Kayne Anderson & SteepRock Capital Provide $89.6M Construction Loan For Bennett And Harlow Apartments

The property involved in this transaction is located at 591 West 78th Street & 570 Market Street in Chanhassen, MN. It is a multifamily asset comprising 310 units and is part of a development that will include 14,882 square feet of retail space scheduled for delivery by 2026. The loan amount arranged for this construction project is $89,600,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $89,600,000
• Address: 591 West 78th Street & 570 Market Street
• Market: Chanhassen, MN
• Units: 310
• Retail Space: 14,882 sq. ft.
• Lender: Kayne Anderson & SteepRock Capital
• Landlord: Roers Cos
• Broker: Gary Sefcik - Marcus & Millichap Capital Corp
• Loan Type: Construction

Marcus & Millichap Capital Corp. facilitated the arrangement of a loan for the development of Bennett and Harlow Apartments, with Kayne Anderson providing $77.5 million in senior debt and SteepRock Capital contributing $12.1 million in mezzanine financing for the developer, Roers Cos.