Roers Locks in $89.6 Million to Fund Two Minneapolis Developments

CHANHASSEN, MINN — Roers Cos. has secured an $89.6 million financing package to fund development of two adjacent apartment communities in Chanhassen, about 20 miles southwest of Minneapolis. The Bennett Apartments, located at 591 W. 78th St., will feature 184 units and 11,853 square feet of retail space. The Harlow Apartments, at 570 Market St., will include 126 units and 3,029 square feet of retail space. The projects are expected to be complete in 2026.

Gary Sefcik in Marcus & Millichap’s New York City office arranged the financing. Kayne Anderson provided $77.5 million in senior debt and SteepRock Capital provided a $12.1 million mezzanine loan.