Minnesota

Brickstone Partners, KMK Capital to Develop 200-Unit Apartment Community in Minneapolis

by Kristin Harlow December 4, 2018

MINNEAPOLIS — Brickstone Partners Inc. and KMK Capital, in partnership with Deutsche Finance America, are developing LakeHaus, a 200-unit apartment community on Lake Calhoun in Minneapolis. The eight-story project will be situated on a 1.7-acre site at 3100 W. Lake St. The unit mix includes 36 studios, 85 one-bedroom units, 74 two-bedroom units and five penthouses. Amenities will include a rooftop swimming pool, clubroom, fitness center, lobby with coffee bistro, courtyards and grilling stations. Completion is slated for 2020. Kristian Lichtenfels, Josh Simon, Stella Pappas and Jules Sherwood of HFF arranged a construction loan through a national bank. The team also arranged mezzanine financing through EverWest Real Estate Partners. The development is valued at more than $119 million, according to HFF.

December 4, 2018

Acquisitions Midwest Minnesota Multifamily

JRK Investors Acquires 698-Unit Apartment Community in Richfield, Minnesota

by Kristin Harlow November 30, 2018

RICHFIELD, MINN. — JRK Investors Inc. has acquired The Concierge, a 698-unit apartment community in Richfield. The purchase price was not disclosed. The property is located at 7600-7720 Penn Ave. in suburban Minneapolis. Originally built in 1968, the property spans six buildings and 457,620 square feet. Amenities include a pool, sun deck, fitness center, golf simulator and rock climbing wall. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, MSP Crossroads Apartments LLC.

November 30, 2018

Development Industrial Midwest Minnesota

Opus, Hillcrest Complete 161,000 SF Industrial Build-to-Suit in Minneapolis Suburb

by Kristin Harlow November 28, 2018

COTTAGE GROVE, MINN. — The Opus Group and Hillcrest Development LLLP have completed a 161,000-square-foot industrial build-to-suit on behalf of North Star Sheets in Cottage Grove. The producer of corrugated paper products will occupy the entire facility for its manufacturing needs. The rail-served building is the first within a 38-acre industrial development known as Southeast Industrial Park that is located just south of Highway 61. Hillcrest owns the site.

November 28, 2018

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development to Break Ground on Affordable Housing Project in Minneapolis This Spring

by Kristin Harlow November 27, 2018

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.

November 27, 2018

Civic Development Midwest Minnesota Top Stories

Tutor Perini, C.S. McCrossan Awarded $799.5M Light Rail Project in Minneapolis

by Taylor Williams November 19, 2018

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 …

November 19, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

KeyBank Originates $39.5M Construction Financing for Affordable Housing Project in Minnetonka, Minnesota

by Kristin Harlow November 13, 2018

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.

November 13, 2018

Acquisitions Midwest Minnesota Office Wisconsin

R2, Skydeck Acquire 11-Building Office Portfolio in Minneapolis, Milwaukee

by Kristin Harlow November 9, 2018

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.

November 9, 2018

Acquisitions Midwest Minnesota Office

Artemis, Eagle Ridge Acquire 374,942 SF Office Portfolio in Suburban Minneapolis

by Kristin Harlow November 8, 2018

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.

November 8, 2018

Acquisitions Midwest Minnesota Retail

Marcus & Millichap Negotiates $4.6M Sale of Retail Property in Minnesota

by Kristin Harlow November 8, 2018

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.

November 8, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $9.3M Refinancing for Senior Living Property in Faribault, Minnesota

by Kristin Harlow November 1, 2018

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.

November 1, 2018

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