Sherman Associates Secures $49.15M Refinance Loan For Moment Apartments In Minneapolis

The transaction involves a 222-unit mixed-use property located at 650 Portland Avenue in Minneapolis, MN. The property includes 14,713 square feet of ground-floor retail space leased to Starbucks and New Horizon Academy. This asset was refinanced with a loan amount of $49,150,000.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $49,150,000
• Lender: Daniel Malka & Jonathan Pomper - Dwight Mortgage Trust
• Landlord: Sherman Associates
• Loan Type: Refinance
• Market: Minneapolis, MN
• Units: 222

Sherman Associates secured a bridge loan from Dwight Mortgage Trust to refinance the Moment Apartments, covering existing debt, reserves, and transaction costs. The property originally opened in late 2023.