Updated Oct 28, 2024
McGough Development Secures $65M Construction Loan For Multifamily Property In Bloomington, Minneapolis
8100 31st Avenue South, Bloomington, Minnesota 55425, United States
$65,000,000
Units
403
Asset Type
MultiFamily
Closing
Jun 22, 2022
About this deal
AI
The multifamily property located at 8100 31st Ave. South, Bloomington, Minneapolis has undergone a closed transaction. The property consists of 403 units, offering a spacious and accommodating living space for its residents.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Address: 8100 31st Ave. South, Bloomington, Minneapolis
- Market: Bloomington, Minneapolis
- Lender: Associated Bank - Randy Stille & Old National Bank
- Landlord: McGough Development
- Loan Type: Construction Loan
Randy Stille from Associated Bank and Old National Bank were the lenders providing the construction loan of $65,000,000 for this multifamily property transaction. Meanwhile, McGough Development acted as the landlord overseeing the development of the project.
Players
Minneapolis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93