JLL Capital Markets arranges $12.8 million loan for Hyde Development and Mortenson Properties, Inc.’s Northern Stacks VIII and The Boiler Room projects in Fridley, MN

 

 Britta Lund

 MINNEAPOLIS, MN, Feb. 14, 2022 – JLL Capital Markets announced today that it has arranged a $12.8 million refinancing for Northern Stacks VIII and The Boiler Room, a fully leased 178,763-square-foot industrial distribution and warehouse facility and a 13,186-square-foot brewery and events center in the first ring suburban Minneapolis community of Fridley, Minnesota.

Brock Yaffe

JLL worked on behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties, Inc., to place the seven-year, fixed-rate loan with a regional bank. Loan proceeds will be used to take out two acquisition and redevelopment loans.

Rendering of Northern Stacks VIII, Fridley, MN

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Brock Yaffe and Associate Britta Lund.

 “Superior sponsorship combined with an infill location with outstanding transportation access and limited new supply in the surrounding area attracted significant lender interest to this financing,” Yaffe said.

 

“The Forgotten Star Brewery and Northern Stacks Events Center is not only an invaluable amenity for the Northern Stacks industrial campus but also a celebrated gathering space for the entire Fridley community,” Lund added.

 

Northern Stacks VIII and The Boiler Room are both located within the awarding-winning, 122-acre Northern Stacks industrial campus, which was once home to a Naval Industrial Reserve Ordnance Plant. 

The Boiler Room, Fridley, MN

The campus is a sustainable, state-of-the-art business park that enables business development and brings thousands of jobs to the local economy.

 

Situated at 5101 Industrial Blvd. and 38 Northern Stacks Dr., the buildings are proximate to Interstate 694 positioned between the Mississippi River and a BNSF railway.

This strategic location near where Highway 100 and Interstates 694 and 94 intersect, provide tenants with accessibility to the entire Twin Cities metro and beyond.

 

CONTACTS:

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com