CEDARst Companies, a national multifamily developer, closed $170 million in capital with plans to develop 358 apartment units above 40,000 square feet of retail along North 6th Avenue in the North Loop neighborhood of Minneapolis.
CEDARst has invested nearly $250 million of capital into the North Loop during the past two years, having successfully developed the Duffey, its first development in the submarket consisting of 188 apartment units, located at the corner of North 6th Avenue and North Washington Avenue.
CEDARst’s second development, Duffey 2.0, consists of both an adaptive re-use and ground-up component. It is located within a landmark overlay and required approval from the National Park Service for the procurement of historic tax credits at the state and federal level. This represents CEDAR’s seventh historic tax credit development.
In addition to syndicating more than $30 million of tax credits, CEDARst partnered with ULLICO on a $101 million construction loan first and Pearlmark on a $12 million structured finance investment.
CEDARst was represented by Pat Minea and Dan Trebil of Northmarq.
CEDARst has already broken ground on the development. The company plans to complete the project by year end 2023. BKV is the architect of record. RJM will serve as the project’s general contractor. Both groups worked with CEDARst on its previous development.
Duffey 2.0 will include a robust amenity package consisting of multiple food and beverage concepts that will be managed by CEDAR’s hospitality team. Concepts will include a rooftop bar and restaurant overlooking the city with a large outdoor seating area, a New York City style bodega and coffee house, both located within the residential lobby.
Additional amenities include: a rooftop pickle ball court which doubles as an ice rink during winter months, a rooftop lounge and pool, spa and wellness facilities coupled with luxury locker room cores, expansive fitness facilities, a bowling alley, movie room, golf simulator and large co-working space. A skyway connects the two existing structures. Cedar has plans to install a glass curtainwall allowing for uninterrupted views of the skyline as residents pass through.
