Eleven Closes on Financing from Industry Leaders
Eleven, Minneapolis’ first luxury condominium project designed by a world-renowned architect, has closed on 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 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.
About Arcadia LLC
Luigi Bernardi serves as president of two real estate development and investment companies, Arcadia LLC and Aurora Investments which began developing Twin Cities commercial real estate in 1987. Now, focusing on medical-related facilities and multi-family residential development, recent projects include the Velo luxury apartments in downtown Minneapolis’ North Loop neighborhood and Aurora on France in Edina.
About Robert A. M. Stern Architects
Robert A.M. Stern Architects is a 265-person firm of architects, interior designers and support staff that has earned an international reputation as a leading design firm with wide experience in residential, commercial, and institutional work throughout the U.S. and around the world. The firm’s extraordinary portfolio of residential buildings, combining its longstanding dedication to the design of private residences with its deep commitment to urban place-making, includes such record-setting landmarks as 15 Central Park West in New York for Zeckendorf Development and residential towers in Boston, Philadelphia, Washington, Atlanta, Dallas, Chicago, Los Angeles, Toronto, and Vancouver. "Eleven" is the firm's first project in Minneapolis.
Robert A.M. Stern, FAIA, practicing architect, teacher, and writer, served as Dean of the Yale School of Architecture from 1998 through June of 2016. As founder and Senior Partner at Robert A.M. Stern Architects, he directs the firm's architecture, planning, interior design, and landscape design projects. Mr. Stern was the 2011 Driehaus Prize laureate and has received both the Athena Award from the Congress for the New Urbanism and the Board of Directors’ Honor from the Institute of Classical Architecture & Art.
Paul L. Whalen, FAIA, is a Partner and Studio Leader at Robert A.M. Stern Architects whose work includes the design of record-setting multifamily residential buildings across the United States as well as in Canada, South America, Europe, and Asia. Along with Mr. Stern, Mr. Whalen is co-author of the 2016 monograph City Living: Apartment Houses by Robert A.M. Stern Architects. He currently serves as the President of Sir John Soane’s Museum Foundation.