MLG Capital Secures 180 Unit Luxury Twin Cities Complex with HUD Loan Assumption

MLG Capital expands its Twin Cities portfolio with the 180 unit Lyra at Riverdale Station acquisition in Coon Rapids, assuming a $28.6 million HUD loan.

By: AXL Media

Published: Mar 13, 2026, 8:19 AM EDT

Source: https://www.multihousingnews.com/

Strategic Acquisition in a Resilient Rental Market

MLG Capital has officially expanded its footprint in the Midwest with the purchase of Lyra at Riverdale Station, a high-end residential community located in Coon Rapids, Minnesota. The property, which consists of 180 luxury units, was previously under the ownership of Sherman Associates. This transaction marks a significant movement in the Twin Cities metro area, which has maintained its reputation as one of the most stable and attractive rental markets in the United States over the past year.

Financial Structure and HUD Debt Assumption

A defining characteristic of this transaction is the financial strategy employed by MLG Capital. Rather than securing entirely new financing in a fluctuating interest rate environment, the buyer assumed the remaining balance of an existing $28.6 million HUD note. Originally originated by JLL Capital Markets in 2018, this fixed-interest loan carries a notably long-term maturity date set for 2060. This move provides the new owners with long-term debt certainty and likely more favorable terms than currently available in the broader commercial lending market.

Property Specifications and Luxury Positioning

Lyra at Riverdale Station is a relatively new addition to the regional housing stock, having come online in 2020. The four-story structure sits on a five-acre site at 3120 Northdale Blvd. and offers a diverse unit mix, including studios and one- to three-bedroom floor plans. With an average unit size of approximately 965 square feet, the property is designed to cater to a demographic seeking suburban comfort without sacrificing the high-end amenities typically found in urban cores.