Financing a 9-unit Apartment Building in Minneapolis

[Junaid Khan]

Hello all, this is my first post here at BiggerPockets, so I appreciate any advice and/or criticism you have to offer.

My wife and I have bought and sold 2 properties for profit in the last couple years and we are currently working on our third, which should be the most lucrative of all.  We recently inherited a vacant lot in Minneapolis that is zoned for a 9-unit apartment building with units up to 2500 sq.ft. each.  We are looking for advice on the best way to finance the construction of a new building, as well as what we should expect the overall cost of construction to be.  Currently we think we could build 9 -3BR/2BA units for roughly $1mil.  

Background:

-Both work with total annual income of roughly $90k

-Both have near 800 credit scores, zero debt other than our mortgage of $1600 (tied to sale mentioned below)

-Once we sell our current project we should have $130k liquid cash available to put towards down payment. 

-Land is owned free and clear