CBRE Capital Markets’ Debt & Structured Finance team has arranged new permanent financing for the recapitalization of the Schmitt Music Building, a downtown Minneapolis building known for its mural of a musical score from Maurice Ravel’s “Gaspard de la Nuit.”
Ben Bastian of CBRE’s Minneapolis office represented the local borrower, 219 Partners Schmitt Acquisition LLC.
The borrower is owned by partners of two companies who occupy the property – Shenehon Company and Tewksbury & Kerfeld. They purchased the property in 2000 and have occupied the majority of the space ever since. The partners are committed to long-term ownership.