Dougherty Funding Closes $11M Minneapolis Refi
- Oct 31, 2017
Dougherty Funding has arranged a $10.8 million refinancing for Chroma Apartments, a 70-unit community in Minneapolis. The 10-year, non-recourse loan was closed by the company’s Minneapolis office together with a company partner.
The four-story building offers one-, two- and three-bedroom units ranging in size from 499 to 1,477 square feet. Additionally, Chroma features approximately 4,000 square feet of retail. According to data provider Yardi Matrix, the community had an average rental rate of $1,635 as of September.
Located at 113 E. 26th St., in the Whittier neighborhood of South Minneapolis, between uptown and downtown, the building is one block from Minneapolis Institute of Art and Minneapolis College of Art and Design. The property offers convenient access to multiple cultural, dining and other points of interest such as Children’s Theater, Icehouse, Old Arizona Studio, Spyhouse Coffee, Black Sheep Pizza, Midtown Greenway, Vertical Endeavors and Los Campeones Gym.
Built in 2016, the pet-friendly community features common area amenities such as:
- rooftop patio lounge and fireplace
- fitness center
- underground parking
- ground-floor coffee shop
- ground-floor art gallery
Image courtesy of Yardi Matrix