WISCONSIN AND NORTH DAKOTA — BMO’s Healthcare Real Estate Group has provided a $70 million bridge loan on behalf of a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. The financing is for three senior living communities totaling 435 units. Two of the properties are in suburban Milwaukee and the third is in West Fargo, N.D. Loan proceeds include capital for future improvements and value enhancement.
DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $14.2 million CMBS loan for the refinancing of a 392-unit multifamily portfolio in Dickinson, a city in western North Dakota. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Falcon Heights Owner LLC.
FARGO, N.D. — Kraus-Anderson has completed the third and final phase of the $45.2 million Nodak Insurance Football Performance Complex for North Dakota State University in Fargo. The new facility is located along University Drive adjacent to the Shelly Ellig Indoor Track and Field Facility and the Sanford Health Athletic Complex. The final phase of the project added football locker rooms, sports medicine with hydrotherapy pools, team meeting rooms and equipment and laundry rooms. Designed by Foss Architecture & Interiors and Crawford Architects, the 144,400-square-foot complex features a 90,000-square-foot multi-sport indoor practice facility, regulation sized outdoor field with a 4,600-square-foot equipment warehouse and a nearly 50,000-square-foot operations and training building. The indoor practice facility, large enough to hold a full football field, provides a state-of-the-art training facility for the football program as well as for women’s soccer, men’s and women’s golf, baseball, softball and men’s and women’s track and field. The indoor field has multiple netting systems to accommodate various sports.
DICKINSON, N.D. — Friedman Real Estate has arranged the sale of West River Apartments in Dickinson, a city in western North Dakota. The sales price was undisclosed. The multifamily property features 234 units. Rich Deptula and Steven Silverman of Friedman brokered the transaction, further details of which were not provided.
DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. West River Apartments is 234-unit community in Dickinson, a city in Stark County. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park. Rich Deptula and Steven Silverman led the Friedman team. The buyer, seller and price were not disclosed.
IOWA, MONTANA, NORTH DAKOTA, NEBRASKA AND WISCONSIN — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.
NEW TOWN, N.D. — Kraus-Anderson will complete a $95 million renovation of the 4 Bears Casino & Lodge in New Town with a new seven-story hotel. The property is located on the western shore of Lake Sakakawea between Minot and Williston. The project includes an 18,000-square-foot demolition of the existing two-story hotel, 108,000 square feet of new construction and 20,200 square feet of renovation space. Upon completion, the lodge will have 264 rooms. The new hotel tower will add 90 guest rooms, gaming, offices and a 3,100-square-foot sports bar with a dining room and gaming stations. There will also be a 2,500-square-foot ballroom, meeting rooms and a fine dining steakhouse. A new Sakakawea Spa will feature couples’ massage, a gift shop, fitness room and hair and nail salon. The original 4 Bears Motor Lodge opened in the 1970s with 40 rooms. In 1993, a casino was added. Over the years, there were various expansions and improvements, including restaurants, an event center, marina, RV park, water park, convenience store and River Willow gaming boat. The project team includes Wenaha Group, a Native-owned owner’s representative firm, and TBE Architects, a St. Louis-based and Native American-founded design firm. Demolition and site work is …
FARGO, N.D. — Hyde Development has acquired 111 acres in Fargo with plans to build Dakota Commerce Center North, a 1.4 million-square-foot speculative industrial project. Hyde will offer users the flexibility of build-to-suit footprints ranging from 20,000 to 500,000 square feet. The development will feature convenient access to I-29 and Hector International Airport. Chance Lindsey and Kyle Ferderer of CBRE represented Hyde in the land purchase. The brokers have also been retained as the leasing agents for the project. Hyde is also the developer behind Dakota Commerce Center, a four-building project totaling 633,200 square feet. To date, two buildings have been completed and fully leased. Building 3 is slated for completion this August.
WEST FARGO, N.D. — Northmarq has arranged a $5.8 million loan for the refinancing of The Lights-South in West Fargo. Constructed in 2020, the apartment building rises six stories with 36 units. The property at 3100 Sheyenne St. is part of a larger mixed-use development known as The Lights. Bill Mork of Northmarq arranged the 35-year loan through Northmarq’s in-house FHA/HUD team. EPIC Cos. was the borrower.
NEWPORT BEACH, CALIF. — Newport Beach-based Provender Partners has purchased a four-property food production and distribution portfolio totaling 483,000 square feet from SpartanNash for $29.9 million. The portfolio is made up of four temperature-controlled buildings. These include a 171,371-square-foot food processing and distribution facility in Indianapolis; a 160,986-square-foot food distribution facility in Minot, N.D.; a 103,838-square-foot grocery distribution property in Newcomerstown, Ohio; and a 42,124-square-foot frozen and refrigerated distribution building in Lakeland, Fla. All of the buildings were constructed between 1990 and 2005 and feature clear heights of 30 feet or higher. Provender plans a multi-million-dollar capital improvements program across the portfolio, including a full refrigeration refit, roof repairs, and interior and exterior upgrades to meet the demands of today’s food companies. Chuck Rosien of JLL represented the seller. With this acquisition, Provender has purchased 1.8 million square feet of cold storage and temperature-controlled facilities in 2022.