Minneapolis Project Lands $130M Financing

The Legacy, a joint venture between Provident Real Estate Ventures and Shamrock Properties, received a senior loan from PCCP.
The Legacy, Minneapolis
The Legacy, Minneapolis

The Legacy, a 374-unit condominium project in downtown Minneapolis, has received a $130 million senior loan for development, from PCCP. A joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. is developing the project. The Minneapolis office of Dougherty Funding has arranged the financing on behalf of the ownership.

Situated at 1240 S. 2nd Street in the Mill District of downtown Minneapolis, the project will comprise an eight-story podium with a 14-story and a 17-story tower, and three levels of underground parking. The Legacy will be completed next summer and tenants might occupy the space starting the fall of 2018. So far, 127 units were sold, and six more were reserved.

“PCCP’s loan provides financing for the project’s construction costs as well as other expenses during development and marketing periods,” said Jim Galovan, partner with PCCP, in prepared remarks.

Luxury amenities, ideal location

The state-of-the-art building will feature amenities such as:

  • Fitness center
  • Game room
  • Community room
  • Two roof decks with a pool
  • Lawn bowling
  • Grilling areas
  • Heated indoor parking
  • Golf simulator
  • Outdoor dog run
  • Pet grooming and indoor pet relief area

The property is situated on the edge of Gold Medal Park, and close to cultural institutions like the Guthrie Theatre and MacPhail Center. Also, the area includes Mill Ruins Park, along the Mississippi Riverfront, which offers with biking and walking trails, galleries, coffee shops, bars and restaurants.

Image courtesy of The Legacy Minneapolis