MINNEAPOLIS, MN - The Minneapolis office of Dougherty Funding LLC has closed a $31,250,000 First Mortgage Construction/ Term Loan for 625 Development, located at 625 South 4th Avenue in the central business district of downtown Minneapolis, Minnesota.
The subject property is a to-be-built skyway connected, mixed-use development featuring 122 apartment units, two parking ramps with a total of 773 parking spaces (109 below ground and 664 above ground) and 3,114 square feet of retail space on the skyway level. This development was a joint venture between Reuter Walton Development, Hempel Companies and Interstate Parking.
The General Contractor will be Reuter Walton Commercial. Dougherty Funding serves as lead lender and servicer for the loan arranged for borrower 625 Development LLC.
About Dougherty Funding: Since 1996 Dougherty Funding LLC has offered a broad range of commercial finance solutions to real estate developers and corporations nationwide. Dougherty Funding serves as the lead lender in their financing transactions and funds each financing by selling loan participations to an extensive network of banks and institutional lenders throughout the U.S.
For more information, please visit www.doughertymarkets.com