Mag Mile Capital Announces the Closing of $8.9 Million Loan for New Construction and Development of Multifamily Apartments
Mag Mile Capital is pleased to announce that Cody Harper, Vice President of Originations in the firm’s Chicago office, and Matt Weilgus, Senior Vice-President of Originations in the firm’s Westport, CT office, have completed an $8,900,000, ten-year construction-to-permanent loan for the acquisition and new construction of 1000 Main Street (www.1000mainstreet.com) – a five-story, 49-unit apartment building in the dynamic Saint Anthony West neighborhood of Northeast.
1000 Main will have a sought-after amenity package that includes indoor parking, an outdoor communal terrace, a fitness facility, a work lobby/lounge, a package room, a pet wash, and a bike lounge.
The unit mix includes studio and 1-bedroom apartment units in a variety of layouts with in-unit washer/dryer, balconies, workspaces, and plenty of storage.
In addition to its carefully curated interior and exterior design, the building is only the second in Minneapolis to participate in the “Green Minneapolis” Climate Resiliency / Carbon Offset Program, in which ownership will purchase renewable energy credits to offset its electrical usage to achieve full carbon neutrality before the year 2050.
Chad Tepley of CDT Realty Corporation approached Mag Mile Capital with an existing relationship with Harper.
“As 20-year industry colleagues, trusted friends, and former real estate classmates at UW-Madison, playing a small role in helping Chad materialize his vision for this project is a pleasure and an honor,” Harper said.
He added, “demonstrating his talent and skill with incredible focus, persistence, and conviction, Chad always managed to connect with the ball, hustle the bases, and score no matter fastball, curveball, or wild pitch was thrown at him prior to closing.”
This multifamily construction project is not only CDT Realty Corp’s first in Minnesota from the ground up, but it is also Harper’s first loan placement execution at Mag Mile Capital since joining the firm in September 2021.
The ten-year loan has an 80 percent loan-to-cost ratio and a fixed interest rate of 3.0 percent for the first five years.
“It was a pleasure working with Cody and Matt from their first introduction to the lender all the way through the closing.”
“Their broad knowledge of the current market as well as alternative debt/equity sources was a valuable resource as we considered various strategies,” Chad Tepley, President of CDT Realty Corporation stated.
“I’m confident we could not have found better financing or a better lending partner for this project, and I look forward to working with them again in the future.”
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