George Sherman Of Sherman Associates Secures $136.5 Million Loan For Multifamily Development In Rochester MN

A multifamily mixed-income development is being financed at 217 East Center Street in downtown Rochester, Minnesota. The asset consists of 349 units, which include a 273-unit market-rate tower and 76 affordable senior apartments, alongside a 350-stall parking structure. The total loan amount secured for this construction project is $136,500,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $136,500,000
• Units: 349
• Landlord: George Sherman - Sherman Associates
• Loan Type: Construction
• General Contractor: Frana Companies
• Architect: ESG Architecture & Design
• Address: 217 East Center Street, Rochester, MN

George Sherman, representing Sherman Associates, played a key role in the closure of this financing. The project is significantly located near the Mayo Clinic campus, showcasing its relevance to the community. The collaboration involves likely partnerships that enhance the development's structural and design components through Frana Companies and ESG Architecture & Design.