ACRES Originates $19.25M Loan for Sawyer & Huck Apartments in Minneapolis
APRIL 25, 2022Loan to fund the development of multifamily building with 83 residential units
MINNEAPOLIS (April 25, 2022) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $19.25 million loan to fund the development of Sawyer & Huck (the “Property”) in Minneapolis.
The proposed 46,504-square-foot multifamily building will house 83 luxury rental units and include 47 on-site covered parking spaces. The property will also provide premier community amenities such as a fitness center, roof deck, and bike parking.
Located within walking distance of downtown Minneapolis and the University of Minnesota, the property is situated in the historic St. Anthony West area, which lies on the east bank of the Mississippi River. The trendy area features an abundance of nearby recreational activities and cultural attractions.
“Home to 18 Fortune 500 companies, Minneapolis has a rapidly growing multifamily market characterized by healthy occupancies and a strong tenant demographic driving demand,” said ACRES Chief Executive Officer and President Mark Fogel. “Given the property’s location and high-quality finishes, it will rank at the upper end of the luxury multifamily market.”
The loan was provided to Charles Street Development Company based in Denver and Drew Miller of ACRES’ Uniondale, N.Y. office originated the loan.
