Berkadia refinanced a unique, intergenerational living community called The Pillars of Prospect Park. The 283-unit seniors housing community in Minneapolis, Minnesota is owned by Harrison Street and Oppidan. To refinance an existing construction loan, Managing Directors Austin Sacco and Steve Muth of Berkadia secured bridge financing through a national bank, with a three-year term, three years of interest only and an attractive spread.
Built in 2020, the property is situated near downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. It features an intergenerational living model which includes senior living, student living, and a children’s daycare, where the seniors can interact and play with the children. Ebenezer manages the community. Operations were healthy at the time of closing, and the transaction closed under 90 days from start to finish.
