SCOTTSDALE, Ariz., Oct. 24, 2014 /PRNewswire/ — IMH Financial Corporation (“IMHFC”) broke ground on the construction of an upscale multifamily development located in the Minneapolis, Minnesota suburb of Apple Valley. Gabella at Parkside will certainly be the very first of a planned five-phase, 12.5-acre development known as Parkside Village. This is the very first Brand-new apartment construction in Apple Valley because 2004.
Construction on the Class A, 196-unit four-story property will certainly start today and is expected to be finish by February 2016. The total development cost of $36 million will certainly be financed through an equity supplement of $12 million by IMHFC and a construction loan of $24 million secured from the Bank of the Ozarks in October 2014.
“The Minneapolis Metro and Dakota County multi-family markets are thriving along with vacancy rates of simply 2.7 percent and 2.9 percent, respectively. along with Apple Valley’s AAA rating and existing higher quality of life, the city is the perfect setting for Parkside Village to fully integrate our vision of luxury living along with value pricing all done along with the extraordinary cooperative efforts of IMH and the City,” said Lawrence D. Bain, Chairman and CEO of IMH Financial Corporation. “Our development partner Titan Investments has actually worked diligently alongside the City to deliver the much-anticipated Parkside Village project.”
Gabella at Parkside will certainly feature a mix of one-bedroom, two-bedroom and three-bedroom units ranging in size from 800 square feet to 1,388 square feet. The project will certainly include a resort-style pool and hot tub, sun deck, cabanas, grills, fire pits, indoor/outdoor gaming area, state-of-the art fitness center, theater room, lounge, yoga studio, spinning studio, internet cafe and pet dog strolling and washing areas. Specific units along with 9′ ceiling heights will certainly be furnished along with granite counters, washers and dryers, plank flooring, modern lighting, private balconies, and spacious walk-in closets.
IMHFC has actually partnered along with developer Titan Investments of Denver, Colo. to design the project and coordinate along with the City of Apple Valley over the last two years to receive full entitlements and negotiate the development subsidies from the City.
When completed, Parkside Village will certainly include a lot more compared to 500 apartment units and 20,000 square feet of retail. The transit-oriented development is within strolling distance of the Apple Valley Transit Station along the Minneapolis-St. Paul Metro Red Line that provides north-south BRT (Bus Rapid Transit) access throughout the metro area.
Parkside Village was made to give access to transit oriented and walk-able downtown retail, office, hotel and residential development adjacent to the regional transit station for the Minneapolis Metro Red Line. The Gabella at Parkside site is located within 1/4 mile of major retailers (Menards, House Depot, Super Target, Sam’s Club), employers (Apple Valley Medical Center, Dakota County Service Center, Chase Bank and Bank of America) and hotels (Grandstay Hotel and Conference Center).
Kaas Wilson is the project architect, Stonebridge Construction is the general contractor, Pinnacle Management is the leasing agent, and HFF, LP (Josh Simon, Denver) arranged the financing.
IMH Financial Corporation
IMH Financial Corp. is a genuine estate company based in Scottsdale, Arizona, along with extensive experience in various facets of commercial genuine estate. IMH has actually substantial financial strength along with a lot more compared to $100 million in common and beloved equity and a business strategy that focuses on its current genuine estate holdings as well as the productive deployment of investment capital on Brand-new opportunities including mortgage loans, mezzanine financing, hospitality investments, as well as commercial and multi-family opportunities. because 2003, IMH has actually invested over $1.4 billion in genuine estate loans and projects. The Company has actually property or energetic projects in Arizona, California, Minnesota, New Mexico, and Texas. IMHFC has actually experience in acquiring, financing, and creating commercial genuine estate, as well as in the management of existing commercial operations. Call IMHFC at 480-840-8400 or visit www.imhfc.com for a lot more information.
Titan Investments has actually successfully developed, owned and managed a lot more compared to $2 billion of residential, commercial, student housing, and assisted living properties nationwide. Titan is a privately owned genuine estate firm that specializes in developing value through the development and ownership of high-quality properties on a national basis. For a lot more information, call Titan at 720-528-7650.
Safe Harbor Statement
The complying with is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
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