Finance

ST. LOUIS PARK, Minn. — JLL Capital Markets has arranged a $42.9 million bridge loan for the refinancing of Risor of St. Louis Park, an active adult community located in St. Louis Park, roughly 10 miles outside downtown Minneapolis. Roers Cos. is the borrower.  Completed in November 2023, the apartment community features 170 units reserved for residents ages 55 and older in studio, one-, two- and three-bedroom layouts. The property includes 18 affordable residences for income-restricted renters.  Amenities at the community include a club room, golf simulator, movie theater, pool and …

CHANHASSEN, Minn. — BWE has secured $20 million in permanent financing for Lake Place, an active adult community located in Chanhassen, roughly 20 miles outside Minneapolis. Silver Creek Equity, a Minnesota-based development company, is the borrower.  Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower. The loan features a 10-year term with a 35-year amortization period and five years of interest-only payments. Proceeds from the loan will be used to close out the existing high-interest floating rate construction financing.  Built in 2023, Lake Place totals …

MINNEAPOLIS — Thorofare Capital, an affiliate of Callodine Group LLC, has provided a $42.9 million bridge loan for the refinancing of Risor of St. Louis, an active adult community located in Minneapolis. Roers Cos. is the borrower.  Completed in November 2023, the community totals 170 units reserved for residents age 55 and older. The property was 78 percent occupied at the time of financing.  Amenities at the community, which totals six stories and features 4,000 square feet of ground-floor retail space, include covered parking, a coffee bar, golf simulator, pet wash, …