Thorofare Capital has provided a $42,895,000 floating-rate senior loan for the refinance and lease-up of a Class A, 55+ age-restricted multifamily community located in St. Louis Park, Minnesota.

Risor of St. Louis Park, located at 3510 Beltline Blvd., offers easy access to Hwy-7 and Hwy-100, just minutes from downtown Minneapolis. The community is situated in one of the most affluent suburbs in the metro, with an average household income of $150,191. Its location appeals to active adults aged 55 and up seeking high-quality suburban living with connections to major employers, shopping and entertainment.

The Minneapolis-St. Paul metro area continues to be a thriving region with a strong economy, highly educated workforce and exceptional quality of life. St. Louis Park, in particular, has seen significant growth and development in recent years, attracting individuals of all ages.
Risor of St. Louis Park, a six-story residential complex built in 2023, offers a contemporary living experience featuring 170 units including 18 affordable apartment units for income-restricted renters. The unit mix is comprised of studios, one-, two- and three-bedroom layouts, all designed with high-end finishes including white cabinetry, gray kitchen islands, gas ranges and luxury vinyl plank floors. Residents can enjoy a host of amenities, including a club room, golf simulator, movie theater, pool and spa, pickleball court and a top-floor sky lounge and sky deck.

Loan proceeds will be used to refinance the existing construction loan, fund reserves for lease-up, and cover closing costs and fees. The floating-rate, interest-only loan carries an initial 24-month term with conditional extension options.

The sponsorship group is an experienced, vertically integrated multifamily owner and developer with a track record of delivering over 13,000 units and $3.2 billion in completed projects. The property is part of a branded collection of 55+ lifestyle communities located in high-growth suburban markets.