MN Community Lands $31M Refi

By Adina Marcut

Residences at 1700

Dougherty Mortgage has secured a $30.6 million Fannie Mae loan to refinance Residences at 1700, a 115-unit community in Minnetonka, Minn. The company arranged the 12-year loan with a 30-year amortization schedule through its Minneapolis office on behalf of the borrower, 1700 Plymouth LLC.

The market-rate property consists of a five-story building at 1700 Plymouth Road. The community offers convenient access to highways 494 and 394 and to various shopping, dining and entertainment venues such as General Mills, Ridgedale, Super Target, Best Buy and Whole Foods Market. Additionally, downtown Minneapolis is approximately 10 minutes away.

Recently constructed

Completed in 2017, the pet-friendly community features one-, two- and three-bedroom units ranging from 522 to 3,508 square feet. Common amenities include an outdoor kitchen and lounge area, clubroom with teaching kitchen and private dining room, conference room, fitness center, yoga studio, outdoor pool with sundeck and a total of 190 parking spaces.

According to data provider Yardi Matrix, the average rental rate at Residences at 1700 is $1,893 as of January. Additionally, the property offers nearly 16,000 square feet of retail space on the first floor. The tenant roster includes Caribou Café, Highland Bank and Greenfield Natural Kitchen.

In a recent deal, Dougherty worked on behalf of G4 Partners LLC to secure a $42.8 million loan for the development of another Minnesota community.

Image via Google Street View