CBRE Capital Markets has arranged $23.2 million of permanent financing for the Red 20 Apartments in Northeast Minneapolis.
Red 20 is a 130-apartment development that was completed in 2014. The property boasts a Walk Score of 91 and is in a neighborhood featuring galleries, coffee shops, bars and restaurants.
The CBRE Capital Markets team helped the borrower to pay off its current floating-rate construction loan by obtaining permanent financing with a fixed interest rate below 4 percent.
CBRE Capital Markets arranged a 10-year loan with one year of interest-only payments for Red 20 through its relationhip with the Northwestern Mutual Life Insurance Company.
Joel Torborg, Doug Seylar, Murray Kornberg, Scott Larson, Ben Bastian and Jessica Lytle with CBRE represented the borrower, IRET-RED 20, LLC.
