CBRE Capital Markets has arranged new or supplemental financing on three big commercial real estate projects around the Twin Cities, including the Excelsior Bay Harbor project in the western Twin Cities suburb.
Supplemental financing totalling about $2 million was arranged for the 10,000-square-foot office property located on Lake Minnetonka through Thrivent Financial for Lutherans. An existing restaurant was demolished to make way for the new offices, which accompanies an existing office building and a marina.
CBRE also arranged $9.9 million in new financing for Cobblestone Court, a 127,000-square-foot retail property in Burnsville through its relationship with Morgan Stanley Mortgage Capital Holdings Inc. The shopping center includes a TJMaxx store, plus several smaller stores.
In addition, CBRE arranged for $3.1 million in new financing for Raspberry Woods Townhomes, a 64-unit rental property in Hopkins. This was done through its relationship with Lincoln Financial Group.
All of the deals were put together by Murray Kornberg, senior vice president, and Doug Seylar, senior vice president/managing director, both from CBRE's Minneapolis office.
Janet Moore covers commercial real estate for the Star Tribune.