Belgarde Enterprises has secured a $28 million loan to refinance The Cliffs at Minnetonka, a 456-unit community in Minnetonka, Minn.
JLL Capital Markets worked on behalf of the borrower to secure a 10-year, fixed-rate Fannie Mae loan. The note will replace an existing mortgage from the same lender.
Located on 28 acres at 12300 Marion Lane, the six-building property was completed in 1988. The unit mix has studio apartments and one- to three-bedroom floorplans ranging from 600 to 1,923 square feet. Amenities include two swimming pools, a spa, tennis, volleyball and basketball courts, laundry facilities and a gym.
The community is close to Interstate 394 and some 9 miles west of downtown Minneapolis. Additionally, the property is within walking distance of Brookfield Properties’ Ridgedale Center, a 1.1 million-square-foot shopping center along Wayzata Boulevard.
JLL Senior Director Brock Yaffe arranged the financing for the borrower. In May, a different JLL team provided a $30 million Freddie Mac loan for Ivy Lane, a 237-unit community in Bergenfield, N.J. The company assisted Tower Management Service.