{"id":1004184363,"date":"2017-07-21T11:45:04","date_gmt":"2017-07-21T19:45:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004184363"},"modified":"2022-12-08T21:53:14","modified_gmt":"2022-12-09T05:53:14","slug":"cbre-secures-27m-loan-for-minneapolis-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-secures-27m-loan-for-minneapolis-hotel\/","title":{"rendered":"CBRE Secures $27M Loan for Minneapolis Hotel"},"content":{"rendered":"<p>By Adina Marcut<\/p>\n<div id=\"attachment_1004184366\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Elliot-Hotel.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004184366\" data-attachment-id=\"1004184366\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-secures-27m-loan-for-minneapolis-hotel\/elliot-hotel-800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Elliot-Hotel-800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Elliot-Hotel 800&#215;620\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Elliot-Hotel-800x620.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004184366 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Elliot-Hotel.jpg\" alt=\"Elliot Park Hotel \" width=\"300\" height=\"233\" \/><\/a><p id=\"caption-attachment-1004184366\" class=\"wp-caption-text\">Elliot Park Hotel<\/p><\/div>\n<p>After arranging a $14 million loan for the construction of an 81-unit, market-rate\u00a0<a href=\"https:\/\/www.multihousingnews.com\/post\/cbre-lines-up-14m-financing-for-new-seattle-community\/\">community in Boise, Idaho<\/a>, CBRE Capital Markets\u2019 Debt &amp; 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.<\/p>\n<h2>Kraus-Anderson\u2019s redevelopment plan<\/h2>\n<p>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&#8217;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.<\/p>\n<p>Minneapolis-based ESG Architects designed the hotel. Jason Brown and Dan Gable of CBRE\u2019s Indianapolis office, Joel Torborg of CBRE\u2019s Minneapolis office and Jonathan Rice of CBRE\u2019s Atlanta office secured the financing on behalf of the borrower.<\/p>\n<p><em>\u201cDuring a period of reduced liquidity from banks for hotel construction financing, our team was able to secure a sizable\u00a0construction facility from Bank of the Ozarks,\u201d<\/em> Brown, said in a statement. <em>\u201cCombining our local presence in Minneapolis and hotel financing expertise, we were able to secure a non-recourse loan from a proven capital source during a time of increased volatility and increased banking regulations affecting the construction financing sector.\u201d<\/em><\/p>\n<p><em>Rendering courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developer plans to build in downtown Minneapolis as part of a block of development that includes an apartment tower, brewery and its own new headquarters. <\/p>\n","protected":false},"author":436,"featured_media":1004184366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,13,36076,21742],"tags":[33259,32789,33877,36831],"class_list":["post-1004184363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-midwest","category-minneapolis-st-paul","category-latest","tag-bank-of-the-ozarks","tag-cbre","tag-marriott","tag-wilkinson-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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