JLL arranges $250M financing for historic Dayton's project in Minneapolis

Rhea-AI Summary

On September 16, 2021, JLL announced the arrangement of $250 million in financing for the historic Dayton's Project in Minneapolis. This redevelopment will transform the renowned 700 Nicollet Mall into a modern space that includes Class A office, retail, and dining areas.

The financing was secured through a joint venture involving Winthrop Strategic Real Estate Fund and Fortress Investment Group. The project aims to honor the site's legacy while providing contemporary amenities and extensive commercial space, covering approximately 1.2 million square feet.

Positive

• Secured $250 million in financing, enhancing cash flow and investment capacity.
• Redevelopment of a historic site, potentially increasing property value and attracting tenants.
• Includes modern amenities and extensive retail and dining spaces, appealing to a broader market.

Negative

• None.

CHICAGO, Sept. 16, 2021 /PRNewswire/ -- 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 21^st 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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About 601 W Companies
The principals of 601W oversee one of America's leading private real estate acquisitions, ownership, development, and management portfolios in the country. Over the past 25 years, 601W has acquired many substantial and well-known commercial properties throughout the country, aggregating more than 45 million square feet with a collective value in excess of $12 billion. In relation to these deals, 601W has raised more than $3 billion in equity, mostly from longstanding investors, and has consummated transactions involving fifty major offices buildings, including 12 in Manhattan.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617-848-1572
Email:  Kristen.Murphy@am.jll.com

 

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SOURCE JLL

FAQ

When did JLL announce the financing for the Dayton's Project?

JLL announced the financing on September 16, 2021.

What is the financing amount that JLL arranged for the Dayton's Project?

JLL arranged $250 million in financing for the Dayton's Project.

What type of redevelopment is the Dayton's Project?

The Dayton's Project is a historic redevelopment incorporating Class A office, retail, and dining spaces.

Who were the financial partners in the Dayton's Project financing?

The financing was through a joint venture between Winthrop Strategic Real Estate Fund and Fortress Investment Group.

How much space will the Dayton's Project include?

The Dayton's Project will cover approximately 1.2 million square feet.