Wednesday, May 27, 2026
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MidwestMinnesotaMultifamilyStudent Housing

EdR Begins Construction on Student Housing Community Adjacent to University of Minnesota

by Kristin Harlow

MINNEAPOLIS — EdR, in a joint venture development with Core Spaces, has started construction on The Hub Minneapolis, a 707-bed student housing community adjacent to the University of Minnesota in Minneapolis. EdR will be the 51 percent owner and will manage the $97.9 million development upon completion. The community offers a mix of studio, one-, two-, three- and four-bedroom floor plans. Amenities include individual study rooms, group study lounges, computer lab, fitness center, pool and fire pits. The Hub’s penthouse level will feature a chef’s kitchen, bar-top dining area and patio. The plan also calls for 10,000 square feet of retail space on the ground floor. The project is slated for completion in summer 2018.

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HospitalityMidwestMissouri

Midas Hospitality Acquires Staybridge Suites in Independence, Missouri

by Kristin Harlow

INDEPENDENCE, MO. — Midas Hospitality has acquired the Staybridge Suites Kansas City-Independence for $9.8 million. The 102-room hotel is located at 19400 E. 39th Place South on I-70. Renovations totaling $1.6 million will begin in January and include a complete interior renovation along with exterior landscape updates. The hotel will remain open during renovation. Midwest Bank of Poplar Bluff is the lender for the renovation project.

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LoansMidwestMinnesotaRetail

CBRE Secures $18M Refinancing for Retail Property in Roseville, Minnesota

by Kristin Harlow

ROSEVILLE, MINN. — CBRE has secured $18 million in refinancing for Rosedale Marketplace in Roseville, north of St. Paul. The 153,400-square-foot retail property includes tenants such as Total Wine, Hobby Lobby, Cost Plus World Market and Men’s Warehouse. Doug Seylar of CBRE originated the financing. The new financing allowed the borrower to retire the existing debt on the property. The owner, Rosedale Marketplace Associates LP, is an entity affiliated with Canada-based Tanurb Development Inc., the original developer of the property that was constructed in 1989. CBRE secured a new mortgage for Rosedale Marketplace through its relationship with Morgan Stanley.

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IowaLoansMidwestMultifamily

Dougherty Mortgage Arranges $3.8M Fannie Mae Loan for Multifamily Property in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — Dougherty Mortgage LLC has arranged a $3.8 million Fannie Mae loan for the acquisition of Castlewood Apartments in Davenport, part of the Quad Cities and located near the Illinois border. The 96-unit multifamily property offers two- and three-bedroom townhomes. The 16-year loan features a 30-year amortization schedule. In conjunction with the loan, tax credit equity will also be used to fund the moderate rehabilitation of the project. Dougherty’s Minneapolis office arranged the financing on behalf of the borrower, Davenport MAHC LLLP.

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LoansMultifamilyTexas

LMI Capital Arranges Three Loans Totaling $24M in Greater Houston Area

by Amy Works

HOUSTON AND BRAZORIA COUNTY, TEXAS — LMI Capital has placed financing for the acquisition and refinance of three separate garden-style apartment complexes in the Greater Houston area. In the first loan, Brandon Brown of LMI Capital procured $1.4 million in financing for the acquisition of a 50-unit apartment complex located in Brazoria County. The 20-year loan features one year of interest-only payments and a flexible prepayment structure. With this acquisition, the undisclosed borrower now owns 10 properties. In the second loan, Jamie Mullin of LMI Capital placed a $13 million, seven-year, floating-rate loan for a 260-unit multifamily property in southeast Houston. The refinancing provides cash out proceeds to the undisclosed borrower and features two years of interest-only payments. The borrower plans to use excess proceeds to return capital and fund future acquisitions. In the final loan, Brown also arranged a $9.6 million, 10-year fixed-rate loan for a 210-unit property in Houston’s Spring Branch submarket. The loan features five years of interest-only payments and minimal closing costs. The name of the borrower was not released.

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HealthcareOfficeTexas

Capital One Closes $21.2M Acquisition Loan for Medical Office Building in Metro Houston

by Amy Works

SUGAR LAND, TEXAS — Capital One has provided a $21.2 million first mortgage to a joint venture between Harrison Street Real Estate Partners and Pisula Development Co. for the acquisition of Imperial Medical Center in Sugar Land, a suburb of Houston. The property features 128,000 square feet of medical office space.

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HospitalityTexas

HFF Arranges Sale of Independent Hotel in Central Dallas

by Amy Works

DALLAS — HFF has brokered the sale of Magnolia Dallas Park Cities, a full-service independent hotel located at 6070 N. Central Expressway in central Dallas. Trigate Capital sold the 292-room hotel to 6070 NCX LLC for an undisclosed price. The new owner has retained Stout Street Hospitality to manage the hotel. Originally constructed in 1972 and last renovated in 2015, the hotel features 12,000 square feet of function space, a fitness center, indoor pool and restaurant and lounge. John Bourret and Austin Brooks of HFF represented the seller in the deal.

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LoansMultifamilySeniors HousingTexas

Walker & Dunlop Structures $15.5M Loan for Skilled Nursing Facility in Lubbock

by Amy Works

LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.

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LoansMultifamilyTexas

Hunt Mortgage Provides $4.2M in Refinancing for Affordable Multifamily Property in El Paso

by Amy Works

EL PASO, TEXAS — Hunt Mortgage Group has provided a $4.2 million Freddie Mac loan for the refinancing of Mesa Place Townhomes, an affordable housing property located at 5450 Suncrest Drive in El Paso. The borrower, LEDIC Realty Co.,will use proceeds of the loan to refinance existing debt, buy out the company’s existing limited partner and provide cash to fund future acquisitions. The seven-year loan features one year of interest-only payments and a 30-year amortization schedule. Situated on 10.3 acres, Mesa Place features 128 multifamily units in a mix of 76 two-bedroom, 44 three-bedroom and eight four-bedroom units.

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CaliforniaLoansRetailWestern

ValCenters Receives $37M in Financing for 174,280 SF Retail Center in Vista

by Nellie Day

VISTA, CALIF. — ValCenters has received $37 million in financing for North County Square, a grocery-anchored shopping center located at 1711-1861 University Drive in Vista. Greg Brown and AJ Manas of HFF arranged the 10-year, fixed-rate financing through JP Morgan Asset. ALDI, Ross Dress for Less, Old Navy, Planet Fitness, Starbucks Coffee, Michaels, T-Mobile, Firestone and Supercuts occupy the 174,280-square-foot property, which is 97 percent leased. Mark Strauss of Cohen Financial was an advisor to ValCenters.

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