Berkadia, a leading commercial real estate company, recently announced the successful refinancing of The Pillars of Prospect Park in Minneapolis, Minnesota. This 283-unit seniors housing community was secured by Managing Directors Austin Sacco and Steve Muth from Berkadia Seniors Housing & Healthcare through bridge financing provided by a national bank on behalf of Harrison Street and Oppidan.
Sacco expressed excitement about leading this refinance for such an outstanding intergenerational living property with top-tier sponsors. The three-year bank loan offers competitive interest rates and three years of interest-only payments.
The location is ideal for residents as it provides easy access to Downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. Built in 2020, The Pillars at Prospect Park features an innovative intergenerational living model that includes senior living accommodations along with student housing options and a children’s daycare facility.
