September 24, 2019
Ryan Companies said its Eleven condominium project in Minneapolis has closed on financing from Related Fund Management as the mezzanine lender and Bank OZK as the senior lender. The co-developer and builder said the financing represents the largest construction loan to date for a condo project in Minnesota, but did not disclose the amount.
A Dougherty Funding LLC team led by EVP Murray Kornberg arranged the financing. “Having two of the industry’s leading capital providers approve the largest loan ever for a ground up multifamily project in the state is a testament to the vitality of this project,” Kornberg said.
The 41-story Eleven will reportedly be the city’s first residential project to be designed by New York-based Robert A.M. Stern Architects. It’s also the first foray into the Minneapolis marketplace for Related Fund Management’s credit platform. Luigi Bernardi of Arcadia LLC is serving as the project sponsor.
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