Commercial Real Estate Closed Deals

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​Property Name: Iowa Events Center - Hilton Hotel
Location: Des Moines, IA
Property Type: Hospitality
Transaction Type​: Construction & Semi-Perm Financing
Loan Amount: $98,000,000

Details: Syndicated Financing was led by Bankers Trust to provide construction financing for a future 330-room, 8-story Hilton Hotel on a 2.16 acre site in Downtown Des Moines adjacent to the Iowa Events Center and Wells Fargo Arena.

Property Name: Mercy Clinic & Walker Law Office
Location: Ankeny, IA
Property Type: Multi-Tenant Office / Medical Clinic
Transaction Type: Term Loan Refinance
Loan Amount: $1,865,000

Details: Financing was arranged for the semi-permanent term debt for a 10,722 sf office building in the Prairie Trail development.

Property Name: Mills Crossing
Location: West Des Moines, IA
Property Type: Retail & Office
Transaction Type: Development, Construction, and Permanent Financing
Loan Amount: $20,606,000

Details: Financing was arranged for acquisition and development of 15.2 acres known as Mills Crossing on the northwest corner of 60th and Mills Civic Parkway.  Included construction and permanent financing of: a 66,500 sf multi-tenant retail building (REI, former Fresh Market, and the Container Store); a 2,500 sf Caribou Coffee & Einstein Bros Bagels; and a 5,024 sf Charles Schwab office building.

Property Name: The Banks at Bridge District
Location: Des Moines, IA
Property Type: For Sale Townhomes
Transaction Type: Development and Construction
Loan Amount: $6,600,000

Details: Financing was arranged for the acquisition, development, and construction of 44 townhome lots and units by Hubbell Realty Company nestled on a redevelopment site on the east bank of the Des Moines River.

​Property Name: Hy-Vee
Location: Jefferson, IA; Kearney, NE; Ankeny, IA; Omaha, NE; Osage Beach, MO; Peoria, IL; Plattsmouth, NE; Worthington, MN
Property Type: Retail
Transaction Type: Acquisition Finance & Term Refinancing
Loan Amount: $73,069,000

Details: Financing was arranged for the acquisition of six grocery stores and term debt refinancing of two grocery stores leased by Hy-Vee.
Property Name: Nebraska Crossing Outlets
Location: Gretna, NE
Property Type: Retail
Transaction Type: Incentive Financing
Loan Amount: $37,400,000

Details: Financing was arranged to bridge state and local development incentives for the completion of the 331,529 sf Nebraska Crossing Outlet center located 20 miles southwest of Omaha in Gretna, NE.
Property Name: Froedtert Drexel Town Square Health Center
Location: Oak Creek, WI
Property Type: Medical Office
Transaction Type: Construction-to-Permanent Financing

Details: Financing was arranged for the build-to-suit construction of a 104,699 sf medical office building with a 425-space garage on a 6.9 acre site in the new Drexel Town Square redevelopment project in Oak Creek, a suburb of Milwaukee, WI
Property Name: Fairfield Inn & Suites
Location: Altoona, IA
Property Type: Hospitality
Transaction Type: Construction-to-Permanent Financing
Loan Amount: $8,800,000

Details: Financing was arranged for the construction and term loan of a future 108-room, 4-story hotel next to the 325,000 sf Outlets of Des Moines in the new Prairie Crossing, Altoona, Iowa, development.
​Property Name: Mayfair Collection 
Location: Wauwatosa, WI
Property Type: Multi-Tenant Retail
Transaction Type: Term Loan Refinance

Details: Financing was arranged for a 106,984 sf multi-tenant retail building anchored by Whole Foods and HomeGoods as part of Phase II of The Mayfair Collection in the The District, a 69-acre mixed-use redevelopment project in Wauwatosa, a Milwaukee suburb, that includes over 270,000 sf of retail space, a future hotel, and a future multi-family project.
Property Name: Dick’s Sporting Goods and Nordstrom Rack
Location: West Des Moines, Iowa
Property Type: Retail
Transaction Type: Construction-to-Permanent ?Financing
Loan Amount: $18,800,000

Details: Construction and permanent loan financing for developers Hurd Real Estate Services, Inc. and Signature Real Estate Services, Inc. The project consists of 131,000 square feet of retail space at the Plaza at Jordan Creek in West Des Moines.
Property Name: Bella Strada Estates
Location: Johnston, Iowa
Property Type: Residential Land Development
Transaction Type: Acquisition and Development
Loan Amount: $1,500,000

Details: Financing was arranged for this 19 acre land development located near Highway 141 and NW 70th Avenue in Johnston. Loan used to finance the infrastructure costs for the development of 11 executive estate lots and 8 villa lots.
Property Name: City Square Apartments
Location: Des Moines, Iowa
Property Type: Multi-family
Transaction Type: Development
Loan Amount: $26,424,000

Details: Construction financing to develop 124 market rate apartments in a 7-story building along Walnut Street between East 2nd and 3rd Streets in downtown Des Moines’ East Village.
Property Name: Cedarbrooke Place II and Danamere Village Townhomes
Location: Norwalk and Carlisle, Iowa
Property Type: Multi-family
Transaction Type: Construction-to-Permanent Financing
Loan Amount: $6,362,000

Details: Construction financing for two CDBG developments by Hubbell Realty Company. The project in Norwalk is the second phase of an existing development (Cedarbrooke Place) and will consist of two-buildings with 60 apartment units. A new 44 unit, bi-attached townhome project called Danamere Village Townhomes is located in Carlisle. Long-term financing will consist of Community Development Block Grant funding, bank financing and local tax abatement.
Property Name: Liberty Building
Location: Des Moines, Iowa
Property Type: Hospitality and Office
Transaction Type: Term Loan Refinance
Loan Amount: $11,600,000

Details: Refinance of the term loan for this twelve story historic office building housing the Hyatt Place hotel and several floors of office space at 418 6th Avenue in downtown Des Moines and the adjacent parking garage.
Property Name: The Cascades at Jordan Creek
Location: West Des Moines, Iowa
Property Type: Multi-family
Transaction Type: Construction and Mini-Perm Financing
Loan Amount: $20,425,000

Details: Construction and mini-perm financing for a new twelve building, 264 unit Class “A” Apartment Community to be located at 81st St. and Cascade Ave. in West Des Moines. Project development by Perry Reid Properties of Lincoln, Nebraska.
Property Name: Marriott TownePlace Suites
Location: Urbandale, Iowa
Property Type: Hospitality
Transaction Type: Term Financing
Loan Amount: $7,500,000

Details: Non-recourse, interest-only financing was arranged for this four-story, 116 room extended-stay hotel in January. Due to the low LTV, stable performance and a pre-funded improvements reserve, the lender was able to provide a commitment and fund within 45 days.
Property Name: Ballyard Lofts
Location: Des Moines, Iowa
Property Type: Multi-family
Transaction Type: Acquisition/Development
Loan Amount: $5,000,000

Details: A combination of traditional bank financing along with city and state tax incentives to develop 44 market rate apartments in the former Wellmark storage facility adjacent to Principal Park.
Property Name: Rental Brownstones
Location: West Des Moines, Iowa
Property Type: Multi-family
Transaction Type: Construction to Semi-Perm Financing
Loan Amount: $8,200,000

Details: Construction and semi-permanent financing for a market rate rental development by Hubbell Realty Company. Project is located in West Des Moines south of University Avenue and just west of 90th Street. Greenway Square will consist of fifteen three- and four-unit buildings totaling 57 brownstones. Financing allows ample time for construction and stabilization.
Property Name: Merle Hay Mall
Location: Des Moines, Iowa 
Property Type: Enclosed Regional Shopping Center
Transaction Type: Refinance and Construction Funds for Remarketing
Loan Amount: $48,000,000
 
Details: Four bank syndication of a loan for substantial renovations in Merle Hay Mall. Construction funds will finance demolition of the south parking deck, relocation of two existing tenants, a new Flix brewhouse and 8-screen movie theater, other common area upgrades and redesign of the Mall’s south entrance.
Property Name: Plymouth Place Apartments
Location: Des Moines, Iowa 
Property Type: Multifamily – Seniors
Transaction Type: Construction Financing
Loan Amount: $10,300,000
 
Details: This two year construction loan will finance the renovation of the 145 unit apartment building for seniors and mobility impaired persons. Originally a 1960’s HUD project, the Co-developers (Newbury Management Company and Plymouth Place, Inc.) will complete the historic rehabilitation project by converting the property to 131 units. Long-term funding will consist of State and Federal tax credits. 
Property Name: Ingersoll Square II
Location: Des Moines, Iowa 
Property Type: Multi-family, Low-Moderate Income
Transaction Type: Construction Financing
Loan Amount: $6,287,050
 
Details: This 15-month loan will finance the construction of a 63 unit apartment building with a minimum of 32 units to be leased to tenants qualified as low to moderate income. This is the second phase of the Ingersoll Square multi-family property. Phase I, consisting of 70 market rate units, was completed in 2007. Long-term funding will consist of bank financing and State tax credits.
Property Name: FedEx Ground Transport Facility
Location: Grimes, Iowa 
Property Type: Industrial/Warehouse
Transaction Type: Acquisition Financing
Loan Amount: $9,120,000
 
Details: Non-recourse financing was arranged for this 186,321 square foot industrial building. Flexible extension and expansion options were pre-arranged in the loan terms. Because of the low LTV and credit tenant, the lender was able to provide a commitment and rate lock 120 days prior to closing.

 

Commercial Real Estate Deals | Bankers Trust