Finance W Minnesota

HFF provides construction loan for 200-unit apartment project in Minneapolis

HFF provides construction loan for 200-unit apartment project,ph01

Holliday Fenoglio Fowler, L.P. recently closed the financing of LakeHaus, a 200-unit, Class-A apartment development located on Lake Calhoun in Minneapolis.

The HFF team worked exclusively on behalf of a joint venture led by Brickstone Partners Inc. and KMK Capital, in partnership with Deutsche Finance America, to secure a low-leverage, floating-rate construction loan through a national bank. Additionally, HFF procured mezzanine financing through EverWest Real Estate Partners.

The development is anticipated to be valued at more than $119 million when complete.

LakeHaus will be a best-in-class, eight-story ‘post-tensioned concrete’ apartment building, constructed on a 1.7-acre site at 3100 West Lake St. that features two levels of subterranean parking totaling 373 spaces.

The development site is situated on Lake Calhoun’s Northwest shore and in close proximity to Calhoun Commons, a Whole Foods Market-anchored shopping center. Additionally, LakeHaus will be within walking distance to a future light rail stop and is less than five miles from downtown.

The unit mix comprises 36 studio, 85 one-bedroom and 74 two-bedroom units as well as five penthouses. In addition to luxury finishes in each of the homes, the community will include a rooftop swimming pool and sundeck, spacious courtyards, gourmet grilling stations, an outdoor maze, top-floor clubroom, state-of-the-art fitness center, lobby with coffee bistro, guest suite and car share service along with a communal sailboat for use on the lake. Due for completion in 2020, the property will provide sweeping views of Lake Calhoun, downtown and the surrounding area.

The HFF team representing the borrower included director Kristian Lichtenfels, managing director Josh Simon, director Stella Pappas and managing director Jules Sherwood, a licensed Minnesota real estate broker.