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.

Financing in place for $60 million office

Posted by: Janet Moore Updated: August 13, 2014 - 10:05 AM

Last month, we attended a groundbreaking for the new $60 million North Loop headquarters for Be the Match, a nonprofit that promotes bone marrow and umbilical-cord blood transplantation. We wrote about it here.

About 900 employees will ultimately move into the seven-story office building, across from the renovated Ford Center, the new Target Field Station transit hub, and Target Field itself.

On Wednesday, U.S. Bank and developer United Properties closed on a $61 million construction loan for the project, which is slated for completion late next year.

“Target Field and the light-rail expansion have proven to be catalysts for growth in downtown Minneapolis, particularly in the North Loop neighborhood,” said Joseph Hoesley, vice chairman for U.S. Bank Commercial Real Estate, in a statement. “We expect this project to have a ripple effect tapping into the potential for additional retail and residential development in the surrounding area.”

Minneapolis-based Be The Match will lease the space from Bloomington-based United Properties.

“This development has been highly-anticipated by downtown Minneapolis’ business and civic communities,” said Frank Dutke, United Properties' president.

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