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.