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Kayne Anderson & SteepRock Capital Provide $89.6M Construction Loan For Bennett And Harlow Apartments
FINANCED
$89,600,000
Minnesota
See Similar DealsMultiFamily
Financed 01/31/2025
FINANCED
Kayne Anderson & SteepRock Capital Provide $89.6M Construction Loan For Bennett And Harlow Apartments
591 West 78th Street & 570 Market Street
See Similar DealsMultiFamily
Financed 01/31/2025
Summary
MINNESOTA
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$89,600,000.00
Monthly NOI$597,333.33
Monthly Debt Service$566,332.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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