REBusinessOnline

Circle Capital Partners Purchases 265-Unit Apartment Community in South Dakota

RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were

Amazon to Build First Fulfillment Center in South Dakota

SIOUX FALLS, S.D. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of South Dakota. The 640,000-square-foot development will be located in Sioux Falls and is expected to open in 2022. Amazon expects to create 1,000 full-time jobs at the facility. Employees will work alongside Amazon robotics to pick, pack and ship small items to customers such as books, electronics and toys. Since 2010, Amazon has invested more than $1 million in South Dakota, including …

Tzadik Properties Acquires 156-Unit Workforce Housing Community in Sioux Falls, South Dakota

SIOUX FALLS, S.D. — Tzadik Properties LLC has acquired Woodlake Apartments in Sioux Falls. The 156-unit workforce housing community sits on 7.6 acres at 4008 S. Louise Ave. Tzadik plans to spend $1.5 million on improvements. Woodlake Apartments offers one- and two-bedroom units with monthly rents averaging $725. Michael Haeder of Haeder & Associates brokered the sale. Merchants Bank provided acquisition financing. The seller and sales price were

Merchants Capital Arranges $14M Refinancing for South Dakota Townhome Community

SIOUX FALLS, S.D. — Merchants Capital has arranged approximately $14 million for the refinancing of West Pointe Commons, a 141-unit rental townhome community in Sioux Falls. Merchants Bank of Indiana provided the loan for the borrower, a local investment group. West Pointe Commons offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, clubhouse, pool and

Grandbridge Provides $26.2M Refinancing for Apartment Community in Sioux Falls, South Dakota

SIOUX FALLS, S.D. — Grandbridge Real Estate Capital has provided a $26.2 million Freddie Mac loan for the refinancing of The Commons in Sioux Falls. Built in 2017, the apartment community features 292 units. Brett Olson and Matt Halberg of Grandbridge originated the fixed-rate, nonrecourse loan. It features a 36-month interest-only period, a 10-year term and a 30-year amortization. The borrower, a repeat client, was

JLL Provides $27.5M in Fannie Mae Loans for Refinancing of Two Apartment Communities in South Dakota

RAPID CITY, S.D. — JLL Capital Markets has provided $27.5 million for the refinancing of Harmony Heights Apartments and Stoney Creek Apartments in Rapid City in western South Dakota. The two garden-style communities total 533 units. The two Fannie Mae loans feature 10-year terms and fixed rates. Brock Yaffe of JLL originated the financing on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP. Built in 2003, Harmony Heights consists of 15 buildings housing …

Tzadik Management Receives $80M Refinancing for Two Multifamily Portfolios in South Dakota

SIOUX FALLS, S.D. — Tzadik Management has received $80 million for the refinancing of two multifamily portfolios totaling roughly 1,100 units across 22 communities in Sioux Falls. Tzadik acquired the first portfolio in October 2018 and completed $5 million in capital improvements. Another $4 million in improvements is set to be completed within the next year. Tzadik purchased the second portfolio in March 2019. Miami-based Tzadik says it is exiting primary markets and positioning itself in …

Smithfield Foods Closes Pork Processing Plant in South Dakota Indefinitely as COVID-19 Cases Rise

SIOUX FALLS, S.D. — Smithfield Foods Inc. has closed its pork processing plant in Sioux Falls until further notice. Nearly 250 workers tested positive for the coronavirus, more than half of the active coronavirus cases in the state of South Dakota, according to Gov. Kristi Noem. The Smithfield plant is one of the largest pork processing facilities in the U.S., representing 4 to 5 percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million …

Dougherty Mortgage Provides $5.5M Refinancing for Apartment Community in South Dakota

HURON, S.D. — Dougherty Mortgage LLC has provided a $5.5 million Fannie Mae loan for the refinancing of Wheatgrass Village in Huron in eastern South Dakota. Constructed in 2018, the 81-unit property consists of one three-story apartment building and two two-story rental townhomes. The property also includes two single-story garage buildings. The 12-year loan features a 30-year amortization schedule. Wheatgrass Village LLC was the

NorthMarq Arranges $35.4M in Acquisition Financing for Multifamily Portfolio in Sioux Falls, South Dakota

SIOUX FALLS, S.D. — NorthMarq has arranged $35.4 million in acquisition financing for seven multifamily properties in Sioux Falls. The affordable communities comprise 525 units. The seven Freddie Mac loans range from $1.9 million to $9.3 million. Brett Hood of NorthMarq arranged each of the 15-year loans, which feature 30-year amortization

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