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Deals & Dealmakers

Northland Breaks Ground on Expansion of SoRoc on Maine, Grows National Development Platform in Midwest

 Northland, a national real estate private equity firm with $8 billion of assets under management, recently broke ground in Rochester, Minnesota, on the development of a 194-unit expansion to SoRoc on Maine. The firm acquired the 186-unit, garden-style community in February 2022, intent on utilizing its in-house national development platform to expand upon the asset’s in-place entitlements in the vibrant submarket of South Rochester.

Once completed, the 380 total units will operate jointly across five buildings on approximately 13 acres, sharing management capabilities as well as a robust offering of indoor and outdoor amenities that includes a resort style pool, spacious central green area with a bocce court, three modern fitness centers, and a clubhouse with private event space and a commercial kitchen.

“Our team looks forward to delivering thoughtfully designed and exceptionally built apartments completing the vision for SoRoc on Maine, doubling the size of the community, and leveraging Northland’s national development capabilities to provide residents with exceptional living and amenities spaces,” said Santo Dettore, Associate Vice President of Development at Northland. “Rochester is an incredibly compelling market, and Northland is committed to the expansion of our Midwest portfolio. This groundbreaking represents an exciting step into the next phase of growth for our development platform, marking our first venture in the Midwest region.”

Spanning roughly six acres, the expansion to SoRoc on Maine will bring a mix of studio, one-, and two-bedroom homes across two three-story buildings. The new units will complement the community’s existing Class-A homes, and feature nine-foot ceilings, wood-style plank flooring, bespoke shaker style millwork, stainless steel appliances, solid-surface quartz countertops, and modern tile backsplashes. Select units will also offer walk-out, ground-floor patios and upper-floor balconies. The project will also bolster SoRoc on Maine’s existing amenities with additional studio space to complement the clubhouse’s fitness area, and heated parking garages in each new building.

Northland is partnering with several local Minnesota companies on the expansion project, including Miller Architects & Builders, and Minnwest Bank who provided $28 million in construction financing. Residents of the new units are expected to be welcomed to the community in early 2024.

“SoRoc on Maine is an amenity rich development, and this expansion will bring much-needed top-of-the-line homes to the Rochester community,” said Jason Vercruysse, Senior Vice President, Commercial Lending at Minnwest Bank. “We’re proud to partner with Northland to finance the construction of these additional residences and look forward to continuing our relationship.”

With paramount focus on a premier resident experience, thoughtful placemaking, and sustainability, Northland’s $3 billion development pipeline includes an array of garden, midrise, and high-rise residential projects across the U.S., including projects in Boston, Connecticut, New Mexico, Arizona, Atlanta, Denver, and Richmond. The firm owns and operates a diversified multifamily portfolio that includes more than 26,000 apartments in 15 states.

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