 |
| Josh Simon |
DENVER, CO – HFF
announced it has secured $24 million in financing for the development of Gabella
at Parkside, a 196-unit, Class A multi-housing
community in the Minneapolis suburb of Apple Valley.
Working exclusively on behalf of
the borrower, an affiliate of IMH Financial Corporation, and developer, Titan
Investments, HFF placed the three-year construction loan with a national bank.
Due for completion in February
2016, Gabella at Parkside will include a mixture of 196 one-, two- and
three-bedroom units totaling 205,544 rentable square feet.
Situated on a 5.2-acre site, the property
will be the first of a five-phase residential component located within Central
Village, a 60-acre master planned development encompassing hotel, retail,
office and multi-housing in downtown Apple Valley.
The transit-oriented
property will be within walking distance of the Apple Valley Transit Station
along the Minneapolis-St. Paul Metro Red Line.
 |
| Brock Yaffe |
Community amenities will
include a resort-style swimming pool, hot tub, sun deck, grilling area,
indoor/outdoor gaming area, state-of-the-art fitness center, yoga studio,
theater room, lounge and internet café.
The HFF team representing the
borrower was led by director Josh Simon,
associate director Brock Yaffe and
analyst Matt Gangaware.
IMH Financial Corporation
(“IMH”) is a real estate company based in Scottsdale, Arizona, with extensive
experience in various facets of commercial real estate.
Titan Investments is a
privately-owned real estate firm that specializes in creating value through the
development and ownership of high-quality multifamily, student housing,
assisted living and mixed-use properties on a national basis.
Since its inception, Titan has developed
thirteen projects with a market value of approximately $250 million.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza,
Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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