MINNEAPOLIS — Lupe Development Partners plans to break ground on an affordable housing project in the Whittier neighborhood of Minneapolis this spring. The start date for construction was unveiled after Lupe received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.4 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. The first of the two buildings will be located at 410 W. Lake St. and will include 111 affordable housing units. Nine of the units will be reserved for homeless veterans. Construction of Phase II, an identical building, is slated for 2020. To be eligible for housing, residents must meet income restrictions of $30,000 to $42,000 per year. Located close to the Midtown Greenway, the development will feature a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks and a bike room with a repair station.
MINNEAPOLIS — A joint venture between a subsidiary of Los Angeles-based Tutor Perini Corp. (NYSE: TPC) and Minnesota-based C.S. McCrossan has been awarded a $799.5 million construction contract from the Metropolitan Council for the Southwest Light Rail Transit project in Minneapolis. According to local media sources, the project carries a total price tag of about $2 billion, about half of which stems from federal funding. In addition, the project could create as many as 7,500 construction jobs. As the largest public infrastructure deal in Minnesota’s history, the regional project will deliver a 14.5-mile extension of the METRO Green Line. In addition to new light rail infrastructure, the project will deliver 44 bridges, two cut-and-cover tunnels and 16 new light rail stations. The new line will connect the southwestern suburb of Eden Prairie to downtown Minneapolis. New rail stations will also service the suburbs of Edina, Hopkins and Minnetonka. “This news is long-awaited and hard-earned,” Minnesota Gov. Mark Dayton said last week. “The Southwest Light Rail Transit project is a critical economic development project. When complete, it will improve many thousands of lives from Eden Prairie to North Minneapolis. It will create new jobs, reduce highway congestion, and better connect Minnesotans to one …
MINNETONKA, MINN. — KeyBank Real Estate Capital has originated $39.5 million in construction financing for Legends of Minnetonka, an affordable housing property in Minnetonka. The project will consist of six stories and 262 age-restricted units. All of the units will be restricted to those earning up to 60 percent of the area median income. KeyBank provided a $32.4 million Freddie Mac tax-exempt loan and a taxable tail of $7.1 million. Jeff Rodman of KeyBank originated the fixed-rate financing. Upon conversion, the permanent loan will have a 15-year term and a 35-year amortization schedule.
MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.
GOLDEN VALLEY AND HOPKINS, MINN. — A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners has acquired a four-building office portfolio in suburban Minneapolis. The purchase price was not disclosed. The properties include the three-building Golden Hills Business Park in Golden Valley and Westside Business Park in Hopkins. Together, the buildings span 374,942 square feet and are 93 percent leased. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private real estate fund.
APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.
FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.
OAKDALE, MINN. — Summerhill Commercial Real Estate LLC has arranged the $8 million sale of a 109,444-square-foot warehouse in Oakdale, about 20 miles east of Minneapolis. Built in 1998, the property features a clear height of 24 feet, 13 dock doors and one drive-in door. RR Donnelly and Sky Zone fully occupy the property on net leases. Andy Richards and Peter Kordonowyof Summerhill represented the buyer, STAG Industrial Holdings LLC. Mark Young and John Higgins of Crossroads Properties Inc. represented the undisclosed seller.
MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired the Lafayette Park Office Campus in metro Minneapolis. The purchase price was $86.4 million, according to the Minneapolis/St. Paul Business Journal. The four office buildings total 677,514 square feet and are fully leased to the state of Minnesota. The properties have served as the headquarters for four state agencies since the mid-1980s. Ladder Capital, a New York-based real estate investment trust, was the seller.
WASHINGTON, D.C. — SIOR Foundation has announced Aaron Barnard as its new president for the 2018-2019 term. The transition from current president Bill Ginder to Barnard occurred last week at the Society of Industrial & Office Realtors (SIOR) Fall World Conference in Denver. Barnard is a veteran broker in Minneapolis with Cushman & Wakefield and specializes in investment analysis, tenant and landlord representation. Additional 2018-2019 SIOR Foundation officers are President-Elect Chris Curtis (Nugent Curtis Real Estate), Vice President Albert McNeel (Endura Advisory Group) and Treasurer Stan Kleweno (Transpacific Investments). New SIOR Foundation Trustees who began three-year terms at the latest conference include Nancy Morse (Newmark Knight Frank), Jack O’Donoghue (Grant Street Associates/Cushman & Wakefield Alliance), Adrian Arriaga (AAA Real Estate & Investments), Robert Horn Jr. (JLL), Jesse Laikin (Lee & Associates) and Peter Richardson (Primera Cos.). As the largest association of commercial real estate brokers, Washington, D.C.-based SIOR Foundation promotes and funds programs that advance the real estate profession through educational scholarships, research projects, publishing and development of real estate curricula for higher education.