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.