Graves Hospitality Obtains $12M Refi for Uptown Minneapolis Hotel

The 125-key Marriott-branded property is the first ground-up, purpose-built Moxy hotel in the Americas.
Moxy Minneapolis Uptown. Image via Google Street View
Moxy Minneapolis Uptown. Image via Google Street View

Graves Hospitality has obtained $12.3 million in financing for Moxy Minneapolis Uptown, a 125-key boutique hotel in the Twin Cities. The borrower will use loan proceeds to refinance the original construction loan for the Marriott-branded property. JLL Capital Markets arranged the five-year, fixed-rate mortgage with a flexible pre-payment structure with a newly formed debt fund.

Located at 1121 W. Lake St., the hotel is close to Minneapolis’ Target Field, Target Center, U.S. Bank Stadium and Orchestra Hall. Moxy Minneapolis Uptown was built on the site of a former two-story building and parking lot as the first ground-up, purpose-built Moxy hotel in the Americas. Graves Hospitality broke ground on the development in October 2016, with Collage Architects serving as designer. The pet-friendly property includes a fitness center, business center, lounge, bar and valet parking.  

Executive Managing Director Gerard Sansosti, Executive Vice President Jeff Bucaro and Vice President Nicole Aguiar were part of the JLL team that worked on behalf of the borrower. In January, Bucaro, Aguiar and other JLL professionals arranged a $57.6 million refinance loan for the Home2Suites by Hilton Chicago River North.