Thorofare Capital provides nearly $43 million in financing for Twin Cities active adult community

Minneapolis-Saint Paul, MN Thorofare Capital (“Thorofare”), an affiliate of asset management platform Callodine Group, LLC, provided a $42.895 million bridge loan to refinance Risor of St. Louis Park, a 170-unit mid-rise multifamily property in the Twin Cities market. The sponsor, Roers Companies, will use the financing primarily to retire an existing construction loan on the Class A property at 3510 Beltline Boulevard, roughly 15 miles southeast of downtown Minneapolis.

The active 55+ community property was delivered in November 2023 and is currently 78% occupied. Thorofare’s head of originations Felix Gutnikov said, “Risor of St. Louis Park offers an attractive location with proximity to major employment hubs and lifestyle amenities offered in the West End area. It is particularly appealing to residents due to its combination of urban services with an abundance of parks and recreational destinations. St. Louis Park is also one of the most affluent suburbs in the metro. We are thrilled to start our relationship with Roers Companies.”

Risor of St. Louis Park is a six?story, elevatored multifamily building with one interior courtyard and 4,000 s/f of ground?floor retail space. The property offers higher-end finish levels, large average unit sizes and an amenity package. Common area amenities include climate-controlled covered parking, a coffee bar, golf simulator, pet wash, fitness center, movie theater, library lounge, clubroom, pool, spa, outdoor grill stations, a pickleball court, and skylounge. Unit amenities include white cabinetry, stainless steel appliances, gas ranges, quartz countertops, vinyl plank floors, walk?in closets, in-unit washers and dyers, and patio/balconies.

Roers Companies senior vice president of finance and asset management Trevour Montag said, “Risor of St. Louis Park has set a high standard of living for residents since opening its doors. The property embodies the vision we have for our Risor brand of age-restricted 55+ housing communities. The financing Thorofare delivered will allow us to transition from the construction financing phase to the next phase of occupancy for this exceptional asset.”

Roers Companies is a vertically integrated multifamily firm based in the Twin Cities that has developed more than 13,000 units encompassing more than $3.2 billion in real estate. Roers Companies’ brand of active 55+ multifamily communities includes five properties across the Twin Cities suburbs.

Scott Loving, William Hintz, Scott Streiff and Gary Marchiori in the Minneapolis office of JLL Capital Markets’ arranged the loan on behalf of Roers Companies.