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MMCC Arranges $90M for Two MN Multifamily Projects
Marcus & Millichap Capital Corporation has arranged $89.6 million in financing for the construction of Bennett Apartments and Harlow Apartments, two adjacent multifamily projects located 15 miles southwest of Minneapolis in Chanhassen, Minnesota.
Gary Sefcik, in MMCC’s Manhattan office, secured the financing. Kayne Anderson provided $77.5 million in senior proceeds and SteepRock Capital provided $12.1 million in mezzanine financing for the sponsor, Minnesota-based Roers Companies.
“In addition to strong, locally based sponsorship and the desirability of the Chanhassen submarket, our financing package generated a high level of interest from national lenders for the Midwest which has been enjoying robust economic growth and rental demand with relatively limited supply,” said Sefcik.
The Bennett Apartments, located at 591 West 78th St., plan to feature 184 units and 11,853 square feet of prime retail space. The Harlow Apartments, at 570 Market St., plan to offer 126 units and 3,029 square feet of retail space.
