Done Deals: JLL arranges $12.3 million loan for Minneapolis hotel

Monday, March 9, 2020

JLL arranges $12.3 million loan for Minneapolis hotel

Moxy Minneapolis Uptown is a 125-room Marriott-branded boutique hotel at 1121 West Lake Street in the Uptown submarket of Minneapolis, MN

CHICAGO, IL – JLL Capital Markets announced it has arranged a $12.3 million refinancing for Moxy Minneapolis Uptown, a 125-room Marriott-branded boutique hotel in the Uptown submarket of Minneapolis, Minnesota.

JLL worked on behalf of the borrower, Graves Hospitality, to place the five-year, fixed-rate loan with a flexible pre-payment structure with a newly formed debt fund. Loan proceeds were used to refinance the original construction loan.

Nicole Aguiar

Moxy Minneapolis Uptown was completed in 2018 and is the first ground-up, purpose-built Moxy in the Americas and caters to adventurous professionals looking for a combination of high-design accommodations and a fun, vibrant, social environment.

The pet-friendly hotel features a fitness center; business center; lobby lounge and bar; listening room; grab-and-go or hot breakfast; and valet parking.

Gerard Sansosti

Situated at 1121 W. Lake St., the hotel is 3.5 miles southwest of downtown at the epicenter of Minneapolis' Uptown neighborhood, which was made famous by Prince's "Uptown" song and known for its lively, urban feel.

Moxy Minneapolis Uptown is proximate to Fortune 500 companies and top leisure demand generators, including Target Field, Target Center, U.S. Bank Stadium and Orchestra Hall.

Jeff Bucaro

The JLL Capital Markets team was led by Executive Managing Director Gerard Sansosti, Executive Vice President Jeff Bucaro and Vice President Nicole Aguiar.

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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP.

CONTACTS:

Kimberly Steele

Senior Associate

Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX 77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com