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Provident, Shamrock Secure $130M Senior Loan on Legacy Condos

PCCP Provides Note to Complete Construction, Marketing of Residential Condos in Downtown Minneapolis
September 27, 2017
A joint venture between Provident Real Estate Ventures and Shamrock Properties, Inc. has secured a $130 million senior loan on its in-development luxury residential condominium project at 1240 S. 2nd St. (121 12th Ave.) in Minneapolis, MN. The 374-unit The Legacy Condos broke ground in 2016 and is slated for delivery in mid-2018.

PCCP LLC, a real estate finance and investment management firm with $7 billion in assets currently under management, provided the financing package. Proceeds from the note will be utilized to cover costs and expenses associated with completion of the project's construction and marketing of the asset's remaining available units for sale.

Dougherty Funding in Minneapolis arranged the loan on behalf of the borrowers.

"We are confident that Shamrock Properties, who has successfully completed nine previous condo developments in Downtown Minneapolis, will bring yet another quality asset to the market," said Jim Galovan, partner with PCCP. "We are encouraged that the project will experience a compressed sales timeline as it has already had a significant number of pre-sales."

Rising on 4.3 acres in the Mill District neighborhood of Hennepin County's Downtown Minneapolis submarket, the 748,000-square-foot condo building will be comprised of a 17-story and a 14-story tower atop an eight-story podium and three levels of subterranean parking. The luxury project will host an amenity package that includes a fitness center, game room, community room, and two rooftop decks with a pool, hot tub, lawn bowling and grilling areas.

The project is being developed by Riverdale Ventures Legacy LLC, a Shamrock affiliate.
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