Schafer Richardson & Marco McLane Development Secures $28.6 Million Construction Loan For Olivine Apartments In Victoria MN

The property involved in this transaction is a development site located at 2000 Steiger Lake Lane in Victoria, Minnesota. The asset is earmarked for a construction project known as Olivine Apartments, which will comprise 145 units and is scheduled for delivery in 2025. The total loan amount secured for this project is $28,600,000, provided as a construction loan by Associated Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $28,600,000
• Lender: Associated Bank
• Landlord: Schafer Richardson & Marco McLane Development
• Brokers: Andy Finn & Daniel Trebil - NorthMarq

Key individuals involved in securing the financing include NorthMarq, which facilitated the $28.6 million construction loan. The financing also includes preferred equity that was arranged through Ackerberg Group, which is a relevant detail about the financial structuring of the deal.