Dekel Capital Arranges $41M Loan for MN Community
- May 31, 2019
Dekel Capital has secured a $41 million loan from Ares Real Estate Group for Central Park West, a 199-unit community in St. Louis Park, Minn. According to Yardi Matrix data, the property was 89.9 percent occupied and had an average rental rate of $2,051 as of April.
Located on approximately 3.5 acres at 1511 Utica Ave. S., the six-story building offers convenient access to downtown Minneapolis, an area that attracts upscale projects. Additionally, the 400,000-square-foot retail center The Shops at West End is situated adjacent.
Central Park West features a mix of one-, two- and three-bedroom units ranging from 546 to 1,395 square feet. According to Yardi Matrix data, six units are affordable. In-unit amenities include air conditioner, stainless steel appliances, walk-in closets, patio or balcony, quartz countertops and wood plank flooring.
Common-area amenities include a 24-hour fitness center, complementary coffee bar, bicycle storage, community rooms, fire pits, yoga studio, dog wash, outdoor heated pool and hot tub, outdoor kitchens with grilling areas, private courtyards and rooftop deck.