Real Estate Alert - Equity sought for Minnesota condosA development venture is seeking $10 million of equity for a 50% stake in a planned residential condominium complex in Saint Paul, Minn.
The $50 million project is being developed by local player Pak Properties, headed by Rich Pakonen, and Real Estate Development Group, a Naples, Fla., entity headed by Spiros Zorbalas. They are putting up $2.5 million of equity. Groundbreaking is scheduled for August.
An equity partner would provide equity and/or mezzanine financing. The yield on the investment is expected to be more than 15%.
The 259-unit complex, called Jackson Street Lofts, will be constructed at Jackson Street and 10th Street East. Units are expected to sell for up to $441,000. The property will include a small amount of retail space and a fitness center. The site is near Interstates 94 and 35E.
Greenwich Group International has the listing. For more information, call Toby Milde at 212-754-0100.
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