Marcus & Millichap Capital Corporation arranges $89.6 million construction financing for two multifamily projects

Chanhassen, MN Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $89.6 million in financing for the construction of Bennett Apartments and Harlow Apartments, two adjacent multifamily projects.

Gary Sefcik in MMCC’s Manhattan office secured the financing. Kayne Anderson provided $77.5 million in senior proceeds and SteepRock Capital provided $12.1 million in mezzanine financing for the sponsor, Minnesota-based Roers Companies.

“In addition to strong, locally based sponsorship and the desirability of the Chanhassen submarket, our financing package generated a high level of interest from national lenders for the Midwest which has been enjoying robust economic growth and rental demand with relatively limited supply,” said Sefcik.   

The Bennett Apartments, located at 591 West 78th St., plan to feature 184 units and 11,853 s/f of retail space. The Harlow Apartments, at 570 Market St., plan to offer 126 units and 3,029 s/f of retail space. The projects are expected to be completed in 2026 and provide future residents with luxury finishes and amenities.