$15.6MM JV Equity for Multifamily Ground Up Development 199 Units in Minneapolis, a $51MM Project

A repeat client of NEBO Capital closed on a 199 unit, $51MM ground up multifamily development site in Minneapolis, MN, for which NEBO sourced $15.6MM in JV equity amounting to 30% of the total capital stack. The project will have two phases totaling 363 apartment units.

The challenges to the deal included the need for the JV equity partner to make a financial commitment prior to closing on the land, and work with the developer to execute a time-sensitive land closing involving the simultaneous sale of several parcels to third-party buyers.

This is the second multifamily development project that the JV equity partner has funded with our client within a year.