EDINA, MN – Venture Mortgage is pleased to announce the closing of a 105-unit multifamily complex in Baxter, MN. The subject was 3 phases of a planned 7 phase, 191-unit project. A loan of $9.8 million was secured.
Phases I-III are identical, three-story, 35-unit wood-framed buildings with 18 detached parking garage stalls. The buildings feature Hardiboard siding and stone accents with pitched, shingled roofs. Every building is complete with a fitness center, a library, a community room with kitchen and laundry rooms. Community amenities include two playgrounds, a gazebo, grilling areas and an outdoor pool.
Erik Johnson, Vice President at Venture, who represented the borrower states, " The developer wanted to mitigate the interest rate risk for the completed buildings until the entire complex is completed and permanent financing is secured. This is a large complex in a smaller market, but the lender was sold on the developer and rapid lease-up."
About Venture Mortgage: Headquartered in Edina, MN, Venture Mortgage Corporation has been providing a variety of commercial real estate financing structures for investors and owners since 1990. The team originates and services commercial real estate loans nationwide, with a strong presence in the mid-west. They maintain relationships with insurance companies, agency lenders, banks, conduit lenders and capital market investors. With an active servicing portfolio of $585 million and over $7 billion in originations to date, the team delivers comprehensive solutions to clients in every area of the capital stack.