{"id":272,"date":"2020-03-03T04:08:53","date_gmt":"2020-03-03T04:08:53","guid":{"rendered":"http:\/\/stuartsimek.calicowebsites.com\/?p=272"},"modified":"2022-07-27T16:52:43","modified_gmt":"2022-07-27T16:52:43","slug":"minneapolis-tallest-luxury-condo","status":"publish","type":"post","link":"https:\/\/simekpg.com\/minneapolis-tallest-luxury-condo\/","title":{"rendered":"Minneapolis\u2019 Tallest Luxury Condo Tower Breaks Ground"},"content":{"rendered":"<p>Setting a record for the state, the 41-story high-rise has received nearly $190 million in financing from Related Fund Management and Bank OZK.<\/p>\n<p>Construction has begun on Eleven, a 41-story, 118-residence luxury condominium that will become the tallest residential tower in Minneapolis at 550 feet. Funding for the 145,652-square-foot building was completed last month with nearly $190 million in financing coming from Related Fund Management as the mezzanine lender and Bank OZK as the senior lender.<\/p>\n<p>Dougherty Funding LLC, with a team led by Executive Vice President Murray Kornberg, arranged the financing package\u2014the largest construction loan ever secured for a condo project in Minnesota. It is the first deal for Related Fund Management\u2019s credit platform in Minneapolis. Related Fund Management is the private equity arm of Related Cos.<\/p>\n<p>Luigi Bernardi of Arcadia LLC is the project sponsor and co-developer. Ryan Cos. is co-developer and New York City-based Robert A.M. Stern is the architect. Eleven is the first residential building in Minneapolis designed by RAMSA, an architecture firm known for its high-rise projects around the globe including 15 Central Park West in New York City. In 2018, RAMSA was also the lead designer for One Bennett Park, a residential\u00a0development in Chicago\u2019s Streeterville neighborhood\u00a0that became the city\u2019s tallest-all residential tower with 70 stories.<\/p>\n<p>Other firms working on Eleven include Peterssen\/Keller Architects, Martha Dayton Design and Lakes Sotheby\u2019s International Realty, which is handling sales.<\/p>\n<p>Plans call for the building, which is located in the city\u2019s Mill District, to have about four units per floor, transitioning to two units per floor as the tower rises, and finally, one unit per floor at the top for a total of 17 penthouses. Each unit will have a private terrace, which will be at least 14 by 14 feet. Eleven\u2019s amenities will include a large landscaped terrace, 75-foot lap pool, private motor court, a 24\/7 doorman, large fitness suite, multi-sport court, library, golf simulator, children\u2019s splash pad, restaurant space, a demonstration kitchen with dining, residential and guest parking and storage. Prices for the residences will start at $900,000.<\/p>\n<p>Bernardi is president of Arcadia and Aurora Investments, two real estate development and investment companies that have been developing commercial real estate in the Twin Cities since 1987. The firms now focus on multifamily development and medical-related facilities. Recent projects include the\u00a0V\u00c9LO luxury apartments\u00a0in downtown Minneapolis\u2019 North Loop neighborhood and Aurora on France in Edina, Minn.<\/p>\n<h2><strong>TWIN CITIES MARKET<\/strong><\/h2>\n<p>The\u00a0Twin Cities multifamily market\u00a0has been resilient with a 3.1 percent rent increase as of May and year-over-year rent growth 60 basis points above the national average, according to a recent market report by Yardi Matrix. Demand is expected to remain high. About 9,700 units were under construction in the metro as of May, with nearly three-quarters of them considered Lifestyle projects. Development activity was highest in the Minneapolis-Central submarket, where 1,502 units were under construction as of May. The metro saw 6,715 units delivered in 2018. In the first five months of this year, more than 740 units were completed, mostly in the northern part of the metro.<\/p>\n<p>See Original Article:<\/p>\n<p><a href=\"https:\/\/www.multihousingnews.com\/post\/minneapolis-tallest-luxury-condo-breaks-ground\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.multihousingnews.com\/post\/minneapolis-tallest-luxury-condo-breaks-ground\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Setting a record for the state, the 41-story high-rise has received nearly $190 million in financing from Related Fund Management and Bank OZK. Construction has begun on Eleven, a 41-story, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Minneapolis\u2019 Tallest Luxury Condo Tower Breaks Ground - Simek Property Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/simekpg.com\/minneapolis-tallest-luxury-condo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minneapolis\u2019 Tallest Luxury Condo Tower Breaks Ground - Simek Property Group\" \/>\n<meta property=\"og:description\" content=\"Setting a record for the state, the 41-story high-rise has received nearly $190 million in financing from Related Fund Management and Bank OZK. 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