Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MidwestCRE

CBRE arranges $77.8M bridge financing for LPM Apartments in Minneapolis

Staff Writer April 1, 2017
Share on Facebook Share on Twitter Share on LinkedIn Share via email

CBRE Capital Markets has arranged $77.8 million in bridge financing for Chicago-based developer Magellan and their joint-venture partner DeBartolo Development‘s LPM apartments, a 354-unit luxury high-rise apartment tower with ground-floor retail in Minneapolis, Minnesota.

The firm secured the loan through its relationship with New York-based TPG Real Estate Finance Trust. The non-recourse loan was sized at approximately 65 percent total project costs and at a competitive market interest rate. The new loan was used to retire the borrower’s maturing construction loan on the property.

Located in the Loring Park neighborhood of Minneapolis, the building is completing lease-up and is expected to reach stabilized occupancy later this year. The retail portion of the project is 100 percent occupied as of March 2016. Tenants include Eggy’s Diner, YogaFit, Inspire—an arts and crafts shop with a humanitarian mission—and a 12,500 square-foot Lakes & Legends Brewing Company brewery and taproom.

Murray Kornberg and Jessica Lytle of CBRE’s Minneapolis office represented the JV.

Tags
MREN
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
TexasCRE

Beck Group Names new leader of Austin office

January 27, 2023
TexasRetail

Partners arranges 3,215-square-foot retail lease with Pork Chop Screen Printing in Austin

January 27, 2023
TexasOffice

Partners Real Estate brokers sale of office building on 0.5 acres in Dallas

January 27, 2023
TexasIndustrial

Partners Real Estate arranges 47,332-square-foot industrial lease for SUNRGY Solar Distribution in Missouri City

January 27, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com