Wisconsin-based Waterstone Mortgage Corp. is expanding in Minnesota with a new location in the North Loop.
The national mortgage lender will move into the historic Loose Wiles building at 701 Washington Ave. N. in the burgeoning downtown Minneapolis neighborhood. The office, which will be staffed with five "loan originators," an operations staff and commercial bankers from parent company WaterstoneBank of Pewaukee.
Designed by prominant local architect Edwin H. Hewitt and constructed in 1911, the Loose Wiles Biscuit Co. building is now on the National Register of Historic Places. It still features the original ovens from the biscuit company's operations.
Waterstone Mortgage said in a news release that the building was chosen due to its proximity to Target Field "and the energy and excitement of downtown Minneapolis." Free customer parking was also a perk.
“Before we joined Waterstone Mortgage, our lending company was located in downtown Minneapolis, and it’s been great to bring our business full circle with an office in the North Loop,” said Eric Lovins, Minnesota regional manager at Waterstone Mortgage.
Waterstone Mortgage currently has five branches in Minnesota -- in Maple Grove, Woodbury, Savage, Cambridge, and Elk River. Minnesota was the company's top-producing region in 2012 and 2013.
Waterstone Mortgage offers several types of mortgage products for purchases and refinances, including FHA, VA, USDA, and conventional loans, construction-to-permanent financing, jumbo products, and condo financing.
Brutal weather and a dramatic decline in foreclosure and short sale listings put the brakes on homes sales in the 13-county metro area last month, according to a new report from the Minneapolis Area Association of Realtors. Here are the highlights:
The quote that sums it all up: “It was an interesting month,” said Emily Green, president of the Minneapolis Area Association of Realtors. “While the market shifts back toward where it was before the bubble, we expect to see foreclosures and short sales become less prevalent, which can dilute overall numbers. Then you have the weather.”
We have a number of local folks who have won awards. Among them:
Gina Dingman, president of NAI Everest, was named the 2014 Investment Council Chair for NAI Global, a global network of owner-operated commercial real estate brokerage firms.
“Gina’s experience in institutional investing, capital markets and real estate finance will greatly benefit our members,” said Jay Olshonsky, president of NAI Global, in a statement. “We are delighted she will serve in this role.”
NAI's Global Councils endeavor to elevate the professional competency of its members and ensure consistent service delivery across the network.
In 2010, Dingman founded Everest Real Estate Advisors, which became NAI Everest in 2012. Dingman has more than 20 years of experience in commercial real estate experience, with clients representing local, regional and national multifamily and office owners/developers, institutions, private equity groups, and global corporations.
A second award-winner are members of Cassidy Turley's Minneapolis office. The commercial real estate services firm recognized the individuals with its EDGE awards for exceptional service in the past year.
David Stokes, vice president, received the program’s highest honor – the Leading EDGE award, presented to individuals who exhibit such qualities as exceptional personal performance, leading by example and supporting others.
A 25-year real estate veteran, Stokes joined Cassidy Turley in 2006. In the past year, he closed 20 transactions worth more than $14.7 million. He is also active in the community and has volunteered with multiple industry associations.
“This is a well-deserved honor for David because he truly exemplifies what the Leading EDGE Award represents,” said Dennis Panzer, Managing Principal of Cassidy Turley’s Minneapolis office, in a statement. “He is a mentor to those who work with him and a great member of a team – whether he is leading it or working on it."
Other local EDGE winners are:
Broker of the Year – Brian Woolsey
Administrative support – Emily Jacobs
Engineer – Scott Longley
Operational Support – Jon Engel
Property Manager – Rebekah Buck
Brokerage – Jennifer Pelant
Determination – River Road Property Management Team of Tom Vierling, Jean Olson, Dan Wann and Jay Stone
Project Team – Valley Creek Property Management and Leasing Team of Angela Samargia, Ryan Mooney, Taylor Irwin, Chip Olson and Kai Thomsen
Community Involvement – Taylor Irwin
Cushman & Wakefield/NorthMarq said the law firm Larkin Hoffman Daly & Lindgren has leased 49,000 square feet of space at the Normandale Lake Office Park in Bloomington.
Owned by a joint venture led by Equity Group Investments, the Normandale Lake Office Park is the largest multi-tenant office property in the Twin Cities, spanning 1.7 million square feet in five skyway-connected towers.
More than 85 companies (and 5,000 employees) are tenants, including Prime Therapeutics, Aon Benfield, Towers Watson, Schwans, Tata Consultancy Services, Oracle Corp, Emerson Process Management, Kincaid's, Parma 8200 and Rasmussen College.
Cushman & Wakefield/NorthMarq manages the property for EGI, a Chicago-based private investment firm founded by Sam Zell.
Founded in 1958, Larkin Hoffman's offices are currently located in Wells Fargo Plaza at 7900 Xerxes Av. S.
Six historic stone medallions on the front of the Star Tribune headquarters will be removed beginning today.
Developer Ryan Cos. began steps to remove the medallions at 425 Portland Av., a precursor to the 95-year-old building's demolition. The demo will make way for Ryan's $400 million mixed-use development slated for land in downtown Minneapolis once owned by the media company. The company has not publicly announced where it will move, but the relocation is expected next year.
The removal of the medallions complies with the Minneapolis City Council’s requirements tied to Ryan’s demolition permit of a "historic resource." City Council placed a condition on the permit that calls for the medallions to be removed and re-installed elsewhere, and a qualified historian be commissioned to prepare a photo and narrative history of the building.
Ryan said the medallion removal is the first step in preparing the building for demolition.
The medallions were added during an expansion in 1947, which doubled the size of the building. The six medallions added to facade, representing the major industries of Minnesota at the time. The facade was designed in the unique Streamline Moderne style by Minneapolis architects Larson & McLaren.
“We are excited to be moving ahead with the necessary steps to make way for a new urban park,” said Rick Collins, Ryan’s Vice President of Development, in a statement. “This park will serve as a centerpiece for the Downtown East neighborhood as well as an important catalyst for continued redevelopment of the area.”
It's unclear how long the removal process will take "due to lack of original detailed plans on the building’s construction and the care required to keep the medallions intact," the firm said. Once removed, Ryan will store the medallions while the city’s Department of Community Planning and Economic Development approves plans for their re-use. A determination on how the stone "Star and Tribune" stone lettering on the front of the building will be removed from the front façade will take place after Ryan official evaluate how the letters were attached to the building.
The historic narrative, including photos, will be developed by Preservation Design Works LLC, and should be completed by May 1, 2014. Once completed, the report will be made available to the public.