Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Loan approved for Broiler building

Posted by: Janet Moore Updated: January 12, 2012 - 8:31 AM

News came recently that a $1.2 million loan was approved for the landmark St. Clair Broiler building at the corner of Snelling Avenue South and St. Clair in the Capitol City.

The buyer of the building, which includes other commercial space, as well, was St. Clair Partners LLC, according to Peter Austin, who originated the loans for Towle Financial Services.

The Broiler was preceded by the St. Clair Sweet Shoppe in the 1940s famed for its ice cream and candy. It officially became the St. Clair Broiler in 1956 known for its signature broiled hamburgers. (Personally, I like the milkshakes the best.)

Towle also said $6.1 million was approved for the Pine Tree Apartments, a 199-unit, seven-uilding complex on St. Paul's east side. The complex is owned by 806 Hazel St. LLC.

The loans for both properties were provided by a commercial bank that Towle did not name.

Janet Moore covers commercial real estate for the Star Tribune.

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