Broadshore provides $23m in financing for Rand Tower redevelopment
Broadshore Capital Partners has closed a $23 million mezzanine loan to Maven Real Estate Partners for the redevelopment of the 26-story Rand Tower into a 277-room Tribute by Marriott hotel in downtown Minneapolis.
Rand Tower is a historic Art Deco office building with an unparalleled location in the heart of the city at 527 S. Marquette Ave.
“Broadshore’s deep experience in hospitality assets, as both an equity investor and lender, provided us with the ability to quickly assess the feasibility for this property as a hotel and evaluate the complex finance structure that includes the use of historic tax credits,” said Bleecker Seaman, co-CEO at Broadshore.
Broadshore provides financing solutions on assets that are being repositioned, such as the Rand Tow