Bankers, developers bet on apartments in Twin Cities

The apartment sector is the sole commercial development market that has shown signs of life this year, making it a target for banks eager for loan opportunities. That is making life a little easier for developers like Stuart Nolan, who are ramping up to serve the recovering multifamily rental market.

“There’s a lot of money out there that banks and other lenders have been sitting on for a long time,” said Nolan, founder and chairman of StuartCo, a multifamily developer and operator based in Bloomington. “They want to get that money out and earn some interest from it, and rental housing now is the strongest real estate market they can enter.”

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