Sherman Associates has secured a $49.5 million bridge loan to refinance a newly-built multifamily community in Minneapolis, Commercial Observer has learned.
Dwight Mortgage Trust (DMT) supplied the loan for the Minneapolis developer’s Moment Apartments project that opened in late 2023. Loan proceeds will be used to retire existing debt, fund reserves and cover transaction-related costs, according to DMT.
Daniel Malka, vice president, and Jonathan Pomper originated the financing for DMT.
Malka and Pomper said in a statement they hope to work with Sherman Associates on more deals moving forward.
“Their professionalism and collaborative spirit made the experience truly rewarding,” Malka and Pomper said. “We’re excited about the momentum we’ve built together and look forward to this being the beginning of a strong and successful partnership.”
Located at 650 Portland Avenue in Downtown Minneapolis, Moment Apartments consists of 222 units in a 10-story building with 14,713 square feet of ground-floor retail space leased to Starbucks and New Horizon Academy.
Community amenities include a fitness center, business center, co-working space, pet spa, pool, cabanas, conference rooms, electric vehicle charging stations, grilling stations and outdoor terraces.
Officials at Sherman Associates did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com