Berkadia Secures Financing for a 283-Unit Seniors Housing Community in Minneapolis, Minnesota
MINNEAPOLIS, Minnesota – August 16, 2024 – Berkadia announced today the refinancing of The Pillars of Prospect Park, a 283-unit, seniors housing community in Minneapolis, Minnesota. Managing Directors Austin Sacco and Steve Muth of Berkadia Seniors Housing & Healthcare secured bridge financing through a national bank on behalf of Harrison Street and Oppidan.
The three-year bank loan features an attractive interest rate and three-years of interest only.
“We are thrilled to have led the refinance of this incredible intergenerational living asset for this top-tier sponsorship group,” said Sacco.
The property affords convenient access to Downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. The Pillars of Prospect Park was built in 2020 and features an intergenerational living model which includes senior living, student living, and a children’s daycare.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of investment sales, advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
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