Dougherty Funding Lands $31M Financing
- Jun 27, 2018
Dougherty Funding LLC has secured a $31.3 million construction loan for 625 Development, a mixed-use community situated in the central business district of downtown Minneapolis. The company worked on behalf of borrower 625 Development LLC. A joint venture of Reuter Walton Development, Hempel Cos. and Interstate Parking will develop the property.
Located at 625 S. 4th Ave., the development will consist of 122 units, more than 3,000 square feet of retail space and two parking ramps totaling 773 parking spots. According to Hempel Cos., the $50 million project will offer a mix of studios, one- and two-bedroom units. Of those, 80 percent will be priced between $1,450 and $1,950 per month, while the most expensive units will go as high as $2,500 per month.
The eight-story building has been a surface parking lot for Thrivent, which sold the 1.2-acre site to the developers for $4.5 million, according to public records. Common area amenities will include an all-season rooftop swimming pool, grilling stations, lounge and gym on top of the parking garage. Reuter is serving as the general contractor, while Dougherty served as lead lender and servicer for the loan.
Back in October, Dougherty Funding arranged a $10.8 million refinancing loan for a 70-unit community in the Whittier neighborhood of South Minneapolis.
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