Dekel Capital has arranged a $41 million value added financing from Ares Real Estate Group for Central Park West, a 199-unit multifamily property in the Minneapolis submarket of St. Louis Park, MN.

The financing is from debt funds managed by Ares and will be used to retire the existing construction loan and provide for the continued lease up and stabilization of the property. The property is currently 81 percent leased.

The Minneapolis-St Paul metro area is the second largest economic center in the Midwest, behind only Chicago.  There are five Fortune 500 corporations based in Minneapolis, helping create an ongoing need for quality multifamily communities, according to Dekel Capital Principal Shlomi Ronen.

“Minneapolis continues to experience strong population and job growth, excellent demand drivers for multifamily development,” said Ronen. “The employment rate has increased by 1.6 percent over the last year. In addition, this is a highly amenitized community located within 15 minutes of downtown Minneapolis.”

The property’s high occupancy rate, as well as its desirable location adjacent to The Shops at West End, a 400,000-square-foot lifestyle retail center with restaurants, retail stores, and a movie theater, created strong interest in the property from lenders according to Ronen. 

Central Park West features a mix of studio, one-, two-, and three-bedroom apartment homes. Each includes stainless steel appliances, wood flooring and in-unit washer and dryers. Property amenities include clubhouse, business center, resort-style pool with tanning ledge, fitness room and outdoor patio seating areas.