REBusinessOnline

Northmarq Originates $199.1M Recapitalization for Midwest Affordable Housing Portfolio

IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income.The loan amounts ranged from $5.6 …

Kraus-Anderson Completes $9M Expansion of Huron Regional Medical Center in South Dakota

HURON, S.D. — Kraus-Anderson has completed a $9 million renovation and expansion of Huron Regional Medical Center in Huron, a city in eastern South Dakota. The 23,500-square-foot expansion doubled the size of the clinic, providing enough space to serve more patients and house up to 20 physicians. A renovation of the emergency and imaging department added new infusion bays, treatment rooms and advanced hospital imaging, including MRI and 3D Mammography scanners. The property now rises two …

Kraus-Anderson Begins $36M Expansion of Mobridge Regional Hospital in South Dakota

MOBRIDGE, S.D. — The North Dakota office of Kraus-Anderson has begun a $36 million expansion and renovation of Mobridge Regional Hospital and Clinics in Mobridge, a city in South Dakota situated along the Missouri River. The campus includes a 25-bed critical access hospital, four federally certified rural health clinics, a 24-bed assisted living and seniors housing center and a rural ambulance service. The expansion project will include a new patient wing, surgery suite and ambulance garage, …

Kingsbarn Acquires Fleet Farm-Occupied Retail Property in Sioux Falls, South Dakota

SIOUX FALLS, S.D. — Kingsbarn Realty Capital has acquired a 192,000-square-foot retail property occupied by Fleet Farm in Sioux Falls for an undisclosed price. Constructed in 2019, the property features a gas station, car wash, auto service center and garden center in addition to the main retail store. Fleet Farm has more than 17 years remaining on its lease. Las Vegas-based Kingsbarn intends to offer interests in the property in a Delaware Statutory Trust structure. Fleet Farm, which sells …

Marcus & Millichap Arranges Sale of 333,346 SF Industrial Building in South Dakota

ABERDEEN, S.D. — Marcus & Millichap has arranged the sale of a 333,346-square-foot single-tenant manufacturing facility in Aberdeen for an undisclosed price. Built in 2007, the property sits on 54 acres at 1401 Brown County 19 North. The tenant, Molded Fiber Glass Cos., announced it would not be renewing its lease during escrow. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private REIT. The duo also procured the buyer, an out-of-state private …

Tzadik Properties Receives $115M in Loans for Refinancing of South Dakota Multifamily Portfolios

SIOUX FALLS AND RAPID CITY, S.D. — Tzadik Properties LLC has received more than $115 million in loans for the refinancing of portions of its multifamily portfolios in Sioux Falls and Rapid City. Tzadik’s Lucas Grassano handled the processing and Michael Davalos oversaw the lender sourcing. The refinancings are part of the company’s business plan to move from short-term loans to long-term, lower-cost debt.Greystone provided financing for a 707-unit portfolio and a 439-unit portfolio in …

Circle Capital Partners Purchases 265-Unit Apartment Community in South Dakota

RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were

Amazon to Build First Fulfillment Center in South Dakota

SIOUX FALLS, S.D. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of South Dakota. The 640,000-square-foot development will be located in Sioux Falls and is expected to open in 2022. Amazon expects to create 1,000 full-time jobs at the facility. Employees will work alongside Amazon robotics to pick, pack and ship small items to customers such as books, electronics and toys. Since 2010, Amazon has invested more than $1 million in South Dakota, including …

Tzadik Properties Acquires 156-Unit Workforce Housing Community in Sioux Falls, South Dakota

SIOUX FALLS, S.D. — Tzadik Properties LLC has acquired Woodlake Apartments in Sioux Falls. The 156-unit workforce housing community sits on 7.6 acres at 4008 S. Louise Ave. Tzadik plans to spend $1.5 million on improvements. Woodlake Apartments offers one- and two-bedroom units with monthly rents averaging $725. Michael Haeder of Haeder & Associates brokered the sale. Merchants Bank provided acquisition financing. The seller and sales price were

Merchants Capital Arranges $14M Refinancing for South Dakota Townhome Community

SIOUX FALLS, S.D. — Merchants Capital has arranged approximately $14 million for the refinancing of West Pointe Commons, a 141-unit rental townhome community in Sioux Falls. Merchants Bank of Indiana provided the loan for the borrower, a local investment group. West Pointe Commons offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, clubhouse, pool and

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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