Village Green, a Farmington Hills, Michigan-based apartment development and management company, announced this month that it had received $82 million in financing and incentives through U.S. Bank to redevelop the Soo Line Building at 501 Marquette in Minneapolis. According to an Equities.com article, the bank is providing a $40 million construction loan, a more than $19 million bridge loan, and a $23 million federal and state Historic Tax Credit commitment through its St. Louis-based community development subsidiary U.S. Bancorp Community Development Corp. U.S Bank is the lead lender and Associated Bank is the joint lead arranger for both the construction loan and bridge loan. U.S Bank previously provided $5.7 million in acquisition financing for Village Green to purchase the property in September 2011.
"U.S. Bank is very proud to be a part of this project in downtown Minneapolis," said John Besse, executive vice president of commercial real estate with U.S. Bank. "The Soo Line Building is an impressive, historic structure and this redevelopment will enable it to become a premier multi-family property in our downtown core."
Jonathan Holtzman, chairman and CEO of Village Green, said the Minneapolis core has more than 36,000 residents, as well as more than 160,000 employees working downtown. "By transforming a historic building into a mixed use luxury rental community, restoring existing architecture and preserving features and materials – that combination of new and existing materials creates a truly green building," he said in a statement.
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