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 Kristen Leigh Painter.

Refi at LaSalle Plaza

Posted by: Janet Moore Updated: May 21, 2012 - 2:55 PM

U.S. Bank and a unit of Zeller Realty haved closed on the refinance of LaSalle Plaza in downtown Minneapolis.

Terms were not disclosed.

The 21-year-old LaSalle Plaza, probably best known as the home of Crave restaurant, is located between LaSalle Avenue and Hennepin Avenue. The 30-story office building spans about 600,000 square feet and is home to various law, financial management, architectrual and boutique advisory firms.

U.S. Bank said in a news release the refinance will allow Chicago-based Zeller  to reduce borrowing costs, reinvest in the property and complete leasing and construction of some vacant space.

Darlene Acker, Zeller's senior vice president-finance, said in a statement the firm is pleased to open a "new relationship with U.S. Bank. . . .They quoted the transaction quickly and delivered this loan to us as quoted."

Patty Gnetz, U.S. Bank's senior vice president of commercial real estate, said the Minneapolis-based bank is "committed to investing in the community and the downtown core."

Janet Moore covers commercial real estate for the Star Tribune.

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