Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $89.6 million in financing for the construction of Bennett Apartments and Harlow Apartments, two adjacent multifamily projects located 15 miles southwest of Minneapolis in Chanhassen, Minnesota.
Gary Sefcik in MMCC’s Manhattan office secured the financing. Kayne Anderson provided $77.5 million in senior proceeds and SteepRock Capital provided $12.1 million in mezzanine financing for the sponsor, Minnesota-based Roers Companies.
“In addition to strong, locally based sponsorship and the desirability of the Chanhassen submarket, our financing package generated a high level of interest from national lenders for the Midwest which has been enjoying robust economic growth and rental demand with relatively limited supply,” said Sefcik.
- The Bennett Apartments, located at 591 West 78th Street, plan to feature 184 units and 11,853 square feet of prime retail space.
- The Harlow Apartments, at 570 Market Street, plan to offer 126 units and 3,029 square feet of retail space.
Marcus & Millichap is a complete brokerage offering investment sales, financing, research and advisory services. Our comprehensive suite gives our clients the information and guidance they need to build a solid investment strategy, which helps our firm close a transaction every 15 minutes of every single business day.
Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales and consultative and due diligence services. In 2023, MMCC closed 1,076 transactions totaling $6.73 billion.
