
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.
- ◦Development
- ◦Financing