LeCesse Development Obtains $36.9M FHA Loan to Develop Apartments in Twin Cities
- Mar 29, 2010
Woodbury, Minn.–LeCesse Development has closed on a Federal Housing Administration (FHA)- insured mortgage in the amount of $36.9 million to develop Uptown at City Walk, a 242-unit luxury apartment project to be built in the Twin Cities region.
The loan has a fixed interest rate of 5.32 percent and a 40-year term. Oak Grove Capital arranged the financing. Stonebridge Construction will build the project. Cambridge Management Services, an affiliate of LeCesse, will manage the asset.
Uptown at City Walk, located in Woodbury, Minn., is LeCesee’s fourth project in Minnesota and the second phase of its City Walk project. The first phase includes 287 residential units and over 25,000 square feet of retail and office space, completed in 2006.
The Uptown project will feature ungraded units, an attached climate controlled parking garage, an adjacent park and walking trails.
“The Twin Cities has a strong and diversified economy which will be quicker to return to prosperity as the national economy improves,” says Sal Leccese, president of the Altamonte Springs, Fla.-based LeCesse Development Corp. “With construction costs down significantly, now is the time to proceed with the Uptown project.”
LeCesse Development Corp. and its affiliates have developed and built real estate income properties with a value of over $1.5 billion.