March 9, 2020 – JLL Capital Markets announced today that it has arranged a $12.3 million refinancing for Moxy Minneapolis Uptown, a 125-room Marriott-branded boutique hotel in the Uptown submarket of Minneapolis, Minnesota.
JLL worked on behalf of the borrower, Graves Hospitality, to place the five-year, fixed-rate loan with a flexible pre-payment structure with a newly formed debt fund. Loan proceeds were used to refinance the original construction loan.
Moxy Minneapolis Uptown was completed in 2018 and is the first ground-up, purpose-built Moxy in the Americas and caters to adventurous professionals looking for a combination of high-design accommodations and a fun, vibrant, social environment. The pet-friendly hotel features a fitness center; business center; lobby lounge and bar; listening room; grab-and-go or hot breakfast; and valet parking. Situated at 1121 W. Lake St., the hotel is 3.5 miles southwest of downtown at the epicenter of Minneapolis’ Uptown neighborhood, which was made famous by Prince’s “Uptown” song and known for its lively, urban feel. Moxy Minneapolis Uptown is proximate to Fortune 500 companies and top leisure demand generators, including Target Field, Target Center, U.S. Bank Stadium and Orchestra Hall.
The JLL Capital Markets team was led by Executive Managing Director Gerard Sansosti, Executive Vice President Jeff Bucaro and Vice President Nicole Aguiar.