Construction Financing Secured for $125M Fargo, ND MXU
NKF arranged a $77.2 million construction loan for Block 9, a new $125-million mixed-use development in downtown Fargo, ND. Located at the corner of Broadway and Second Avenue North, the site will be transformed from a 48,000-square-foot surface-level parking lot into an 18-story tower.
NKF’s Ben Greazel originated the construction/mini-perm loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Company. Greazel secured the financing with a syndicate of banks led by First National Bank of Omaha.
The project, which broke ground in September 2018, includes headquarters for R.D. Offutt Company, ground floor retail, a boutique hotel that will be managed by Chicago-based Aparium Hotel Group, a restaurant and residential condominiums.
Greazel says, “Block 9 is a first-class, dynamic project that will serve as the focal point of the current transformation underway in downtown Fargo.”
For comments, questions or concerns, please contact Dennis Kaiser