News release

Renovated Minneapolis-area industrial facility and brewery and events space refinanced with $12.8M loan

JLL Capital Markets arranged the loan for Hyde Development and Mortenson Properties, Inc.’s Northern Stacks VIII and The Boiler Room projects in Fridley, Minnesota

February 14, 2022

Kimberly Steele

Occupier PR
+1 713 852 3420

MINNEAPOLIS, Feb. 14, 2022JLL Capital Markets announced today that it has arranged a $12.8 million refinancing for Northern Stacks VIII and The Boiler Room, a fully leased 178,763-square-foot industrial distribution and warehouse facility and a 13,186-square-foot brewery and events center in the first ring suburban Minneapolis community of Fridley, Minnesota.

JLL worked on behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties, Inc., to place the seven-year, fixed-rate loan with a regional bank. Loan proceeds will be used to take out two acquisition and redevelopment loans.

Northern Stacks VIII and The Boiler Room are both located within the awarding-winning, 122-acre Northern Stacks industrial campus, which was once home to a Naval Industrial Reserve Ordnance Plant. The campus is a sustainable, state-of-the-art business park that enables business development and brings thousands of jobs to the local economy. Situated at 5101 Industrial Blvd. and 38 Northern Stacks Dr., the buildings are proximate to Interstate 694 positioned between the Mississippi River and a BNSF railway. This strategic location near where Highway 100 and Interstates 694 and 94 intersect, provide tenants with accessibility to the entire Twin Cities metro and beyond.

Northern Stacks VIII and The Boiler Room were renovated in 2020 and 2019, respectively, and are fully leased to five tenants. Home to Lindenmyer Munroe, Benchmark Logistics and R&R Machine Movers, Northern Stacks VIII offers a clear height ranging from 19 to 24 feet, 15 dock-high doors, one drive-in door, an active rail spur and ample parking. The Boiler Room contains the Northern Stacks Events Center and Fridley’s first and only brewery, Forgotten Star Brewery, which recently won a gold medal at the 2021 Great American Beer Festival for its Schwarzbier German Dark Lager.

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Brock Yaffe and Associate Britta Lund.

“Superior sponsorship combined with an infill location with outstanding transportation access and limited new supply in the surrounding area attracted significant lender interest to this financing,” Yaffe said.

“The Forgotten Star Brewery and Northern Stacks Events Center is not only an invaluable amenity for the Northern Stacks industrial campus but also a celebrated gathering space for the entire Fridley community,” Lund added.

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Hyde Development

Hyde Development is industry-leading with a holistic approach to industrial development. The firm is a family-owned commercial real estate developer and investor with a focus on industrial development. Originally specializing in brownfield locations, sustainability has always been an essential pillar of Hyde’s business.

Hyde Development leverages years of award-winning experience and holistic perspective to provide clients with an exceptional partnership unlike any other in the industry.

About Mortenson Properties, Inc. 

Mortenson Properties, Inc. (MPI) is the commercial real estate investment division of M.A. Mortenson Companies, Inc., a privately held corporation. MPI oversees a portfolio of industrial, medical office, life science, office and development projects in the U.S.