CBRE Secures $27M Loan for Minneapolis Hotel
ByAfter arranging a $14 million loan for the construction of an 81-unit, market-rate community in Boise, Idaho, CBRE Capital Markets’ Debt & Structured Finance secured a $26.9 million, three-year, non-recourse loan for the Elliot Park Hotel, a 168-key hotel by Marriott located in downtown Minneapolis. The company worked on behalf of Wilkinson Corp. Bank of the Ozarks served as the senior lender.
KRAUS-ANDERSON’S REDEVELOPMENT PLAN
The eight-story property is named after the Elliot Park neighborhood in which it is located and is part of the Marriott Collection of boutique hotels. Located at Fifth Avenue South and South Ninth Street, the asset is in a developing area on the east side of downtown near U.S. Bank Stadium. The developer’s plan for the project is to be a part of a block of properties that will include its new five-story headquarters, a 17-story apartment tower and a microbrewery from Elliot Park-based Finnegans. The hotel is slated for completion in summer 2018…
