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Broadshore Furnishes Mezz Loan Toward Conversion of Historic Rand Tower
Broadshore Capital Partners closed a $23-million mezzanine loan to Maven Real Estate Partners for the redevelopment of the Art Deco Rand Tower in downtown Minneapolis. Maven plans to convert the 26-story tower into a 277-key Tribute by Marriott hotel.
“Broadshore’s deep experience in hospitality assets, as both an equity investor and lender, provided us with the ability to quickly assess the feasibility for this property as a hotel, and evaluate the complex finance structure that includes the use of historic tax credits,” said Bleecker Seaman, co-CEO, Broadshore.
Maven plans to invest $86 million on the hotel conversion of Rand Tower, which is listed on the National Register of Historic Places.
Broadshore’s loan origination was led by Chris Miller, with support from Chris Bollinger, Hailey Rheinschild and Matt Rodman. Bank of the Ozarks provided the senior construction financing. JLL’s Matt Nowaczyk sourced the financing on behalf of the sponsor.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

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