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MINNEAPOLIS-Grand Hotel recently landed a $30 million in interim, floating-rate refinancing from GMAC Commercial Mortgage Corp. The Grand Hotel is located at 615 Second Ave. South in the heart of downtown Minneapolis.

The facility, which was purchased, redeveloped and run by developer Jeffrey Wirth, is a 140-room hotel that stands 16 stories high. The building is also the home of the Minneapolis Life Time Athletic Club, which includes a health club, meeting space and restaurant and bar.

Wirth's group bought the building in 1998 for $5 million, and has put many times that amount back into the building to renovate it. GMAC Commercial Mortgage's hospitality industry division arranged and underwrote the transaction for the hotel's owners, 679 East Third Street Investors Co. and Columbia Park Business Center Corp. GMAC Commercial Mortgage is a wholly owned subsidiary of GMAC Commercial Holding Corp. and has a servicing portfolio of more than $253 billion.