SHAKOPEE, MINN. — The Opus Group has broken ground on a 122,400-square-foot speculative industrial building in Shakopee, approximately 25 miles southwest of Minneapolis. The building, which will be located in the 50-acre Valley Park Business Center, is the final phase of the development. The building can accommodate users looking for anywhere between 20,000 square feet and 122,000 square feet and will feature 28-foot clear heights, 193 parking stalls, 24 docks and six drive-in doors. The project is slated for completion by the end of the year. Opus is providing development, design, construction and architectural services, and Colliers International will market the property for lease.
WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
MOKENA, ILL. — Capital One has provided an $11.9 million acquisition loan for a 28,000-square-foot medical property in Mokena, approximately 40 miles southwest of Chicago. MedProperties Holdings LLC acquired the Center for Minimally Invasive Surgery, which features four operating rooms, a 14,000-square-foot surgery center and a 5,350-square-foot recovery center. The seller and terms of the loan were undisclosed.
MILWAUKEE — Boston Capital has invested in the construction of a 90-unit apartment community in Milwaukee. Cardinal Capital Management is the general partner in the development. The Germania will feature 44 tax credit units and 46 market rate units. Tenants of the tax credit units must earn 60 percent or less of the area’s median income. The apartments will be located in an eight-story, vacant building that was constructed in 1896 and is listed on the National Register of Historic Places. The project will also include 8,500 square feet of ground-floor commercial space. The Germania will provide 38 one-bedroom units and 52 two-bedroom units ranging from 446 square feet to 1,210 square feet. Unit amenities will include washers and dryers, central air conditioning and dishwashers. Community amenities will include a leasing office, community room with kitchen, fitness center and storage lockers. The Germania will be built with tax credit equity from the Low Income Housing Tax Credit program, as well as federal and state historic tax credit programs.
BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.
BATON ROUGE, LA. — Community Development Inc. has opened Cypress Springs, a 144-unit affordable seniors housing community in Baton Rouge. WNC, a California-based real estate investor, provided $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development. Cypress Springs includes three buildings with 76 one-bedroom units and 68 two-bedroom units.
JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.
WAYCROSS, GA. — Avison Young’s Atlanta office has brokered the $6.8 million sale of The Mall at Waycross, a 380,982-square-foot regional mall located on Memorial Drive in Waycross. Built in 1973, The Mall at Waycross was 90.6 percent leased at the time of sale to tenants including JC Penney, Belk, T.J. Maxx, Hibbett Sports, Staples and Georgia Theatre Co. The single-story regional mall is the only anchored shopping mall within a 50-mile radius of Waycross. The shopping center is located on a 37-acre parcel situated between Brunswick and Jacksonville highways near downtown Waycross. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the transaction. The buyer was RCG Ventures.
LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.
SAN RAFAEL, CALIF. — Marin County officials have broken ground on MGH 2.0, the $535 million replacement for Marin General Hospital in the Greenbrae submarket of San Rafael, just across the Golden Gate Bridge from San Francisco. The original hospital opened in 1952. It will continue to operate throughout the construction process. Phase I of MGH 2.0 will include two new towers that house 114 private rooms, an expanded emergency department and six new operating/procedural suites. The buildings will feature rooftop gardens, balconies and natural light in every patient room to support a healing environment for patients and families. The new facilities are scheduled to open to patients in mid-2020. Once Phase I is complete, work will commence on a five-story, 100,000-square-foot ambulatory services building and a second parking structure. The project team has already completed MGH 2.0’s first parking facility, a five-level structure with rooftop solar panels that will be functional for both the current and future hospitals. McCarthy Building Cos. is building the hospital, which Perkins Eastman designed. The hospital is represented by Vertran Associates, which specializes in healthcare capital projects and provides project management. — Nellie Day