CHICAGO, September 16, 2021 -JLL announced today that its Capital Markets group has arranged $250 million in financing for The Dayton's Project, a historic redevelopment incorporating Class A office, retail and dining space at 700 Nicollet Mall in downtown Minneapolis, Minnesota.
JLL worked exclusively on behalf of 601 W Companies to secure the three-year, floating-rate loan through a joint venture between Winthrop Strategic Real Estate Fund and funds managed by affiliates of Fortress Investment Group LLC.
For more than 100 years, 700 Nicollet Mall was a vital fixture in downtown Minneapolis serving as the home to Dayton's and later, Macy's department stores. The redevelopment will pay homage to the building's history and reinvent the 12-story property for the 21st century. Plans for the 1.2 million-square-foot project include modern offices with expansive floorplates, dining and retail spaces and a 45,000-square-foot food hall and market. On-site amenities will include a green rooftop terrace with skyline views, private lounge and library spaces and a health club.
The Dayton's Project is positioned in the heart of downtown Minneapolis along the city's famed skyway. This location is surrounded by retail, cultural, hospitality and entertainment offerings as well as numerous corporate neighbors. Additionally, The Dayton's Project is convenient to major area thoroughfares, including Interstates 394, 94 and 35W providing connectivity throughout the greater Minneapolis and St. Paul area.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jaime Fink, Jeffrey Bramson, Bruce Miller and Keith Largay.
JLL's Capital Markets group 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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 16 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 14:21:09 UTC.