Minnesota

Dougherty Mortgage Provides $20.7M HUD Loan for Refinancing of Affordable Housing Property Near Minneapolis

by Kristin Harlow May 26, 2020

ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has provided a $20.7 million HUD 221(d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable housing property in St. Louis Park, just west of Minneapolis. All 100 units will be covered by a project-based Section 8 HAP contract. The property will undergo $4.7 million in renovations, including replacement of certain mechanical, plumbing and electrical systems and upgraded lighting. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC, an affiliate of Dougherty Mortgage, underwrote the bonds. The 40-year loan is fully amortized. Oak Park Village Partners LP was the borrower.

May 26, 2020

Development Midwest Minnesota Multifamily

Miller Architects & Builders Breaks Ground on 105-Unit Luxury Apartment Complex in Minnesota

by Kristin Harlow May 22, 2020

ST. CLOUD, MINN. — Miller Architects & Builders has broken ground on Encore on the Park Apartments, a 105-unit luxury apartment complex in St. Cloud, about 65 miles northwest of Minneapolis. Located next to Heritage Park, the three-story project will include a courtyard, walking path and parking garage. The ground floor will house a mail center, community room and fitness center. The second and third floors will include a business center, yoga room and game room. Completion is slated for summer 2021.

May 22, 2020

Midwest Minnesota Retail

Target Releases First-Quarter Earnings, Experiences Surge in Digital Sales

by Kristin Harlow May 20, 2020

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.

May 20, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges Sale of 21,178 SF Office, Retail Building in Minnesota

by Kristin Harlow May 12, 2020

ST. CLOUD, MINN. — KW Commercial has arranged the sale of Northway Court Center in St. Cloud, about 65 miles northwest of Minneapolis. Located at 1501 Northway Drive, the 21,178-square-foot building is home to a variety of retail, office and restaurant tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Northway Retail Partners LLC. The seller and sales price were not disclosed.

May 12, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners Completes Exterior Construction of Affordable Housing Project in Minneapolis

by Kristin Harlow May 11, 2020

MINNEAPOLIS — Lupe Development Partners has topped off the sixth floor and completed exterior construction of its Lake Street Dwelling project in the Uptown neighborhood of Minneapolis. The leasing office is now open, and residents are expected to begin move-ins in November. Lake Street Dwelling is the first phase of a mixed-income housing campus under development at the northeast corner of Lake Street and Harriet Avenue. Phase I includes 111 affordable housing units, with nine units reserved for homeless veterans. To qualify, residents will need to meet the annual income restriction of $30,000 to $42,000. Amenities will include a green roof, fitness facility, business center, community room and bike repair station. Frana Cos. is the general contractor. Lupe is partnering with Hennepin County and the nearby Ballentine VFW Post 246. Plans for phases II and III include a 132-unit market-rate building and a 95-unit affordable building.

May 11, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

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

by Kristin Harlow May 8, 2020

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.

May 8, 2020

Loans Midwest Minnesota Multifamily Student Housing

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

by Kristin Harlow May 7, 2020

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.

May 7, 2020

Development Healthcare Midwest Minnesota

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

by Kristin Harlow May 7, 2020

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.

May 7, 2020

Affordable Housing Development Midwest Minnesota Multifamily

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

by Kristin Harlow May 6, 2020

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.

May 6, 2020

Development Midwest Minnesota Multifamily

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

by Kristin Harlow April 28, 2020

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.

April 28, 2020

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