Loan to finance the development of an 83-unit multi-family building
MINNEAPOLIS, April 25, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading mid-market commercial real estate lender, has launched a $19.25 million loan to finance the development of Sawyer & Huck (the “Property”) in Minneapolis.
The proposed 46,504 square foot multi-family building will house 83 luxury rental units and include 47 on-site covered parking spaces. The property will also provide top-notch community amenities such as a fitness center, rooftop terrace and bicycle parking.
Located within walking distance of downtown Minneapolis and the University of Minnesota, the property is located in the historic district of St. Anthony West, which sits on the east bank of the Mississippi River. The trendy neighborhood offers an abundance of recreational activities and cultural attractions nearby.
“Home to 18 Fortune 500 companies, Minneapolis has a rapidly growing multi-family market characterized by healthy occupancies and strong tenant demographic demand,” said ACRES President and CEO Marc Fogel. “Given the property’s location and high quality finishes, it will rank at the higher end of the luxury multi-family market.”
The loan was granted to the Charles Street Development Company based in denver and Drew Miller of ACRES’ Uniondale, NY office issued the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser providing construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $10 million for $100 million range, including multi-family, student accommodation, retail, office, hospitality and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
Doug Allen / Maya Hanowitz
Dukas Linden Public Relations
SOURCE ACRES Capital, LLC