JLL arranges $12.3M loan for Minneapolis hotel
The Moxy Minneapolis Uptown is the first ground-up, purpose-built Moxy in the Americas
CHICAGO, March 9, 2020 – JLL Capital Markets announced today that it has arranged a $12.3 million refinancing for Moxy Minneapolis Uptown, a 125-room Marriott-branded boutique hotel in the Uptown submarket of Minneapolis, Minnesota.
JLL worked on behalf of the borrower, Graves Hospitality, to place the five-year, fixed-rate loan with a flexible pre-payment structure with a newly formed debt fund. Loan proceeds were used to refinance the original construction loan.
Moxy Minneapolis Uptown was completed in 2018 and is the first ground-up, purpose-built Moxy in the Americas and caters to adventurous professionals looking for a combination of high-design accommodations and a fun, vibrant, social environment. The pet-friendly hotel features a fitness center; business center; lobby lounge and bar; listening room; grab-and-go or hot breakfast; and valet parking. Situated at 1121 W. Lake St., the hotel is 3.5 miles southwest of downtown at the epicenter of Minneapolis' Uptown neighborhood, which was made famous by Prince's "Uptown" song and known for its lively, urban feel. Moxy Minneapolis Uptown is proximate to Fortune 500 companies and top leisure demand generators, including Target Field, Target Center, U.S. Bank Stadium and Orchestra Hall.
The JLL Capital Markets team was led by Executive Managing Director Gerard Sansosti, Executive Vice President Jeff Bucaro and Vice President Nicole Aguiar.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Graves Hospitality
Graves Hospitality turns ideas into action and Real Estate into enterprise. GH offers a comprehensive range of development and management services adeptly tailored to answer the unique needs of independent and branded hotels, resorts and restaurants as well as residential and commercial projects. The company's development skills and management services, including sales, marketing, distribution, human resources and accounting, are honed by over 40 years of continued success. Consistently recognized as an industry leader, GH has developed and managed more than 100 hotels and restaurants, as well as residential and commercial developments. GH is passionate about providing owners, guests and associates with an unparalleled level of service and expertise. Partnering with smart, creative and sincerely enjoyable people and then fiercely maintaining those relationships, results in a positive synergy that naturally fosters success. GH takes great pride in being able to identify, develop, build and manage projects that create great profits for our investors. To learn more information about GH visit www.graveshospitality.com.