MINNEAPOLIS, MN – PCCP, LLC announced today it has successfully completed a $44.8 million senior loan to Reuter Walton Development for the development of 1400 Nicollet Avenue, a proposed 231-unit apartment project with 10,000 square feet of ground floor retail, located in the Loring Park neighborhood of downtown Minneapolis, MN.
The project will feature five stories of wood frame construction above a concrete podium that will have two levels, one below grade and one at grade, of secured parking with 170 spaces. The project provides a smaller, more affordable unit mix than many of the new buildings coming online in Minneapolis, with over 80 percent of the units priced between $1,200 and $1,800 per month, but still features luxury amenities that will include a tenant lounge, clubroom, game room, fitness center, pet spa, bike storage and repair center, and outdoor common area rooftop deck on the second floor with pool/hot tub, outdoor cabanas, and fire pits.
The property’s location close to downtown, the 34-acre Loring Park, and Minneapolis’s many greenways and trails has been described as a “bicyclist and pedestrian paradise” offering tenants access to local festivals and events in Loring Park as well as nearby restaurants, grocers, bars, and larger stores, including Target. The property’s location offers immediate access to Nicollet Mall, the Skyway, and Loring Greenway, all major thoroughfares in and out of downtown Minneapolis. The walkability, outdoor access, and local amenities will be attractive to those seeking urban housing in Minneapolis.
“Reuter Walton Development is an experienced local developer and builder that has completed numerous successful projects throughout Minneapolis. We are excited to partner with them on this loan,” said Brendan Shanahan, a vice president with PCCP. “The company creates vibrant, community driven projects and has a strong familiarity with the site and neighborhood having recently completed Harlo, a 75-unit apartment development on the same block.”
The Minneapolis-area economy continues to have a strong job market with one of the lowest unemployment rates in the country and is one of the most dynamic centers for business, technology, healthcare, and education, making it the 13th largest metropolitan economy in the country.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $17 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com