Mag Mile Capital Announces $8.9 Million Loan Closing for the New Construction and Development of Multifamily Apartments in Minneapolis, MN
MINNEAPOLIS, Feb. 14, 2022 /PRNewswire/ — Mag Mile Capital is pleased to announce Cody Harper, Vice President of Originations in the firm’s Chicago office, and Matt Weilgus, Senior Vice-President of Originations in the firm’s Westport, CT office have completed an $8,900,000, ten-year construction-to-permanent loan for the acquisition and new construction of 1000 Main Street (www.1000mainstreet.com) – a five-story, 49-unit apartment building in the dynamic Saint Anthony West neighborhood of Northeast Minneapolis, MN.
1000 Main will be equipped with a coveted amenity package that includes indoor parking, outdoor community terrace, fitness center, work lobby/lounge, package room, pet wash, and bike lounge. The unit mix features studio and 1-bedroom apartment units with a variety of layouts that feature in-unit washer/dryer, balconies, workspaces, and an abundance of storage options. In addition to its heavily curated interior and exterior design, the building is only the second Minneapolis project to partake in the “Green Minneapolis” Climate Resiliency / Carbon Offset Program, whereby ownership will be purchasing renewable energy credits that will offset its electrical usage to full carbon neutrality prior to the year 2050.
The borrower, Chad Tepley of CDT Realty Corporation, came to Mag Mile Capital through an existing relationship with Harper. “As 20-year industry colleagues, trusted friends, and former real estate classmates at UW-Madison, playing a small role in helping Chad materialize his vision for this project is a pleasure and an honor,” said Harper. He added, “demonstrating his talent and skill with incredible focus, persistence, and conviction, Chad always managed to connect with the ball, hustle the bases, and score no matter fastball, curveball, or wild pitch was thrown at him prior to closing.” Not only is this multifamily development project CDT Realty Corp’s first ground-up development project in Minnesota, but it is also Harper’s first debt placement execution at Mag Mile Capital since joining the firm in September of 2021
The ten-year loan features an 80% loan-to-cost ratio and a 3.0% interest rate that is fixed for the first five years of the loan. “It was a pleasure working with Cody and Matt from their first introduction to the lender all the way through the closing. Their broad knowledge of the current market as well as alternative debt/equity sources was a valuable resource as we considered various strategies,” said Chad Tepley, President of CDT Realty Corporation. “I’m confident we could not have found better financing or a better lending partner for this project, and I look forward to working with them again in the future.”
SOURCE Mag Mile Capital