South Dakota

Love Funding Provides $24.2M Construction Loan for Multifamily Property in Rapid City, South Dakota

by Kristin Harlow March 30, 2018

RAPID CITY, S.D. — Love Funding has provided a $24.2 million FHA-insured loan for the construction of Moon Meadows Apartments in Rapid City. The 160-unit multifamily property will feature a mix of one-, two- and three-bedroom floor plans within eight garden-style buildings. Climate-controlled hallways will link garages to unit entrances. Consolidated Construction Co. Inc. is building the property. Way Architects PC designed the project and Vertex Property Management will manage the community. Moon Meadows Apartments is part of the Moon Meadows Park development, which will include an office building, hotel, retail space and a new medical office park.

March 30, 2018

Loans Midwest North Dakota Retail South Dakota

Dougherty Provides $25.2M Refinancing of Five-Property Retail Portfolio in the Dakotas

by Kristin Harlow February 28, 2018

FARGO, N.D. — Dougherty Funding LLC has provided a $25.2 million loan for the refinancing of a five-property retail portfolio in both North Dakota and South Dakota. The unnamed properties total 222,945 square feet and are located in Fargo and Grand Forks, N.D., as well as Sioux Falls, S.D. Dougherty’s Minneapolis office served as lead lender and servicer for the loan. The borrower was not disclosed.

February 28, 2018

Midwest Net Lease Retail South Dakota

Boulder Group Negotiates $1.1M Sale of Net Leased Dollar General in Howard, South Dakota

by Kristin Harlow February 6, 2018

HOWARD, S.D. — The Boulder Group has negotiated the sale of a 9,026-square-foot property net leased to Dollar General in Howard, approximately 70 miles northwest of Sioux Falls, S.D., for $1.1 million. The newly constructed property is located at 23300 435th Ave. along Highway 34. Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. A Northeast-based private investor purchased the property from a Midwest-based developer. Dollar General has over 14 years remaining on its lease.

February 6, 2018

Industrial Midwest South Dakota

Keating Resources Purchases Industrial Facility in North Sioux City, South Dakota for $5.7M

by Kristin Harlow January 12, 2018

NORTH SIOUX CITY, S.D. — Keating Resources has purchased the Gateway Computer campus in North Sioux City for $5.7 million. The 750,000-square-foot industrial facility is the largest building in the state of South Dakota, according to Keating. The building was constructed for Gateway in six phases from 1989 to 1997 for an estimated cost of over $70 million. The building, which is 61 percent occupied, will be repainted in the summer of 2018 with a cow pattern paying homage to Gateway’s brand. The building will be rebranded Gateway Business Center, and located within the Gateway Business Park, which was developed by Berkshire Hathaway and is owned by MidAmerican Energy. Chris Bogenrief of NAI United, Jere Hench of Colliers International and Robert Litz of Farmers National Co. were the brokers for the transaction.

January 12, 2018

Hospitality Loans Midwest South Dakota

Dougherty Provides $12M Loan for Renovation, Expansion of Casino Hotel in South Dakota

by Kristin Harlow April 24, 2017

FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.

April 24, 2017

Hospitality Midwest South Dakota

Home2 Suites by Hilton Opens in Rapid City, South Dakota

by Kristin Harlow April 19, 2017

RAPID CITY, S.D. — Home2 Suites by Hilton Rapid City has opened near Interstate 90 at 621 WaTiki Way. The hotel features 107 suites with fully equipped kitchens. Amenities include complimentary Internet, laundry, fitness area and daily breakfast. Liv Hospitality LLC owns and manages the hotel.

April 19, 2017

Loans Midwest Multifamily South Dakota

Dougherty Arranges $3.5M Fannie Mae Loan for Refinancing of Apartment Property in Mitchell, South Dakota

by Kristin Harlow January 24, 2017

MITCHELL, S.D. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Pheasant Ridge Village Apartments in Mitchell, in southeastern South Dakota. The property consists of 64 apartment units and was built in 2014. The 15-year loan includes a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for the borrower, Pheasant Ridge Village Apartments LLC.

January 24, 2017

Affordable Housing Loans Midwest Multifamily South Dakota

Dwight Capital Arranges $4.1M in Refinancing for Portfolio of Affordable Housing Communities in South Dakota

by Kristin Harlow December 15, 2016

BELLE FOURCHE AND SPEARFISH, S.D. — Dwight Capital has arranged $4.15 million in refinancing for a portfolio of affordable housing communities in western South Dakota. The properties include Bella Vista Village and Meadowlark Plaza in Belle Fourche, and Iron Creek Plaza and Lookout Mountain View in Spearfish. Each of the properties consists of 24 units. The 35-year loans were financed through HUD’s 223(f) program. Adam Sasouness of Dwight Capital originated the loans.

December 15, 2016

California Colorado Midwest North Dakota Retail South Dakota Western

Ross Stores Opens 34 New Locations, Adds 93 Total Stores in 2016

by Nellie Day October 17, 2016

DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.

October 17, 2016

Arizona Loans Multifamily New Mexico Seniors Housing South Dakota Western

Cain Brothers Arranges $40M in Bond Financing for Good Samaritan Society

by Nellie Day March 7, 2016

SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.

March 7, 2016

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