U.S. Bank and Zeller-800 LaSalle Avenue LLC recently closed on the refinance for LaSalle Plaza in downtown Minneapolis. Terms of the deal were not disclosed.
The refinance will enable Zeller to significantly reduce its borrowing costs, reinvest cash-flow in the property and complete the leasing and construction of some remaining vacancy.
“Zeller Realty is very excited to have opened a new relationship with U.S. Bank, one of the leading real estate lenders in the in United States. They quoted the transaction quickly and delivered this loan to us as quoted,” said Zeller Realty’s Darlene Acker, senior vice president of finance.
Built in 1991, the 600,000-square-foot, Class-A+ building is home to national and regional law firms, financial management firms, boutique advisory firms and the largest architectural firm in the Twin Cities. From three skyways connecting the property, building tenants and visitors can access on-site and neighboring specialty shops, restaurants, hotels, parking, entertainment, a fitness center, hair salon, dentist, chiropractor and an eye clinic.
“We are proud to partner with Zeller on the refinance of this high-profile property,” said Patty Gnetz, senior vice president of commercial real estate for U.S. Bank. “As the largest bank based in the Twin Cities, we are committed to investing in the community and the downtown core.”
