Bill Mork, vice president of Northmarq’s Minneapolis office, arranged the $33.88 million construction loan for the development of two business parks in Brooklyn Park, Minnesota, and Dayton, Minnesota.
The fixed-rate construction loan was structured with a four-year interest-only term. Northmarq secured financing for the borrower, a joint venture partnership between Capital Partners, a private real estate company based in Edina, Minnesota, and Eagle Realty Group, a subsidiary of Western & Southern Financial Group.
Capital Partners owns and manages more than 13 million square feet in the Twin Cities and is the largest privately held owner of industrial real estate in Minnesota.
The class-A properties, 169 Logistics Center and Dayton Logistics Center, comprise 395,250 square feet and broke ground in September of 2022 with expectations for construction to be completed in Spring 2023.
169 Logistics Center is located at SE Quadrant Highways 169 and 610 in Brooklyn Park, Minnesota. Situated nine miles northwest of Minneapolis, the two-building industrial site totals 147,250 rentable square feet with 218 parking spaces and a 32-foot clearance height.
Dayton Logistics Center is located at Brockton Lane North and 121st Avenue in Dayton, Minnesota. Positioned on an 18.91-acre lot 16 miles northwest of Minneapolis, the single-building industrial space totals 248,000 square feet and includes 64 trailer parking spaces.
