MINNEAPOLIS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $2.3 million in long-term acquisition financing for a 41-unit multifamily complex located in the Standish neighborhood of South Minneapolis. The two-story building, located at 3725 Cedar Ave. South, was built in 1971 and offers one-, two- and three-bedroom units. The property was 100 percent occupied at the time of closing. The non-recourse financing was obtained through Freddie Mac’s small loan balance program and features a 20-year loan term with a 10-year fixed interest rate of 3.3 percent and a 30-year amortization. Ben Bastian of CBRE’s Minneapolis office represented the borrower, 3725 Cedar LLC, in the transaction. The borrower is affiliated with Baker Management Group LLC, a local multifamily owner and operator with approximately 250 units under management within the Minneapolis metro area.
The building was 100 percent occupied at the time of closing.
CBRE Arranges $2.3M Acquisition Loan through Freddie Mac for Apartment Property in Minneapolis
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