ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester. The 135-unit affordable housing property is slated to open in the summer of 2019. All units will be restricted to residents earning 60 percent or less of the area median income. In addition to the 40-year loan, the project will receive equity from the sale of low-income housing tax credits. BDKN LLLP was the borrower.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Priscilla Street Villas in St. Paul for $1.4 million. The 11-unit apartment building is located at 2333 Priscilla St. All of the units are two-bedroom units. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private investors.
PLYMOUTH, MINN. — Cantel Medical has signed a 160,000-square-foot lease for its regional headquarters in Plymouth, about 15 miles northwest of Minneapolis. The provider of infection prevention products will relocate from several sites throughout Plymouth to the four-story office building, which is located at 9800 59th Ave. Dave Paradise, Sydney Johnson and David Itzkowitz of Cushman & Wakefield represented the tenant in the lease transaction. Bob Revoir of Cushman & Wakefield represented the undisclosed landlord. Cantel Medical plans to occupy the space in the fourth quarter of this year.
MINNEAPOLIS — Marcus & Millichap has brokered the $1.4 million sale of Colfax Avenue in the Uptown neighborhood of Minneapolis. The 12-unit apartment building is located at 2500 Colfax Ave. Built in 1967, the property features nine one-bedroom units and three studios. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap brokered the transaction. Both the buyer and the seller were private investors.
HINCKLEY, MINN. — Marcus & Millichap has arranged the sale of Days Inn Hinckley for $1.7 million. The 68-room hotel is located at 104 Grindstone Court in eastern Minnesota. Guests have access to complimentary breakfast, free Wi-Fi and an indoor pool. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and secured the buyer, also a limited liability company.
EDEN PRAIRIE, MINN. — CBRE Capital Markets has brokered the $11 million sale of City West Business Center North and South in Eden Prairie, 12 miles southwest of Minneapolis. The pair of industrial flex buildings total 172,904 square feet. Constructed in 1984, the properties feature a 67 percent office finish and a clear height of 12 feet. Tenants include Third Wave, InstyMeds, Augustine Biomedical and HRST Inc. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, Provident Real Estate Ventures LLC. Finke Associates Inc. purchased the assets.
ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $5.6 million HUD 221(d)(4) loan for the construction of Thomas Avenue Flats in St. Paul. The 40-year loan is fully amortized. The 51-unit affordable housing property is slated to open in spring 2019. All units are restricted to residents earning 60 percent or less of the area median income. The project will also receive equity from the sale of low-income housing tax credits and funds from the St. Paul Housing & Redevelopment Authority. Thomas Avenue Flats LP was the borrower.
MINNEAPOLIS — Dougherty Mortgage LLC has provided an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes in Minneapolis. The affordable housing property includes 89 rental units. Originally constructed in 1977, the property underwent renovations in 2000 and 2006. All units are restricted to residents earning 60 percent or less of the area median income. The fully amortized loan features a 40-year term. Albright LP was the borrower.
EDINA, MINN. — Grandbridge Real Estate Capital has arranged a $2.8 million loan for the refinancing of a 74,595-square-foot office and warehouse building in Edina. A life insurance company provided the 10-year loan, which features a 20-year amortization schedule. Tony Carlson and Brett Olson of Grandbridge arranged the loan. The borrower was not disclosed.
OTSEGO, MINN. — Stahl has broken ground on a $9.6 million renovation project for Prairie View Elementary and Middle School in Otsego, about 30 miles northwest of Minneapolis. The 124,000-square-foot facility, which serves students ranging from early childhood through eighth grade, will be expanded by an additional 42,000 square feet to include a classroom wing, gymnasium, support spaces and an exterior storage building. Interior renovations and site work will also be completed. Wold Architects and Engineers designed the project in collaboration with the school district. Completion is slated for May 2019.
