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Mesa West Funds Downtown Minneapolis Office Building
Mesa West Capital originated its first loan in the state of Minnesota, funding $20 million in first mortgage debt to recapitalize The Colwell Building, an historic 150,000-square-foot office building in Minneapolis. The five-year, interest only loan is for a recently-renovated, eight-story building located at 123 N. 3rd St. in the historic Warehouse District.
A joint venture led by San Francisco-based Spear Street Capital recently completed the first phase of a multi-million-dollar renovation. Improvements included new terrazzo floors in the lobby, upgrades to the elevator systems and cabs, and new HVAC and windows, earning the building an EPA Energy Star label for improved building energy performance and sustainability.
A portion of the loan proceeds will be used to build a state-of-the-art fitness center and bike storage room, as well as to fund leasing and tenant improvement costs associated with stabilizing the building.
Mesa West’s Matthew Snyder and Brian Hirsh led the origination.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
