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D2 Capital Arranges $49M Construction Loan for Minneapolis Hotel
Commutator LLC, led by David Wilson, John Gross, and Andrew Commers, has secured $48,600,000 in construction financing for the development of a to-be-named 123-key boutique luxury hotel located at 125 N. 1st St. in Minneapolis’ historic North Loop District.
The financing was arranged by D2 Capital Advisors’ Jack Cortese and David Frankel. The financing was provided by a Seattle-based REIT.
“The project has very strong sponsorship, a national and international award-winning team, and is located on the most popular block in the hottest submarket of Minneapolis,” said Jack Cortese, VP of D2 Capital Advisors. “For those reasons and more, we were able to overcome the challenges of financing a boutique luxury hotel development amid the current lending environment.”
The 133,000-square-foot hotel will include a rooftop bar, a cellar dive bar, leased retail outlets, meeting space and event space, and a signature front of house restaurant.
- ◦Development
- ◦Financing
