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AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires 243-Unit Multifamily Community in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Osgood Townsite Apartments, a 243-unit multifamily community built in 2004 in Fargo. Property Resources Group sold the asset for an undisclosed price. The acquisition marks Gindi’s entry into the Fargo market. Gindi plans to invest in a renovation program to modernize and enhance the Class B property. Planned improvements include redesigned kitchens and bathrooms and upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs. Property Resources Group will continue to manage and service the asset. With this acquisition, Gindi’s multifamily portfolio is valued at over $250 million and includes 2,000 units across the country.

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Data CentersDevelopmentIndustrialLoansMidwestNorth Dakota

CIM Group Provides $125M in Construction Financing for Applied Digital’s Computing Campus in North Dakota

by Kristin Harlow

ELLENDALE, N.D. — CIM Group has provided a $125 million loan with a potential increase up to $200 million to fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, a city in southern North Dakota. The data center is designed to provide massive computing power and support HPC applications. Applied Digital is a designer, builder and operator of next-generation digital infrastructure for HPC applications. The company began construction on the first building at its HPC campus in October. Applied Digital has also executed a Letter of Intent with a U.S.-based hyperscaler for a 400-megawatt lease at the campus, which has more than 600 megawatts of future capacity. 

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LoansMidwestMultifamilyNorth DakotaSeniors HousingWisconsin

BMO Provides $70M in Bridge Financing for Three Senior Living Communities in Wisconsin, North Dakota

by Kristin Harlow

WISCONSIN AND NORTH DAKOTA — BMO’s Healthcare Real Estate Group has provided a $70 million bridge loan on behalf of a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. The financing is for three senior living communities totaling 435 units. Two of the properties are in suburban Milwaukee and the third is in West Fargo, N.D. Loan proceeds include capital for future improvements and value enhancement.

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LoansMidwestMultifamilyNorth Dakota

Bernard Financial Group Arranges $14.2M Loan for Refinancing of Multifamily Portfolio in North Dakota

by Kristin Harlow

DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $14.2 million CMBS loan for the refinancing of a 392-unit multifamily portfolio in Dickinson, a city in western North Dakota. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Falcon Heights Owner LLC.

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DevelopmentMidwestNorth Dakota

Kraus-Anderson Completes $45.2M Football Practice Facility for North Dakota State University

by Kristin Harlow

FARGO, N.D. — Kraus-Anderson has completed the third and final phase of the $45.2 million Nodak Insurance Football Performance Complex for North Dakota State University in Fargo. The new facility is located along University Drive adjacent to the Shelly Ellig Indoor Track and Field Facility and the Sanford Health Athletic Complex. The final phase of the project added football locker rooms, sports medicine with hydrotherapy pools, team meeting rooms and equipment and laundry rooms. Designed by Foss Architecture & Interiors and Crawford Architects, the 144,400-square-foot complex features a 90,000-square-foot multi-sport indoor practice facility, regulation sized outdoor field with a 4,600-square-foot equipment warehouse and a nearly 50,000-square-foot operations and training building. The indoor practice facility, large enough to hold a full football field, provides a state-of-the-art training facility for the football program as well as for women’s soccer, men’s and women’s golf, baseball, softball and men’s and women’s track and field. The indoor field has multiple netting systems to accommodate various sports.

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AcquisitionsMidwestMultifamilyNorth Dakota

Friedman Arranges Sale of West River Apartments in Dickinson, North Dakota

by Kristin Harlow

DICKINSON, N.D. — Friedman Real Estate has arranged the sale of West River Apartments in Dickinson, a city in western North Dakota. The sales price was undisclosed. The multifamily property features 234 units. Rich Deptula and Steven Silverman of Friedman brokered the transaction, further details of which were not provided.

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AcquisitionsMultifamilyNorth DakotaWestern

Friedman Real Estate Negotiates Sale of West River Apartments in Dickinson, North Dakota

by Jeff Shaw

DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments.  West River Apartments is 234-unit community in Dickinson, a city in Stark County. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park. Rich Deptula and Steven Silverman led the Friedman team. The buyer, seller and price were not disclosed.

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AcquisitionsIowaMidwestNebraskaNorth DakotaRestaurantRetailWisconsin

Marcus & Millichap Brokers $35.1M Sale of Midwest Arby’s Portfolio

by Kristin Harlow

IOWA, MONTANA, NORTH DAKOTA, NEBRASKA AND WISCONSIN — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.

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DevelopmentHospitalityMidwestNorth Dakota

Kraus-Anderson to Complete $95M Renovation of 4 Bears Casino & Lodge in New Town, North Dakota

by Kristin Harlow

NEW TOWN, N.D. — Kraus-Anderson will complete a $95 million renovation of the 4 Bears Casino & Lodge in New Town with a new seven-story hotel. The property is located on the western shore of Lake Sakakawea between Minot and Williston. The project includes an 18,000-square-foot demolition of the existing two-story hotel, 108,000 square feet of new construction and 20,200 square feet of renovation space. Upon completion, the lodge will have 264 rooms. The new hotel tower will add 90 guest rooms, gaming, offices and a 3,100-square-foot sports bar with a dining room and gaming stations. There will also be a 2,500-square-foot ballroom, meeting rooms and a fine dining steakhouse. A new Sakakawea Spa will feature couples’ massage, a gift shop, fitness room and hair and nail salon. The original 4 Bears Motor Lodge opened in the 1970s with 40 rooms. In 1993, a casino was added. Over the years, there were various expansions and improvements, including restaurants, an event center, marina, RV park, water park, convenience store and River Willow gaming boat. The project team includes Wenaha Group, a Native-owned owner’s representative firm, and TBE Architects, a St. Louis-based and Native American-founded design firm. Demolition and site work is …

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AcquisitionsDevelopmentIndustrialMidwestNorth Dakota

Hyde Development Acquires 111 Acres in Fargo with Plans to Build 1.4 MSF Spec Industrial Project

by Kristin Harlow

FARGO, N.D. — Hyde Development has acquired 111 acres in Fargo with plans to build Dakota Commerce Center North, a 1.4 million-square-foot speculative industrial project. Hyde will offer users the flexibility of build-to-suit footprints ranging from 20,000 to 500,000 square feet. The development will feature convenient access to I-29 and Hector International Airport. Chance Lindsey and Kyle Ferderer of CBRE represented Hyde in the land purchase. The brokers have also been retained as the leasing agents for the project. Hyde is also the developer behind Dakota Commerce Center, a four-building project totaling 633,200 square feet. To date, two buildings have been completed and fully leased. Building 3 is slated for completion this August.

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