwide.
MINNEAPOLIS — Target (NYSE: TGT) has unveiled new safety measures to help reduce the spread of coronavirus. Effective April 4, Target will actively monitor and, when needed, meter guest traffic in its nearly 1,900 stores nationwide to promote social distancing. Additionally, Target will supply its more than 350,000 employees in stores and distribution centers with face masks and gloves to wear at work, while continuing to encourage healthy hygiene habits as provided by the Centers for Disease Control and Prevention (CDC). These updates are on top of action the company has taken in recent weeks, such as rigorous cleaning routines at its stores and distribution centers, social distancing measures, Plexiglass partitions at registers and contactless order pickup. Minneapolis-based Target maintains nearly 1,900 stores nationwide.
ROBBINSDALE, MINN. — NAI Legacy has acquired Birdtown Flats as part of its Opportunity Zone investment strategy. Among the first completed ground-up developments in a Minnesota Opportunity Zone, Birdtown Flats opened for initial occupancy in February. It is located in Robbinsdale, just north of Minneapolis. The 152-unit community includes a rooftop deck, fitness center, business center, common area and dog walk. The Beard Group was the developer and Steven Scott Management is the property manager. CliftonLarsonAllen Wealth Advisors assisted in capital raising efforts. NAI Legacy’s Opportunity Zone program offers institutional-quality investments for investors, along with Opportunity Zone tax benefits. Since launching the program, the firm has completed four investments totaling approximately $50 million.
PIPESTONE, MINN. — The Rochester office of Kraus-Anderson has begun constructing a $28 million addition to Pipestone Elementary School in Southwest Minnesota. Designed by ISG Architects, the two-story, 85,940-square-foot project also includes interior renovations to the middle and high schools. Those improvements include security upgrades to the buildings and parking lot. The project is slated for completion in late summer 2021. In response to COVID-19, Kraus-Anderson says it has implemented stringent social distancing and other elevated safety protocol on construction job sites.
STILLWATER, MINN. — Dougherty Mortgage LLC has provided a $6.5 million Fannie Mae loan for the refinancing of Long Lake Villas in Stillwater, about 25 miles east of Minneapolis. The 59-unit affordable housing property consists of 10 buildings. The 12-year loan features a 30-year amortization schedule. Long Lake Villa LP was the borrower.
MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.
MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable seniors housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a project-based Section 8 HAP contract. Under this program, the rents are subsidized by HUD. The borrower is Trinity Limited Partnership. The property will receive $6.7 million in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co., an affiliate of Dougherty Mortgage, underwrote the bonds. This is the second transaction to close under the new HUD 221(d)(4) pilot program through Minneapolis. The term is 40 years plus construction period with a 40-year amortization.
ST. LOUIS PARK, MINN. AND FISHERS, IND. — NorthMarq has arranged two separate loans with different life insurance companies for two retail properties in Minnesota and Indiana. First, NorthMarq arranged an $18.3 million acquisition loan for Park Place Plaza in St. Louis Park. The 87,975-square-foot property consists of four multi-tenant retail buildings. The center was fully leased at the time of closing. Major tenants include PetSmart and Office Depot. The 10-year loan features a 25-year amortization schedule. The second loan totaled $4.8 million for the refinancing of Fishers Gateway Shops in Fishers. The 21,330-square-foot neighborhood shopping center, located at 9001 E. 116th St., was also fully leased at the time of closing. The 10-year loan features a 25-year amortization schedule. David Garfinkel of NorthMarq arranged both loans. He also secured a $19.5 million acquisition loan for a property in Washington on behalf of the same borrower.