Development, Expansion and Renovation Projects. As of July 31, 2014, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:

			(in thousands)
Project Name and Location	Planned Segment	Square Feet or Number of Units	Anticipated Total Cost		Costs as of July 31, 2014⁽¹⁾		Loans Closed or Committed		Anticipated Construction Completion
Commons at Southgate - Minot, ND⁽²⁾	Multi-Family Residential	233 units	$	37,201	$	33,218	$	24,480	FY2015 Q2
Minot Wells Fargo Bank - Minot, ND	Commercial Office	4,998 sq ft		3,288		1,550		0	FY2015 Q2
Cypress Court II – St. Cloud, MN⁽³⁾	Multi-Family Residential	66 units		7,028		3,168		4,200	FY2015 Q3
Arcata - Golden Valley, MN	Multi-Family Residential	165 units		33,448		19,048		24,250	FY2015 Q3
Red 20 - Minneapolis, MN⁽⁴⁾	Multi-Family Residential and Commercial	130 units and 10,625 sq ft		29,462		20,399		21,726	FY2015 Q3
Renaissance Heights I - Williston, ND⁽⁵⁾	Multi-Family Residential	288 units		62,362		44,251		43,672	FY2015 Q4
Roseville 3075 Long Lake Rd - Roseville, MN	Commercial Industrial	202,807 sq ft		13,915		2,578		11,000	FY2015 Q4
Chateau II - Minot, ND⁽⁶⁾	Multi-Family Residential	72 units		14,711		5,681		0	FY2016 Q1
Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042		9,333		24,500	FY2016 Q1
71 France Phase I - Edina, MN⁽⁷⁾	Multi-Family Residential	109 units		29,660		4,255		20,365	FY2016 Q1
Edina 6565 France SMC III - Edina, MN	Commercial Medical	72,012 sq ft		34,665		4,204		0	FY2016 Q2
PrairieCare Medical - Brooklyn Park, MN	Commercial Medical	75,000 sq ft		24,251		4,486		15,000	FY2016 Q2
Deer Ridge – Jamestown, ND	Multi-Family Residential	163 units		24,519		1,793		0	FY2016 Q2
Other	n/a	n/a		n/a		874		n/a	n/a
			$	354,552	$	154,838	$	189,193

(1)	Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $23.0 million).

(2)	The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(3)	The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(4)	The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(5)	The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(6)	On December 5, 2013, this development project was destroyed by fire. As of July 31, 2014, $4.0 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.

(7)

The Company is currently an approximately 55.3% partner in the joint venture entity constructing this project. The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 50.5% interest in the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of commercial retail space.