July 15, 2016
Dougherty Funding LLC, an investor in Minneapolis, has closed on a $23.8 million construction loan for Commons on Mayowood in Rochester, MN. The five-story, 159-unit high-end apartment property is on a close to 3-acre site at the edge of the Zumbro River, and will offer access to a walking/biking trail that allows users to travel to the Mayo Clinic. The property at 777 16 St. SW will also offer shuttle service access for Mayo Clinic employees.
Developers CPM Cos. and Roers Investments launched construction on the project in spring 2016. Completion is scheduled for Q3 2017. The joint venture is the first for both developers. The partners had acquired the site for $2.7 million, and ended up undergoing a lengthy rezoning process for a new intersection and traffic light.
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