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Chicago & Midwest  + Midwest  + Senior Housing  |  August 16, 2024
Jasmine Kilman
By: Jasmine Kilman

Berkadia Refinances Senior Housing in Minneapolis

Berkadia announced the refinancing of The Pillars of Prospect Park, a 283-unit seniors housing community in Minneapolis, Minnesota. Managing Directors Austin Sacco and Steve Muth of Berkadia Seniors Housing & Healthcare secured bridge financing through a national bank on behalf of Harrison Street and Oppidan.

“We are thrilled to have led the refinance of this incredible intergenerational living asset for this top-tier sponsorship group,” said Sacco. The three-year bank loan features an attractive interest rate and three years of interest only.

The property affords convenient access to Downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. The Pillars of Prospect Park was built in 2020 and features an intergenerational living model that includes senior living, student living, and a children’s daycare.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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