Dougherty Mortgage LLC, recently closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of 700 Central, currently a pair of conjoined historic warehouse buildings located in Minneapolis that will be converted into 80 units of market-rate multifamily housing with about 5,600 square feet of first-floor commercial space.
Because this project has been placed on the National Register of Historic Places, the borrower was able to utilize equity from the sale of historic tax credits for the project. Additionally, grant funds from the City of Minneapolis, Metropolitan Council and Hennepin County are being used for environmental remediation needed at the site. The financing was arranged by Dougherty Mortgage’s Minneapolis office for borrower 700 Central Owner, LLC.
Community features include upscale, resort-style amenities attractive to young professionals, including a heated luxury swimming pool with cabanas, outdoor movie Screen, bike storage, pet wash room, fitness club, dog park, and outdoor kitchen with grilling stations and a fire pit. Target residents will be those with incomes ranging between $50,000 and $60,000 a year.
Apartments will showcase 9-foot ceilings, 42-inch kitchen cabinets, granite countertops in kitchens and bathrooms, pendant lighting, wood-style flooring, over-sized tubs, balconies and smart thermostats. High efficiency washers and dryers will be included in each apartment, with stainless steel appliances available in select units.