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New-Build Minneapolis Apartments Land $43M Refi
Hunt Real Estate Capital, a division of ORIX Real Estate Capital, provided a $43-million Fannie Mae DUS Conventional Multifamily loan to refinance Ironclad Apartments, a 172-unit mid-rise apartment community in Minneapolis that debuted in 2019. The loan refinances construction debt the borrower utilized to build Ironclad and a neighboring hotel starting in 2017.
“We were proud to partner with the sponsor, as well as Rohit Narayanan at Lighthouse Advisors, to complete this Fannie Mae refinance,” said Hunt VP Nicholas Diamond. “This was the sponsor’s first agency deal and first multifamily project in over two decades, and we were humbled to be selected as their partner in this undertaking.”
In February, the transaction was expected to proceed as a Fannie Mae Multifamily Near-Stabilization execution. Amid the COVID-19 crisis and subsequent market disruption, Fannie suspended the program, yet worked with Hunt to quickly pivot to the conventional option.
Image courtesy of Yardi Matrix.
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- ◦Financing
