Finance W Minnesota

Bellwether closes loan for 552 apartment units in St. Paul area

Bellwether closes loan for 552 apartment units in St. Paul area,ph01

Bellwether Enterprise Real Estate Capital LLC closed a combined $32 million in two loans to refinance two multifamily developments totaling 552 apartments in the St. Paul, Minnesota, area.

The deals include:

Palisades Apartments, a $20 million loan for a three-story, 330-unit building at 560 W. Sandhurst Drive in Roseville, Minnesota. This loan refinances an existing Bellwether Enterprise loan from 2011 with the same lender, Securian Financial Group. The 10-year loan is interest-only for the first five years with a 30-year amortization period. Palisades Apartments features a number of amenities including indoor and outdoor pools, a hot tub, a party room, and a fitness center.

Como Park Apartments, a $12 million loan for a three-story, 222-unit building at 1385 W. Jessamine Ave. in St. Paul. The refinanced 10-year loan is interest-only for the full term, and the lender was Thrivent Financial for Lutherans. Como Park amenities include an indoor and outdoor pool, tennis and basketball courts, a rooftop deck, and a fire pit.

Mike Polencheck, a senior vice president of Bellwether Enterprise in the Minneapolis office, arranged both loans.