Roers Snags Refi for Twin Cities Property
A suburban senior community will benefit from the financing.
Roers Cos. has obtained a $42.9 million bridge loan to refinance Risor of St. Louis Park, a senior community in suburban Minneapolis, Minn. Thorofare Capital, an affiliate of asset management platform Callodine Group, LLC, provided the loan. The financing is primarily intended to retire an existing construction loan on the community.
“I wouldn’t say there were many challenges to obtain this financing,” Thorofare’s Head of Originations Felix Gutnikov told Multi-Housing News. “Roers was seeking maximum certainty of execution, and they were paying off a regional bank construction loan. Their choice of selecting a best-in-class, non-bank lender, such as Thorofare, was due to the speed to close—30 days—the flexible prepayment optionality of the floating rate loan and the Thorofare reputation of delivery of fairly priced financing to experienced middle market borrowers.”
Property details
Located at 3510 Beltline Boulevard in St. Louis Park, a suburb approximately six miles southwest of Minneapolis, Risor of St. Louis Park is a 170-unit, mid-rise, active 55-plus community. Apartments range from loft studios to three-bedroom layouts and extend in size from 710 to 1,605 square feet.
Completed in November 2023, the property is 78 percent occupied, Yardi Matrix data shows. The six-story elevatored structure offers an interior courtyard and 4,000 square feet of ground-floor retail space.
Common-area amenities include coffee bar, library lounge, pickleball court and sky lounge. Features and finishes of units include gas ranges, vinyl plank floors, walk-in closets, white cabinetry and private patios or balconies.
Well located
Risor of St. Louis Park provides residents with access to Highway 100, which delivers connections to Interstate 394 taking motorists throughout the Twin Cities. The community is situated in the recreation-filled Wolfe Park neighborhood, near a number of major lakes, among them Lake Harriet, Lake of the Isles and Cedar Lake.
In addition, the area is home to Wolfe Park Memorial Amphitheater, walking trails, picnic areas, a playground and fishing pond. Also proximate is Bass Lake Park, offering a figure skating rink, picnic areas, a play structure and pickleball court.
Shopping centers are also accessible. Residents can walk to the revitalized shopping district at Excelsior & Grand in 11 minutes. Calhoun Plaza is a 17-minute walk and Park Village can be reached in three minutes by car.
Last month, 610 West Apartments in the Twin Cities suburb of Brooklyn Park, Minn. changed hands. The Class A property features 480-units and was sold by The Doran Group. It is situated about 15 miles northwest of downtown Minneapolis.
