HELENA, MONT. — Wood Investments Cos. has secured a $20.3 million permanent loan from Wells Fargo for Helena Skyway Regional Shopping Center. Situated at 2005 Cromwell Dixon Lane, Helena Skyway Regional offers 164,121 square feet of retail space. Current tenants include T.J. Maxx, Ulta Beauty and Hobby Lobby. Sierra Trading Post and Chick-fil-A recently signed leases to occupy space at the property, bringing the asset to 100 percent occupancy.
BELGRADE, MONT. — Rimrock Cos. has developed the first Extended Stay America-branded hotel in Montana. Located at 101 Abby St. in Belgrade, the four-story Extended Stay America Premier Suites Belgrade – Bozeman – Yellowstone Airport offers 124 guest rooms and convenient access to the area’s top attractions and businesses. The hotel features free Wi-Fi, complimentary breakfast, premium cable, a 24-hour fitness room, on-site guest laundry, a dedicated pet area, and a grill and picnic area, as well as the Extended Stay America Premier Suites’ signature lobby with vending options. Each suite includes signature bedding, recliner, workspace and a fully equipped kitchen with a full-size refrigerator, microwaves, stovetops, cookware, utensils and dishes. Hotel Management & Consulting will manage the hotel.
GREAT FALLS, MONT. — SSG Realty Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of Westwood Plaza, a regional shopping center in Great Falls. A Michigan-based private investor sold the asset to an East Coast-based private investment firm for an undisclosed price. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, Bill Asher and Beau Velten of Hanley Investment Group and Scott Reid of ParaSell Inc. represented the seller, while the buyer was self-represented in the transaction. Built in 2017, Westwood Plaza features 69,909 square feet of fully occupied retail space. Current tenants include TJ Maxx, Staples, Dollar Tree, ULTA Beauty and Mattress Firm. The asset is located at 135-209 Northwest Bypass.
BELGRADE, MONT. — Venture West Development is underway on Jackrabbit Crossing, a 196-acre mixed-use project in Belgrade, roughly 10 miles northwest of Bozeman. Rosauers Supermarkets, which recently signed a long-term lease, will anchor the property. Plans for the development, which is located three miles from the Bozeman Yellowstone International Airport, also include a proposed 53,000-square-foot Amazon distribution center.
MISSOULA, MONT. — Benderson Development has purchased a freestanding retail building, located at 2527 N. Reserve St. in Missoula, located along the Clark Fork River near the Idaho border. Terms of the transaction were not released. Walgreens occupies the retail building. With this acquisition, Benderson expanded its national footprint to 40 states.
GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired Elmore Roberts, an affordable apartment property in Great Falls, with plans to renovate the asset. CPP’s total development investment is approximately $13.2 million, which includes the $3.1 million purchase price and an estimated $97,000 per unit renovation cost. Located at 6 6th St. S., Elmore Roberts features 60 units in a mix of 30 one-bedroom and 30 two-bedroom layouts. Planned renovations include addressing deferred maintenance and outdated systems, including ADA accessibility, and increasing sustainability across the property. In-unit renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators and upgraded ranges and range hoods. Additionally, units will receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Exterior and community upgrades include new windows, roofing and gas furnaces, path-of-travel upgrades, parking lot restriping and brick pointing. CPP will also upgrade the laundry room and add a community area with a computer room. Renovations are slated for completion in December. Project partners include WNC & Associates, Glacier Bank, MBOH, Montana Healthcare Foundation and the City of Great Falls. The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a …
BILLINGS, MONT. — CBRE has secured a $13.5 million participating construction loan for the development of a last-mile industrial facility in Billings. Situated on 9.77 acres, the 39,600-square-foot building will feature 32-foot clear heights. Upon completion, a single tenant will occupy the facility on a long-term basis. Bob Ybarra, Bruce Francis, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korineck of CBRE Capital Markets Debt and Structured Finance negotiated the loan at a fixed interest rate on behalf of the undisclosed client.
KALISPELL, MONT. — Gantry has arranged an $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts. The property is located at 2105 Third Ave. E. in Kalispell, just north of Flathead Lake and approximately 70 miles south of the Canadian border. Skyview Lofts features 48 one- and two-bedroom apartments with open floor plans, high-speed fiber optic internet, in-unit washers/dryers and door-to-door trash service. Demetri Koston of Gantry’s Spokane, Wash., office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan with a 30-year amortization and full-term interest-only payments.
BELGRADE, MONT. — Lee & Associates – LA North/Ventura has brokered the sale of a distribution center located at 201 Frank Ave. in Belgrade, a suburb of Bozeman. California Gateway, a private family entity, acquired the asset from an undisclosed seller for $47.7 million. The 200,000-square-foot facility is a build-to-suit for FedEx Ground. Hunter Warner and Brett Warner of Lee & Associates – LA North/Ventura handled the transaction.
GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 per unit. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning up to 50 percent and 60 percent of the area median income (AMI) until 2074. “New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” says Karen Buckland, vice president at CPP. Built in 1979, Sunshine Village features 72 one- and two-bedroom units in a single three-story building. Also built in 1979, the Broadview Manor properties offer three- and four-bedroom units. …
