Marcus & Millichap Capital Corporation, based in Manhattan, has successfully secured $89.6 million in financing for the development of two adjacent multifamily projects – Bennett Apartments and Harlow Apartments. These projects are located 15 miles southwest of Minneapolis in Chanhassen, Minnesota.
The financing was secured by Gary Sefcik from MMCC’s Manhattan office. The senior proceeds amounting to $77.5 million were provided by Kayne Anderson while SteepRock Capital provided an additional $12.1 million as mezzanine financing for the sponsor, Roers Companies which is based in Minnesota.
Sefcik stated that the strong local sponsorship and desirable location of these projects generated a high level of interest from national lenders due to Midwest’s robust economic growth and rental demand with limited supply.
Bennett Apartments will be situated at 591 West 78th St., featuring 184 units along with prime retail space measuring up to 11,853 square feet while Harlow Apartments at 570 Market St., will offer a total of126 units along with retail space measuring up to3,029 square feet.
MMCC Secures $90M Financing for Two Multifamily Projects in MN
