CEDARst Lines Up Financing for Minneapolis North Loop Tower
CEDARst Companies closed on $170 million in capital with plans to develop Duffy 2.0, 358 apartment units above 40,000 square feet of retail along N 6th Avenue in Minneapolis’ North Loop neighborhood. The Chicago-based developer previously developed the 118-unit Duffey in the North Loop.
“We really have something special here,” said Will Murphy, CEO and managing partner of CEDARst. “The North Loop is everything we look for in an urban environment. We own the best dirt in the best multi-family submarket of Minneapolis.”
In addition to syndicating more than $30 million of historic tax credits, CEDARst partnered with ULLICO on a $101-million construction loan first and Pearlmark on a $12-million structured finance investment. “These are difficult, complicated projects but that’s our edge,” said Murphy. CEDARst was represented by Pat Minea and Dan Trebil of Northmarq.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).