HFF has secured $24 million in financing for the development of Gabella at Parkside, a 196-unit, Class-A multi-housing community in the Minneapolis suburb of Apple Valley.
Working exclusively on behalf of the borrower, an affiliate of IMH Financial Corporation, and developer Titan Investments, HFF placed the three-year construction loan with a national bank.
Due for completion in February 2016, Gabella at Parkside will include a mixture of 196 one-, two- and three-bedroom units totaling 205,544 rentable square feet. Situated on a 5.2-acre site, the property will be the first of a five-phase residential component located within Central Village, a 60-acre master planned development encompassing hotel, retail, office and multi-housing in downtown Apple Valley.
The transit-oriented property will be within walking distance of the Apple Valley Transit Station along the Minneapolis-St. Paul Metro Red Line. Community amenities will include a resort-style swimming pool, hot tub, sun deck, grilling area, indoor/outdoor gaming area, state-of-the-art fitness center, yoga studio, theater room, lounge and internet café.
The HFF team representing the borrower was led by director Josh Simon, associate director Brock Yaffe and analyst Matt Gangaware.
