Minneapolis—Dougherty Mortgage LLC recently closed a $28.6 million HUD loan for the refinance of The Grain Belt, a 150-unit market rate multifamily apartment community located in Northeast Minneapolis. The 35-year term, fully-amortizing loan was arranged through Dougherty’s Minneapolis office for borrower Orth-Grain Belt LLC.
Located at 1215 Marshall St. NE, the property was built on the site of the historic Orth and Grain Belt breweries and consists of two four- and five-story apartment buildings and a leasing office/clubhouse building constructed in 1892. The residential structures, completed in 2014, include one-, two- and three-bedroom units. Common amenities include a fitness center, business center, clubhouse and a total of 180-parking spaces, above ground and subterranean. Select apartments feature a fireplace, hardwood-like flooring, stainless steel appliances, TV lounge, air conditioner and balcony.
According to Yardi Matrix data, the property, which also features 19,000 square feet of office space, was 93.4 percent occupied as of December 2016. The clubhouse building is listed on the National Register of Historic Places. Historic tax credits were utilized in its renovation, with construction in 2013-2014 utilizing financing under HUD Section 221(d)(4), also provided by Dougherty Mortgage LLC. This month, Dougherty Mortgage also closed a $2.7 million Fannie Mae loan for an Arizona community.
Image courtesy of Yardi Matrix