REBusinessOnline

George Smith Partners Secures $46M Construction Loan for 400-Unit Multifamily Property in Bozeman, Montana

BOZEMAN, MONT. — George Smith Partners has secured a $46 million construction loan for the phased development of 400 apartment units located within an Opportunity Zone in Bozeman. The borrower is Roundhouse Development.Jonathan Lee and Paul Monsen of George Smith Partners secured the financing for the borrower. For the first 268 units, the loan is priced at a sub 3 percent rate. Construction of the first phase is expected to finish in late 2023, at which time the construction on the …

Lee & Associates Brokers Sale of 145,637 SF West Park Promenade Shopping Center in Billings, Montana

BILLINGS, MONT. — Lee & Associates has arranged the sale West Park Promenade, a retail center in Billings. A Ketchum, Idaho-based private investor sold the property to a Bellevue, Wash.-based 1031 exchange investor for an undisclosed price.A new Town & Country Foods anchors the 145,637-square-foot retail center, which is situated on 12 acres. The asset recently underwent a $13 million renovation to transform from a mall to a community shopping center. Other current tenants include …

Dwight Capital Provides $34.2M Loan for Shiloh Commons Mixed-Use Property in Billings, Montana

BILLINGS, MONT. — Dwight Capital has closed a $34.2 million HUD 223(f) loan for Shiloh Commons, a mixed-use project located in Billings.Situated on 7.4 acres, the community features four four-story buildings offering 144 residential units and more than 60,000 square feet of retail, office and restaurant space. Community amenities include a fitness center, rooftop picnic area with barbecue stations, concierge services and on-site management. Each building has a one-level underground …

Wood Investments Acquires 67,000 SF Vacant Retail Building in Billings, Montana

BILLINGS, MONT. — Wood Investments Cos. has purchased a vacant retail building situated on 5.19 acres at 2618 King Ave. West in Billings. Billings-based Wilson-Taylor Partnership sold the asset for $4.6 million.Formerly occupied by Big Bear Sports Center, the building features 67,000 square feet of retail space. By the close of escrow, Wood Investments had secured leases with HomeGoods, Sierra Trading Post and Petco to occupy the multi-tenant building. Wood Investments will redevelop the …

ACRES Capital Originates $29.2M Construction Loan for Babcock Apartments in Montana

BOZEMAN, MONT. — ACRES Capital Corp. has originated a $29.2 million loan to fund the construction of Babcock Apartments, a multifamily property located at 1612 and 1624 W. Babcock St. in Bozeman.The borrower is Roundhouse Development, a fully integrated developer and operator of multifamily housing. Los Angeles-based George Smith Partners arranged the loan.Babcock Apartments will feature 95 apartments, 105 parking spaces and 2,300 square feet of ground-floor retail space. Units will …

Stan Johnson Negotiates $4.1M Sale of FedEx-Occupied Industrial Building in Helena, Montana

HELENA, MONT. — Stan Johnson Co. has arranged the sale of an industrial property located at 876 Blaine St. in Helena. A Laguna Beach, Calif.-based private investor sold the asset to a Jacksonville, Ore.-based private investor for $4.1 million.FedEx Ground occupies the 22,251-square-foot building, which was constructed as a build-to-suit for the company in 2014. Additionally, the asset is situated on 6.3 acres adjacent to the Helena Regional Airport and Interstate 15.FedEx has …

TPG Real Estate, Cardinal Group Acquire 887-Bed Student Housing Property Near Montana State

BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman.Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam …

Brinkman Enters Montana Market, Acquires 128-Unit King West One Apartments in Billings

BILLINGS, MONT. — Brinkman Real Estate, in partnership with Blue Field Capital, has purchased King West One, an apartment property in Billings. The acquisition is Brinkman’s first in Montana.Built in 2009, King West One features 128 two-story, townhome-style apartments ranging from 680 square feet to 1,100 square feet with individual detached garages. The complex is spread across 13 buildings. At the time of sale, the property was nearly 100 percent occupied.Terms of the transaction …

Senior Living Investment Brokerage Negotiates Sale of Two Communities in Montana, Wyoming

CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living.The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed.Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the

Ziegler Arranges $42.6M Acquisition Financing for Three-Property Seniors Housing Portfolio in Northwest

BOZEMAN, MONT., AND SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman.The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national seniors housing fund providing the mezzanine debt.Radiant acquired the portfolio from …

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