Midwest

Mia Rose Holdings Unveils Plans for Multi-Building Multifamily Project in Dardenne Prairie, Missouri

by Kristin Harlow March 2, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings has unveiled plans for the development of Old Town Square, a multi-building apartment project in Dardenne Prairie, a western suburb of St. Louis. Mia Rose is developing the project in partnership with Benton Homebuilders and Jim Cook, Imo’s Pizza franchisee and co-owner of Sugarfire Smokehouse. The joint venture team, known as Bryan 364 Junction LLC, plans to break ground on the project in June. Completion is slated for December 2022. The development recently received zoning approval from the city. Plans call for the construction of five apartment buildings consisting of 120 one-bedroom units and 60 two-bedroom units. Additionally, Benton Homebuilders will construct nine buildings with 60 villas, each with three bedrooms, a basement and a two-car garage. The villas will be available for lease. One of the apartment buildings will feature 12,000 square feet of ground-floor retail space. An additional 4,500-square-foot retail space will be home to a new Imo’s Pizza. Amenities will include a pool, outdoor lounge, business room, coffee bar, fitness center and dog park. The project architects are Rosemann & Associates and DL Design. Premier Design Group is serving as civil engineer. The property manager will be 2B Residential.

March 2, 2021

Midwest Minnesota Retail

Target’s Comparable Sales Grew 20.5 Percent in Fourth Quarter, Aided by Spike in Digital Sales

by Kristin Harlow March 2, 2021

MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services. CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks. For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years. “Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release. Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.

March 2, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Secures $18.6M for Construction of Affordable Housing Property in Cleveland

by Kristin Harlow March 2, 2021

CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI. KeyBank Community Development Lending and Investment (CDLI) secured a $12.5 million construction loan, while KeyBank’s Commercial Mortgage Group arranged a $6.1 million forward commitment for a Freddie Mac permanent loan. Additionally, the project will use 9 percent low-income housing tax credit equity from the Ohio Capital Corp. for Housing, $600,000 from the City of Cleveland and $1.5 million from University Settlement, which is a nonprofit social service agency that will occupy some of the project’s retail space. Kyle Kolesar of KeyBank’s CDLI team and Robbie Lyn of KeyBank’s Commercial Mortgage Group structured the financing on behalf of the developer, The NRP Group LLC.

March 2, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Negotiates $5.5M Sale of Memory Care Facility in Suburban Minneapolis

by Kristin Harlow March 2, 2021

CHANHASSEN, MINN. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a cap rate of 8.75 percent.

March 2, 2021

Build-to-Rent Content Partner Features Finance Insight Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Single-Family Rental and Build-for-Rent in High Demand

by Sarah Daniels March 2, 2021

A number of factors are driving an increase in demand for single-family rental assets. Declines in home ownership rates, increasing demand/short supply for multifamily options and baby boomer renting preferences have made renting these single-family properties an increasingly popular choice. Meanwhile, COVID-19 spurred increases in teleworking that created a desire for additional space in the home and allowed more people to move to suburban locations — accelerating demand for single-family rental properties. Seeing the growing demand and increasing rents in the single-family rental (SFR) and build-for-rent (BFR) sector, Walker & Dunlop has created a new team — Walker & Dunlop SFR & BFR Practice Group — to provide investors information on construction, bridge lending, permanent financing, equity structuring and property sales, for a market estimated at $3.4 trillion (compared to $3.5 trillion for the multifamily market).1 Popularity, high occupancy and increasing rent rates have drawn the attention of larger investors to SFR and BFR assets, according to Kris Mikkelsen, executive vice president of investment sales with Walker & Dunlop. “Currently, larger investors make up less than 2 percent of the SFR market, which has been traditionally governed by individuals or small-scale parties. But that number will increase as investors recognize …

March 2, 2021

Features Finance Insight Midwest Multifamily Northeast Southeast Texas Western

Q&A with Trevor Koskovich, President of Investment Sales for NorthMarq

by Sarah Daniels March 2, 2021

NorthMarq has added a multifamily investment sales team to its Charlotte and Raleigh, N.C., offices. The new team, which consists of Andrea Howard, Jeff Glenn, John Currin, Allan Lynch and Caylor Mark, all formerly of JLL, brings NorthMarq’s investment sales locations to 18. This addition also allows NorthMarq to expand its visibility, Carolinas coverage and service offerings to clients as the firm sets its sights on high-growth markets. Trevor Koskovich, NorthMarq’s president of investment sales, sat down with Finance Insight to discuss the multifamily investment sales market and his new five-person team. Finance Insight: What does this new team and location add to the NorthMarq platform and breadth of services? Koskovich: The new Raleigh and Charlotte locations allow NorthMarq to be in lower-regulation, high-growth U.S. regions. From an investment sales perspective, we’re really targeting high-growth markets for population movement and investment sales transaction volume. Raleigh and Charlotte continue to be part of this conversation, and we’re super excited about our new team’s ability to service those markets. This new team will help us drive more business through the Southeast and in overlapping markets, including Nashville, Chattanooga and north Florida. These team members are an integral part of our growth platform, …

March 2, 2021

Development Healthcare Midwest Minnesota

Davis to Develop 40,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow March 1, 2021

BROOKLYN PARK, MINN. — Minneapolis-based Davis has been selected by Allina Health and Surgical Care Affiliates to develop and own the venture’s first ambulatory surgery center in Brooklyn Park, a northwest suburb of the Twin Cities. Davis expects to break ground in late April or early May on the two-story, 40,000-square-foot project. Allina and Surgical Care Affiliates will lease 18,000 square feet on the second floor. The project team includes Plymouth, Minn.-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Completion is slated for the end of first-quarter 2022.

March 1, 2021

Loans Midwest Missouri Multifamily

Berkadia Secures $19.9M HUD-Insured Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow March 1, 2021

BLUE SPRINGS, MO. — Berkadia has secured a $19.9 million HUD-insured loan for the refinancing of Lakeview Crossing Townhomes in Blue Springs, about 20 miles east of Kansas City. Completed in March 2019 and located at 900 SE Tequesta Lane, Lakeview Crossing features floor plans ranging from one to four bedrooms. Amenities include a fitness center, clubhouse, resident lounge and pool. Kevin Kozminske and John Schorgl of Berkadia secured the HUD 223(f) loan with a 35-year term and a fixed rate. Missouri-based Worcester Investments was the borrower.

March 1, 2021

Industrial Loans Midwest Ohio

NorthMarq Arranges $10.2M Acquisition Loan for Two Industrial Flex Buildings in Mason, Ohio

by Kristin Harlow March 1, 2021

MASON, OHIO — NorthMarq has arranged a $10.2 million loan for the acquisition of two industrial flex buildings at Governor’s Pointe in Mason, about 22 miles north of Cincinnati. The two properties span 154,775 square feet and are located at 4900 Parkway Drive and 4700 Duke Drive. They feature both industrial and office space. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule and a fixed rate. A regional bank provided the loan.

March 1, 2021

Acquisitions Kansas Midwest Retail

Colliers Brokers Sale of 89,973 SF Shopping Center in Kansas City

by Kristin Harlow March 1, 2021

KANSAS CITY, KAN. — Colliers Kansas City has brokered the sale of Westfield Shopping Center in Kansas City for an undisclosed price. The 89,973-square-foot shopping center is situated at the southwest corner of 80th Street and State Avenue. Tenants include CVS Pharmacy, Citi Trends, Save A Lot, Family Dollar, Reece Nichols, Metro PCS, Fantastic Sams and T-Mobile. Mark Arensberg and Mike Yeggy of Colliers represented the buyer, Chicago-based Newport Capital Partners. The acquisition marks the first investment in the Kansas City market for Newport. The seller was undisclosed.

March 1, 2021

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