{"id":1004050345,"date":"2012-08-31T11:25:01","date_gmt":"2012-08-31T19:25:01","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=65881"},"modified":"2020-04-08T10:38:50","modified_gmt":"2020-04-08T18:38:50","slug":"opus-seals-financing-deal-for-nicollet-residences","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/opus-seals-financing-deal-for-nicollet-residences\/","title":{"rendered":"Opus Seals Financing Deal for Nicollet Residences"},"content":{"rendered":"<p>By Gabriel Circiog, Associate Editor<\/p>\n<p>Opus Development has secured financing for a 27-story residential development in Minneapolis, the <em>Minneapolis \/ St. Paul Business Journal<\/em> reports.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/Nicollet-Residences.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-65882\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/Nicollet-Residences.jpg\" alt=\"\" width=\"197\" height=\"300\" \/><\/a><\/p>\n<p>Dave Menke, senior vice president &amp; general manager of Opus Development, confirmed the company has sealed a financing deal with an unnamed large regional bank. He said demolition work is scheduled for early October, and construction of the Nicollet Residences could start in early December.<\/p>\n<p>The 250-unit luxury apartment tower is set to become the tallest building constructed in downtown Minneapolis in five years. The estimated $90 million high-rise luxury rental building, located at the corner of Nicollet Mall and South Fifth Street, has been designed to achieve LEED certification. Amenities will include a fitness center, a yoga studio, a private theater, an outdoor roof terrace with pool and spa and a 24\/7 door attendant and concierge service.<\/p>\n<p>Designed by Opus AE Group Inc. and Elness Swenson Graham Architects, the project is being developed by Opus Development Corp., with Opus Design-Build L.L.C. constructing the building.<\/p>\n<p>Opus is set to take advantage of an improving rental market. According to a <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/mineapt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-65883\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/mineapt.jpg\" alt=\"\" width=\"293\" height=\"300\" \/><\/a>recent market report released by Marcus &amp; Millichap, the average asking rents have climbed 2.4 percent in the past year, reaching $972 per month, while the Class A asking rents increased by 1.1 percent, reaching $1,155 per month in the first half of 2012. Operators are expected to record the highest annual asking rent increase since 2008, due to low vacancy this year.<\/p>\n<p>As previously reported on this page, Opus Development is currently constructing a 212,000-square-foot office building adjacent to Nicollet Residences. The nine-story building will be fully leased to Xcel Energy.<\/p>\n<p>For more market data on Minneapolis, please <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-minneapolis-maintains-status-as-growth-leader-in-employment-and-occupancy\" target=\"_blank\" rel=\"nofollow\"><strong>click here<\/strong><\/a>.<br \/>\n<em><br \/>\nRendering Courtesy of: www.ci.minneapolis.mn.us<\/em><br \/>\n<em>Chart Courtesy of: Marcus &amp; Millichap Real Estate Investment Services Inc.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Circiog, Associate Editor Opus Development has secured financing for a 27-story residential development in Minneapolis, the Minneapolis \/ St. Paul Business Journal reports. Dave Menke, senior vice president &amp; general manager of Opus Development, confirmed the company has sealed a financing deal with an unnamed large regional bank. He said demolition work is [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004507152,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[1815],"class_list":["post-1004050345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-minneapolis-st-paul","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Opus Seals Financing Deal for Nicollet Residences - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/opus-seals-financing-deal-for-nicollet-residences\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opus Seals Financing Deal for Nicollet Residences\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor Opus Development has secured financing for a 27-story residential development in Minneapolis, the Minneapolis \/ St. Paul Business Journal reports. 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