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Swervo Lands $39M Loan for North Loop Development

Construction on Office, Retail Complex Should Wrap in March 2019
February 28, 2018
The company behind a new, 500,000-square-foot office and retail development at 419 Washington Ave. N in Minneapolis has secured a $39 million construction loan for the project, which is already under way.

Springfield, MO-based Great Southern Bank granted North Loop Partners LLC a mortgage for that purpose on Feb. 8, according to documents on file with the Hennepin County property records office. The contract was signed by Nedal Abul-Hajj, manager of the LLC, who is also known as Ned Abdul, a prolific Twin Cities developer and the owner of Minneapolis-based Swervo Development Corp.

The loan carries a 4.83-percent annual interest rate, and is set to mature in March of 2023.

Swervo is building a new, 13-story structure on what was a surface parking lot, and is adding another level to a four-story warehouse next to it, a 114-year-old, Neo-Classical Revival which is known the Internet Exchange Building.

Once work is done, the two will be connected by a glass skyway.

Most of the space will be used as office, though plans also call for 13,000 square feet of retail and restaurant space on the ground floor, a rooftop deck and an eight-level parking facility.

Construction on the site began in mid-October of 2017, according to Golden Valley-based M.A. Mortenson Co., which announced that it had been tapped to construct the concrete superstructure and masonry exterior of the building.

The complex is expected to open in spring of 2019, according to Mortenson. A spokesperson for Mortenson said the timeline had not changed since the November release, to the best of his knowledge.

The project has been in the works since 2016, when Swervo and then-partner, Minneapolis-based CPM, bought the site for $10 million. In March of that year, the two submitted plans for a 10-story office on the site.

In fall of 2017, CPM disbanded after its co-founders, Dan Oberpriller and Nick Walton, each started separate companies of their own. The two may have divested in the project with Swervo as well. In January, Oberpriller and Walton transferred their ownership interests, which stood at 5 percent each, to North Loop Partners, according to quit claim deeds on file with the county.

Abdul, Oberpriller and Walton did not respond to requests for comment.

Minneapolis-based DJR Architecture Inc. did the design work.

Clare Kennedy, Minneapolis / St. Paul Market Reporter  CoStar Group   
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