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Mirate Equity Approves $27.5MM Multi-family Loan for Northern Builder

March 27, 2024, 07:00 AM
Filed Under: Real Estate

Mirate Equity announced its latest endeavor in supporting urban development projects with the approval of a significant multi-family loan for Northern Builder LLC. The multi-family loan, totaling $27.5 million, is earmarked for the construction of a modern, sustainable housing complex in the heart of Hennepin County, Minnesota.

The project, dubbed "Maple Grove Residences," aims to address the growing demand for affordable and quality housing options in the area while fostering community growth and economic stability. "We are thrilled to partner with the Northern Builder LLC. on this transformative project," said Arthur Chang, Account Executive of Mirate Equity. "At Mirate Equity, we are committed to supporting initiatives that not only enhance communities but also create opportunities for long-term prosperity. Maple Grove Residences aligns perfectly with our mission, and we are excited to see the positive impact it will have on the Hennepin County, Minnesota"

The apartment complexes will feature a mix of one, two, and three-bedroom apartments, designed to accommodate a diverse range of residents. The complex will boast state-of-the-art amenities, including a fitness center, community garden, and green spaces, promoting an active and sustainable lifestyle. "Northern Builder LLC. is grateful for the partnership with Mirate Equity in making Maple Grove Residences a reality," said Michael Thompson, President of Northern Builder LLC. "This multi-family loan represents a significant investment in the future of Hennepin County, Minnesota, providing much-needed housing options and contributing to the overall vitality of our community." Construction on Maple Grove Residences is set to commence in the coming months, with completion expected within two years. Mirate Equity LLC remains committed to supporting similar urban development initiatives nationwide, leveraging its expertise and resources to drive positive change and create thriving communities.

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