Dealmaker: Dekel Capital Arranges $41M Multifamily Bridge Loan

Dekel Capital, Los Angeles, arranged a $41 million value-added financing for Central Park West, a 199-unit multifamily property in Minneapolis submarket St. Louis Park, Minn.

Ares Real Estate Group, New York, provided the financing, which retired an existing construction loan and will support continued lease-up and stabilization of the property. The property is currently 81 percent leased.

The Minneapolis-St. Paul metro area is the second-largest economic center in the Midwest, behind only Chicago, with five Fortune 500 corporations based in Minneapolis, creating an ongoing need for apartment communities, said Dekel Capital Principal Shlomi Ronen.

“Minneapolis continues to experience strong population and job growth, excellent demand drivers for multifamily development,” Ronen said, noting the area’s employment rate increased by 1.6 percent over the past year.

Ronen said the property’s location adjacent to The Shops at West End, a 400,000-square-foot retail center with restaurants, retail stores and a movie theater, led to increased interest from lenders.

Central Park West includes studio, one-, two- and three-bedroom apartments.