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CBRE Arranges $32M for New MN North Loop Apartments

MINNEAPOLIS-The loan was created for Schafer Richardson Inc. for its Third North Apartments, a 204-unit complex going up in the less-built-up North Loop.

By Robert Carr | Updated on August 02, 2012

MINNEAPOLIS-Schafer Richardson Inc. has gained a $32.5 million in non-recourse construction and permanent financing for a new 204-unit apartment complex. CBRE Group Inc. arranged the HUD financing for the property, to be called Third North Apartments.

The project is located in the downtown neighborhood known as the North Loop, on land now occupied by a warehouse. Murray Kornberg, SVP of the CBRE Capital Markets team, tells GlobeSt.com that the building needs some environmental clean-up, and then it will be demolished. “Demolition should start this next week,” he says. “It should take about 16 months to completion.”

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