MINNEAPOLIS, Oct. 12, 2021 /PRNewswire/ -- Commutator LLC, led by David Wilson, John Gross, and Andrew Commers has secured $48,600,000 in construction financing for the development of a to-be-named 123-key boutique luxury hotel located at 125 N. 1st Street in Minneapolis' historic North Loop District.
The financing was arranged by D2 Capital Advisors' Jack Cortese and David Frankel. The financing was provided by a Seattle-based REIT.
"The project has very strong sponsorship, a national and international award-winning team, and is located on the most popular block in the hottest sub-market of Minneapolis," said Jack Cortese, VP of D2 Capital Advisors. "And for those reasons and more, we were able to overcome the challenges of financing a boutique luxury hotel development amid the current lending environment."
"D2 understood our vision for the project and quickly became a part of our team as they worked determinedly to secure financing for the development," said David Wilson, Managing Partner of Commutator LLC. "They played an integral role in helping to bring the Commutator Hotel Project to life, a hotel that will reset the standard for full-service and boutique hotels in Minneapolis."
The 133,000 square foot hotel will include a rooftop bar, a cellar dive bar, leased retail outlets, meeting space and event space, and a signature front of house restaurant.
The building, which incorporates three historic structures, is designed by North Loop-based Snow Kreilich Architects, a leading national firm that received the prestigious 2018 AIA Architecture Firm Award. The interiors will be designed by the internationally recognized firm Neri & Hu based in Shanghai. Neri & Hu was inducted into the U.S. Interior Design Hall of Fame in 2013.
Greiner Construction, a Minneapolis-based leader in commercial and hotel construction, will serve as the General Contractor.
Construction will commence October 2021 with hotel opening expected in Q1 2023.
ABOUT D2 Capital Advisors
D2 Capital Advisors is the transaction advisory division of D2 Organization that arranges and structures real estate debt and equity financing for developers and investors throughout the United States.