MINNEAPOLIS, MN - Timberland Partners, a privately-owned real estate investment, development and management firm, announced that it has closed on the land and financing needed to begin construction on Green on Fourth Apartments (G4) located in Minneapolis, near the University of Minnesota-Twin Cities campus.
The $53.8 million, 243-unit mixed-income project is a joint venture between Minneapolis-based developers Timberland Partners and Prospect Park Properties. The project was designed by Tushie Montgomery Architects and will be constructed by Frana Companies, both based in Minneapolis.
Dougherty Mortgage LLC arranged a $42.7 million HUD-insured 221(d)(4) loan. Additional financing was also provided by Hennepin County, the City of Minneapolis, and the Metropolitan Council. Ryan Sailer, Vice President of Development, commented that “the development of mixed-income transit orientated housing is very challenging. This project involved a very unique financing structure that was only possible because of the strong public-private partnership between us and our funders. We are very appreciative of everyone’s efforts, and hope it can serve as a model for future mixed-income development.”
G4 is immediately adjacent to the Prospect Park Light Rail Station, which sits on the Green Line that connects the downtowns of Minneapolis and Saint Paul. As part of the project, Timberland Partners plans to preserve public green space near the transit station area and will be coordinating with the City of Minneapolis, Hennepin County, and the Metropolitan Council on the reconstruction of "Green Fourth Street" which fronts the project. Once complete, Fourth Street will incorporate an innovative design that includes sidewalk furniture, bike lanes, decorative pedestrian lighting, and non-native plant vegetation in an attempt to connect G4 and all other new development to the public realm in an inviting and interactive way. Location is only one aspect of G4's sustainable design, it will also be connected to a first-of-its-kind district stormwater system. This project also utilizes construction strategies that allow for further sustainable energy initiatives in the future.
Building amenities include a rooftop deck with views of the Minneapolis skyline, fitness center, yoga studio, community room with a pub-style lounge and game room, package center, heated underground parking with bike storage, playground, and dog run. Apartment homes range from studio, one, two, and three bedrooms with penthouse options. Homes will feature granite countertops and vanities, fully equipped kitchens with tile backsplashes, in-unit washer and dryer and private balconies. Master bedrooms include walk-in closets and kitchens will come with built-in USB charging ports.
Construction completion for Green on Fourth is scheduled for June 2019.
About Timberland Partners: Founded in 1992, Timberland Partners is an award winning real estate investment, management and development firm. They own and manage 65 apartment communities totaling 12,680 units in thirteen states. For more information, please contact Ryan Sailer, Vice-President of Development at rsailer@timberlandpartners.com or 952.351.9308 or visit timberlandpartners.com.