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MN Multifamily Properties Bringing in Investors

MINNEAPOLIS—The vacancy rate in the Twin Cities has remained quite low, and coupled with remarkable job growth, well=positioned properties should continue to get attention from national investors.

By Brian J. Rogal | brianjrogal | | Updated on July 11, 2016

 

min-addison-shakopee (3) The Addison in suburban Shakopee, MN.
MINNEAPOLIS—Officials from New York Life Real Estate Investors said last week that the company had provided several institutional investors with acquisition financing for The Addison Apartments, a 290 unit, class A apartment complex located in Shakopee, MN, a suburb Minneapolis. The $33,425,000 six year fixed rate loan was made on behalf of a venture of White Oak Partners and affiliates of The Hartford .   “The Minneapolis economy is strong and diverse, and despite significant additions to supply, the apartment market has proven resilient, posting low vacancy rates, high rent growth and attracting outside investors,” John Howard , who oversees commercial mortgage production for the Midwest Region at New York Life Real Estate Investors, tells GlobeSt.com. “ We plan to continue to seek loan opportunities on well positioned multi-family product in the market for the foreseeable future.” “This loan represents a continuation of New York Life Real Estate Investors’ involvement with the property, the acquisition and expansion of which we financed with the previous owner,” he adds.   Newmark Grubb Knight Frank’s Washington DC office acted as mortgage broker on the transaction.    

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