NORTH SIOUX CITY, S.D. — Keating Resources has purchased the Gateway Computer campus in North Sioux City for $5.7 million. The 750,000-square-foot industrial facility is the largest building in the state of South Dakota, according to Keating. The building was constructed for Gateway in six phases from 1989 to 1997 for an estimated cost of over $70 million. The building, which is 61 percent occupied, will be repainted in the summer of 2018 with a cow pattern paying homage to Gateway’s brand. The building will be rebranded Gateway Business Center, and located within the Gateway Business Park, which was developed by Berkshire Hathaway and is owned by MidAmerican Energy. Chris Bogenrief of NAI United, Jere Hench of Colliers International and Robert Litz of Farmers National Co. were the brokers for the transaction.
FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.
RAPID CITY, S.D. — Home2 Suites by Hilton Rapid City has opened near Interstate 90 at 621 WaTiki Way. The hotel features 107 suites with fully equipped kitchens. Amenities include complimentary Internet, laundry, fitness area and daily breakfast. Liv Hospitality LLC owns and manages the hotel.
MITCHELL, S.D. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Pheasant Ridge Village Apartments in Mitchell, in southeastern South Dakota. The property consists of 64 apartment units and was built in 2014. The 15-year loan includes a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for the borrower, Pheasant Ridge Village Apartments LLC.
BELLE FOURCHE AND SPEARFISH, S.D. — Dwight Capital has arranged $4.15 million in refinancing for a portfolio of affordable housing communities in western South Dakota. The properties include Bella Vista Village and Meadowlark Plaza in Belle Fourche, and Iron Creek Plaza and Lookout Mountain View in Spearfish. Each of the properties consists of 24 units. The 35-year loans were financed through HUD’s 223(f) program. Adam Sasouness of Dwight Capital originated the loans.
DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.
SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.
Older Posts