Eleven Secures Construction Financing
Friday, June 28, 2019 at 2:54PM
Minneapolis’ first luxury condominium project designed by a world-renowned architect has secured financing. 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.
Dougherty Funding LLC, whose team is led by Executive Vice President Murray Kornberg, has arranged Eleven’s construction financing with two of the 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,” said Kornberg. “These lender’s participation in the project is a significant endorsement, and consistent with the response we are currently seeing from buyers and the community at large. With the equity investment from the project sponsors already committed, the project has cleared one of the last hurdles before commencement of construction.”
The 550-foot, 41-story Eleven tower will be Minneapolis’ tallest residential building. Eleven’s slim sculptural quality finds it origins in the Art Deco tradition. This familiar, slender, aesthetic can be seen in Minneapolis’ Rand and Foshay Towers, whose stepped-back crowns create strong silhouettes in the skyline. Eleven is similarly inspired by many of the pre-war residential buildings of New York and Chicago; long celebrated for being collections of homes in the city and sky.
“While the city of Minneapolis is home to many office towers, museums and theaters designed by world-class architects, Eleven is the first residential building that can claim that designation,” said Luigi Bernardi, president of Arcadia LLC. “Robert A.M. Stern Architects, along with an amazing group of Minneapolis firms, have ensured that every detail of Eleven will be best-in-class. Combining that attention to detail with the panoramic views of the Stone Arch Bridge, Gold Medal Park and Downtown Minneapolis - it’s easy to see why Eleven will be an icon for centuries to come.”
Soon to be a premier address in the Mill District, Eleven will typically have four units per floor, transitioning to two units per floor, and finally one unit per floor in the upper portion of the building. Each home includes a large private terrace which is at least 14 x 14 feet. RAMSA, Ryan, and local firms Peterssen/Keller Architects and Martha Dayton Design and Sotheby’s International Realty have ensured the building interior is as thoughtful as its exterior. Amenities include a large landscaped terrace that will be unlike any other in the city including a 75-foot lap pool, a private motor court, a 24/7 doorman, an expansive fitness suite, a multi-sport court, a library, a golf simulator, a children’s splash pad, retail space (ideally for a restaurant), a demonstration kitchen with dining, residential and guest parking, storage, and more.
“This is a testament to the team we’ve assembled, the building they’ve planned, and the strength of the Minneapolis market,” said Mike Ryan of Ryan Companies. “We’re excited to get underway with this timeless addition to our skyline and city.”
RAMSA has a highly regarded portfolio of work around the globe including single family homes, academic buildings, museums, and luxury towers. Their residential towers can be found in New York City, Chicago, Philadelphia, Boston, L.A., Toronto, Vancouver, Shanghai, China, Taipei, Taiwan and - with the addition of Eleven - Minneapolis.
For reservation inquiries, contact Sotheby’s at (612) 340-9000.
