Market Street Redevelopment Gets $54M in Financing
- Feb 14, 2018
A joint venture between Buhl Investors and Saturday Properties has obtained $54.1 million in construction financing for its mixed-use development in Edina, Minn. Dougherty Funding acted as a placement agent for the loan. The city council approved the $79 million Market Street project in April 2017, according to StarTribune. The construction of a parking structure is now underway at the site, according to the City of Edina’s economic development office. Full completion is expected by September 2019.
The six-story building, located near the corner of West 50th Street and France Avenue South, will include 100 luxury rental units taking up five floors and set above 33,000 square feet of street-level retail. A subterranean parking structure containing 143 parking spaces will serve the building’s residents, according to Yardi Matrix. The development will replace a parking structure and an adjacent vacant lot.
The property will be situated on the site of a vibrant retail corridor, home to Edina Cinema, Walgreens, Anthropologie and a variety of smaller retailers along both 50th Street and France Avenue. The development site falls within ten miles of central Minneapolis, accessible via the city’s MetroTransit bus system.
Image courtesy of Dougherty Funding