IMH Financial Corp. Breaks Ground on Luxury Apartments in Apple Valley, Minn.

APPLE VALLEY, MINN. — IMH Financial Corp. (IMHFC) has broken ground on a 196-unit luxury apartment development in Apple Valley, a suburb of Minneapolis. Gabella at Parkside will be the first of a planned five-phase, 12.5-acre development known as Parkside Village. The class A, four-story property is expected to be complete by February 2016. The total development cost of $36 million will be financed through an equity contribution of $12 million by IMHFC and a construction loan of $24 million secured from the Bank of the Ozarks. Gabella at Parkside will feature a mix of one-, two- and three-bedroom units ranging in size from 800 square feet to 1,388 square feet. Amenities will include a resort-style pool and hot tub, sun deck, cabanas, grills, fire pits, indoor/outdoor gaming area, a fitness center, theater room, lounge, yoga studio, spinning studio, internet cafe and dog walking and washing areas. Kaas Wilson is the project architect and Stonebridge Construction is the general contractor for the project. IMHFC has partnered with developer Titan Investments of Denver, Colo. to design the project and coordinate with the city of Apple Valley over the last two years to receive full entitlements and negotiate the development subsidies from the city. Pinnacle Management is the leasing agent, and Josh Simon of HFF LP arranged financing for the project. This is the first new apartment construction in Apple Valley since 2004.