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Friday
Sep202019

Eleven Closes on Financing, Construction to Begin in October

Eleven Closes on Financing from Industry Leaders

Largest Condominium Lenders, Related Fund Management and Bank OZK Back Eleven

Ground breaking is scheduled for October 7 

Eleven, Minneapolis’ first luxury condominium project designed by a world-renowned architect, has closed on $188.5 million in financing from the industry’s leading lenders; Related Fund Management as the mezzanine lender and Bank OZK as the senior lender.

Dougherty Funding LLC, whose team is led by Executive Vice President Murray Kornberg, arranged Eleven’s financing with the two largest condominium construction lenders in the country. Eleven’s financing represents the largest construction loan ever secured for a condominium project in the state of Minnesota. 

“Having two of the industry’s leading capital providers approve the largest loan ever for a ground up multi-family project in the state is a testament to the vitality of this project,” Kornberg said. “The participation of these lenders in this project is a significant endorsement of Eleven and is consistent with the response we are currently seeing from buyers and the community at large.”

Eleven will be the first residential project in the city to be designed by Robert A.M. Stern Architects (RAMSA), based in New York City. Luigi Bernardi of Arcadia LLC is serving as the project sponsor and co-developer and Ryan Companies is serving as co-developer, builder, and is partnering with RAMSA as the architect. 

The 550-foot, 41-story Eleven tower will be Minneapolis’ tallest residential building. Local firms Peterssen/Keller Architects and Martha Dayton Design and Lakes Sotheby’s International Realty are also part of the Eleven team that is ensuring the building’s interior is as thoughtful as its exterior.

Amenities include a large landscaped terrace, a 25-yard lap pool, a private motor court, a 24/7 doorman an expansive fitness suite and yoga studio, a multi-sport court, a library, a golf simulator, a children’s splash pad, a demonstration kitchen with dining, residential and guest parking, a retail space for a restaurant, and more. 

This is the first foray into the Minneapolis marketplace for Related Fund Management’s credit platform. Related Fund Management is the private equity arm of Related Companies, one of the largest privately-owned real estate firms in the United States which boasts a $60 billion+ real estate pipeline and portfolio and an employee base of over 4,000 across the United States. Related Fund Management’s credit platform has originated over $2.25 billion of loans primarily in major U.S. cities since 2015. Bank OZK’s Real Estate Specialties Group is a preeminent, market-leading lender focused primarily on senior secured commercial real estate financing in the United States.

Lakes Sotheby’s International Realty recently launched sales out of the 6,000 SF world class Eleven Sales Gallery.  Project website is elevenontheriver.com

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