CBRE secured a $25.54 million loan to refinance Aery, a 147-unit, Class-A multifamily community in Hermantown, Minnesota.
CBRE’s Billy Mork, Mike Vannelli and Joel Torborg of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured the permanent, fixed-rate, Fannie Mae loan on behalf of the owner, P&R Companies, a locally based multifamily development and management firm serving Minnesota and Wisconsin’s North Shore region.
Aery is located at 4498 Ugstad Road, just south of Highway 53 and minutes from Duluth International Airport and the Essentia YMCA wellness Center. Completed in 2021, the property features a range of studio, one-, two-, and three-bedroom floor plans.
Community and unit amenities include secured entry, a fitness center, pet spa, indoor storage, private balconies, granite countertops, walk-in closets, and an outdoor rooftop deck and patio areas with grilling stations.
